Financing options or BHPH dealer lending for a Used Car in Salem Va.-
When it is time to search for a vehicle, one of the considerations is always, how will I pay for the car.
Circumstances vary for everyone, but there are several choices.
*Finance through your bank
* Let Dealer arrange financing through a lender
* Pay all cash or check
* Do Buy here pay here financing.
BHPH financing is typically for someone with either very little credit history or a bad credit history. Some dealers will do a loan with no credit check.
With buy here pay here you will usually be required to have a down payment, and will make weekly, bi-weekly or monthly payments directly to the car dealer.
Most times your best choice is to just pay cash if that is possible. If not, you will need to finance. If you have a good relationship with your bank, check with them for a pre-approval before car shopping.
Many dealers offer financing through outside lenders and some of those lenders will be able to offer programs to assist the not so perfect credit customer.
By going through an outside lender, your loan will be reported to the credit bureaus and can help build your credit. Most buy here pay here loans, do not report on your credit and do nothing to improve your credit rating.
At Competition Cars and Classics, we do have several lenders and banks to assist with your financing needs on your used car or truck. With qualifying down payment and income, we can usually get some type of approval.
We do not offer buy here pay here financing. We do offer several lower priced vehicles that can be purchased outright, for what many bhph dealers want as a down payment!
If we cannot assist with your financing, we will be glad to refer you to a BHPH dealer we know and trust.
Buy here pay here does have it's place in the market. There are some customers that this may be their only source of lending and their only chance of buying a car.
Before doing a bhph loan, just be aware of your options. With a good down payment and prove able income, you may have other options that will help your credit get back on track.
All loans are subject to credit approval and financing qualifications. Competition Cars and Classics Used Auto Sales is not a lender and we do not make lending decisions.