Bad Credit, Zero Down Car Loans? YES!

Buy Here Pay Here Cars- What You Need To Know

buy here pay here car

Buy Here Pay Here Car Dealerships

BHPH, or Buy Here Pay Here, is a commonly used term in the auto market for purchasing a car even if you have bad credit. Here at Motor Lender, we offer the best services for purchasing a car and help you get financing at a reasonable rate.

We can provide you the best offer than other Buy Here Pay Here Car Dealers. Understand what Buy Here Pay Here really means and increase your chances of buying that perfect car while keeping your finances intact.


What is Buy Here Pay Here?

Buy Here Pay Here Dealers offer in-house financing to those buyers who have bad credit.

Such dealers provide a helping hand to buyers who may be finding it difficult to secure financing to purchase a car. Agencies like the National Credit Reporting Association and the Consumer Federation of America have come up with the term “bad credit”.

What is a bad credit score?

A person has bad credit when his/her FICO credit score of 600 or below. The Confessional Budget Office counts a score of 620 as the cut-off for prime loans. Anything below is considered sub-prime.

Motor Lender is more flexible than traditional loan providers. It does not view FICO scores as the sole approval metric.

Can payments come from a third party?

We do not require or request financing from customers and are flexible with customers making monthly payments directly to a third party. We are very much customer-oriented in our service offerings as compared to other Buy Here Pay Here dealerships.

buy here pay here dealers

Advantages and disadvantages of Buy Here Pay Here Dealerships

When your bad credit closes most options for buying a vehicle and securing financing for the purchase, a Buy Here Pay Here dealership seems like the last remaining option.
Though such dealers are flexible in the terms and conditions, there are a few points that you need to consider before signing on the dotted line.

Before you visit a Buy Here Pay Here dealer, understand the plus and minus points regarding such dealers.

Do they cater for no credit and bad credit?

The biggest advantage of Buy Here Pay Here dealerships is that they allow customers with bad credit or even no credit history to buy cars. Such dealers often advertise messages like “bad credit no problem” or “no credit no problem”.

BHPH dealers also tend not to conduct a credit check before a customer actually receives a bad credit car loan.

Does Buy Here Pay Here make purchasing a car easier?

The services of Motor Lender not only allow you to buy a car, but also secure financing for the purchase. Making loan payments is also quite convenient and straightforward when working with Buy Here Pay Here dealerships.

Purchasing a car with financing can become an enormous task for someone who has had a difficult financial history with instances of a bankruptcy or vehicle repossession. For such customers approaching a traditional car dealership and requesting financing is close to impossible.

In such cases, Buy Here Pay Here dealerships can become a valuable alternative to look at.

buy here pay here car


Can Buy Here Pay Here dealerships can work with zero or low down payment?

Buy Here Pay Here dealerships is focused mainly on used cars. These dealerships can also work with customers who do not have enough cash to make a down payment. The loan terms might be different, but there is a possibility of securing financing which does not involve a down payment. Alternatively, many Buy Here Pay Here dealerships work with a down payment as low as $500.

What are the disadvantages of Buy Here Pay Here dealerships?

Do BHPH dealerships have higher interest rates?

Buy Here Pay Here dealerships that offer in-house financing will do so at much higher interest rates than conventional lenders like banks, small lenders, and credit unions. Advisories of government agencies also tend to label interest rates from Buy Here Pay Here dealerships as exorbitant.

Can I borrow more than the value of the vehicle?

Traditional lenders clearly state that they will only lend money based on the true value of a vehicle. Buy Here Pay Here dealerships are different in this aspect.

There is a chance that the amount of loan that a customer gets offered can be higher than the value of the used vehicle being purchased. This would mean that the customer will actually end up repaying more than what the vehicle should actually cost.

You need to be careful about the loan amount and the value of the vehicle when you approach a Buy Here Pay Here dealership.

Are my payments reported to credit bureaus?

One of the biggest positives of repaying your loan on time is that it improves your credit record and eventually boosts your credit score. This benefit is possible when your timely repayments actually get reported to credit bureaus.

Buy Here Pay Here dealerships, unfortunately, do not report loan repayments to credit bureaus. Therefore, one of the big disadvantages of working with such dealerships is that your responsible behavior will not receive its due credit.

Do Buy Here Pay Here dealers may track my vehicle?

Lending money to borrowers with poor credit is a risky task. There are higher instances of loan default. Due to such negative past experiences, Buy Here Pay Here dealerships tend to be extra-vigilant. After all, they are dealing with bad credit borrowers and need to take precautions.

One of the precautions involves installing a tracking device in the car that they sell. The device can not only track, but also prevent the car from starting. So, if a borrower fails to repay the loan, the car can be disabled and tracked down for repossession.

It is possible to get a car with bad credit?

Now that you are aware of the advantages and disadvantages of working with Buy Here Pay Here dealerships, you have a better idea about how to approach such dealers. Reading all the disadvantages, you may be thinking about where to go to purchase a car?

There are pitfalls everywhere you look but you should stay positive. There are lenders who you can trust and work with to make that all-important car purchase.

Can I get a loan if I have been bankrupt?

Motor Lender is one of the leading auto lending companies. It has helped purchasers with bad credit and even no credit. Even borrowers with bankruptcy in their history have been able to work successfully with Motor Lender.

Can I get a loan online?

Motor Lender is technology-enabled. With a quick and easy online process, it allows you to apply for financing from the comfort of your living room. Our decision is sent out within minutes and if you get approval, you will have the opportunity to purchase a car just like any other car buyer.

Having an auto loan pre-approval will give you the confidence to go out and select the best vehicle for your needs. You can get of all of these benefits by working with Motor Lender.

Will I know the interest and fees in advance?

With a loan approval from Motor Lender, you will know the amount that you are approved for, the interest rate, and the duration of the loan. Armed with all this information, you will be able to better negotiate a deal for the best possible car.

Can I get a BHPH loan the same day?

By working with Motor Lender, buying a car even with bad credit is simple and transparent. There is a chance that you might drive in your new car on the very same day that the loan is sent to your account.To begin the process, all you need to do is download the loan packet and take it to your selected dealer.

If you need more information about what rent-to-own is or how you can secure financing even with bad or no credit, then simply reach out to us and we will gladly help you out.We work with a network of dealerships so that you get a wide variety of vehicles with a clear title. We ensure that all the models that are marketed comply with our strict quality standards. Our technology features allow you to search for dealers who are closer to you so that visiting them can be convenient for you.

So why not start to get your loan now?

The guide above has hopefully given you a better idea of what Buy Here Pay Here dealerships are and how they work. We have also demonstrated how Motor Lender can be a very easy loan provider to work with. Motor Lender have a long track record built on trust with our past customers. We strive to ensure that we are the first choice for any credit requirement of our customers.

Motor Lender does not discriminate against customers with bad credit. All credit profiles will find our process seamless and easy to work with. If you decide to work with a Buy Here Pay Here dealer then Motorlender is one of the best places to start.

Contact us now and Motor Lender will get started right away and you will find yourself at a Buy Here Pay Here car lot in no time.

Read more about auto financing here.