Buy Here Pay Here: Questions and Answers

September 17th, 2015 by

Of course you have questions.  We understand that.  Buying a car when you’re already strapped with a tight budget and less than perfect credit can be daunting, but it is possible.  Any questions you have indicate that you’ve done some research but still need more answers and that’s what we’re here to do.  You ask.  We answer.  

Q:  Can I still buy a vehicle even if I have no credit (not bad credit, just none)?  

A:  It’s common for young adults who haven’t had to make a large purchase to not have any credit.  It’s certainly not a bad thing either, but you do want to start building your credit.  Purchasing a higher priced item, like a car, and making regularly scheduled payments on time is a great way to start building a good score!  Financing through a Buy Here Pay Here dealer is your best bet for purchasing a car.  Buy Here Pay Here car lots in Cincinnati Ohio have hundreds of cars to choose from, whatever your budget may be.

Q:  I have bad credit.  Will you require that I have a cosigner?  

A:  No.  A cosigner is not necessary.  Buy Here Pay Here lots work with the understanding that the buyer is already in a compromised financial situation and they aren’t looking to make it any more difficult or precarious for that individual.  While a cosigner is usually required for other dealers, BHPH lots will not add any extra pressure by asking for someone else’s involvement.  

Q:  What if I get the chance to pay off my BHPH loan early?  May I?  

A:  Most likely, yes.  However, any contract you signed will have the answers to that question. Make sure you get the answers to all your questions before you sign anything. Because it makes more financial sense for dealers to get the lump sum of money for the vehicle rather than smaller payments over time, you should be fine.  Fair and logical dealerships will agree with this.  

Q:  Is a down payment required from a Buy Here Pay Here dealer?

A:  Most places do require a down payment of some sort. It could be a very low number of a couple hundred.  Factors that affect this are: the car you’re looking to purchase, your credit (if available) and income.  Because they’re not always interested in your credit score, they will want to see you have some financial backing before they give you the car you desire.