The misconceptions people have about “buy-here-pay-here near me” (BHPH), can distort their judgment get more information. Due to these misconceptions, BHPH dealerships and their conveniences could be overlooked. This article will dispel some misconceptions regarding “Buy here pay here near me” dealers.
Myth No. 1: BHPH dealers have high-interest rates:
The idea that BHPH dealerships charge exorbitant interest rates is a common myth. BHPH financing does have higher rates of interest than traditional lenders, but context is the key. BHPH dealers are a higher risk for lenders because they work with customers who have poor credit ratings or no credit histories. Interest rates help to reduce the risk of lending and give financing options to people who may not be able get loans elsewhere.
Myth #2: BHPH dealers sell bad cars
BHPH dealerships do not sell reliable or high-quality vehicles. While BHPH dealers’ selection of vehicles may vary, respectable showrooms sell reliable and well-maintained cars. Many BHPH dealer performs thorough inspections and provides car history records. You need to choose a trustworthy dealership.
Myth #3: BHPH Dealerships do not report credit payments:
Contrary to popular opinion, BHPH dealerships often disclose credit payment information to credit bureaus. BHPH finance payments made on time and regularly will help you build or rebuild a credit history. Before buying, it’s important to find out if the dealership submits payments to credit agencies.
Myth 4 BHPH Dealerships only offer a few cars
Some people believe that BHPH has a limited range of vehicles. BHPH dealerships that have a good track record stock sedans as well as SUVs, trucks and more. They strive to offer a range of solutions and budgets for different tastes and budgets.
Dealerships Must Meet Strict Approval Standards:
BHPH dealerships have more flexible criteria than traditional lenders. In place of credit ratings, they take into account income and residency. People with poor credit ratings or no history of credit are more likely to be approved for car loans.
Debunking these stereotypes will show that “Buy Here-Pay Here near Me” dealers offer convenient financing and reliable cars, as well as credit repair. Search for a dealership who will meet your requirements and provide a transparent car buying experience.