Your Guide to Financing with Buy Here, Pay Here in Columbus, Ohio

June 8th, 2018 by

Pink piggy bank wearing glasses, sitting on a brown table in front of a green wall, next to a calculator
Buy here, pay here is a type of alternative financing wherein your vehicle purchase is financed through the dealer itself, rather than through a bank via traditional financing lease of loan methods. Most people who choose a buy here, pay here option to purchase their car, truck, or SUV have a credit issue that makes them ineligible for traditional credit financing through a bank or credit union for a vehicle purchase. Since most people cannot afford to pay cash in full for a new vehicle, Buy Here, Pay Here in Columbus, Ohio (BHPH) becomes their best option for obtaining a vehicle they need.

How Does Financing work for Buy Here, Pay Here in Columbus, Ohio?

Buy here, pay here is a dealership offered, in-house type of financing that is best for those who do not have the option of a traditional bank loan or lease financing because of poor or no credit history. So, how does it work?

When you find yourself in need of a dependable, quality vehicle, but lack a way to pay for one, buy here, pay here financing can help you by letting you finance your new vehicle through the dealership themselves, regardless of your credit. As long as you have a permanent address and proof of income, a BHPH loan is pretty much a sure thing. Because the dealership is putting up the financing itself, the loan interest is usually a bit higher than a traditional loan or lease through a bank or credit union.

However, with regular, on-time payments, most buyers’ credit is improved by the dealership reporting good payments to the major credit bureaus. Once a buyers’ credit is improved, they can refinance their car or truck purchase to get a better interest rate if that is what they feel works best at the time.

Here are a few of the pros of working with a buy here, pay here dealership in Columbus, Ohio:

BHPH dealership financing allows drivers with poor or no credit history to start driving the vehicle they need in their everyday lives, today. While traditional lenders may shy away from these types of buyers, dealerships who offer BHPH in-house financing see the benefits of giving these drivers a fair shot at a quality vehicle.

Drivers gain an opportunity to repair their poor credit score by regularly paying on time through the dealership where they made their purchase. An important aspect of working with a buy here, pay here dealership is to check before you finance with them to make sure they report your on-time payments to the major credit bureaus.

Buy here, pay here car dealers usually buy and sell older cars, so they will be more likely to accept an older “well-loved” vehicle as a down payment than some other dealerships might.

Who is Buy Here, Pay Here Financing Best for?

Not everyone has perfect credit. Some people who are trying to buy a car or truck have no credit at all. When traditional financing with a loan or lease through a bank or credit union is out of the question, buy here, pay here dealerships can help put you in a vehicle you need fast. Buy here, pay here dealerships in Columbus, Ohio are sympathetic to the needs of those who need a vehicle for everyday tasks, such as errands or dropping their kids off at school. Just getting to work without a reliable vehicle to count on makes each day inconvenient and can even jeopardize your job if your alternative transpiration is not consistent and reliable.

If this situation sounds all too familiar to you, here is where a good Buy Here, Pay Here in Columbus, Ohio can step in to help. BHPH dealerships recognize the need for a reliable and affordable vehicle, regardless of your credit situation. Buy here, pay here in-house finance options are best for those who are not eligible for traditional financing, cannot afford to pay cash for a vehicle, but need to start driving a new or used car or truck today.

Another often unseen benefit of buy here, pay here dealership financing is that those who use BHPH because of poor credit have an opportunity to raise their credit score or build credit with regular on-time payments to their dealership where they purchased their vehicle. Most dealerships will report payments to the major credit bureaus. This gives you a chance to improve your credit standing and possibly opt for refinancing your vehicle at a lower interest rate in the future.

Buy Here, Pay Here in Columbus, Ohio near you

If you are looking to buy a car, truck, SUV, or multi-purpose vehicle (MPV) and have less than perfect, or no credit and are having trouble securing traditional financing, a buy here, pay here dealership in Columbus, Ohio may be exactly the solution you’ve been looking for. BHPH dealerships offer drivers who are having or have had problems getting a traditional bank loan or lease in the past an option to get the vehicle they need, at a price and a payment plan they can afford. If you are in the Columbus, Ohio area and are looking for an alternative way to get into a much-needed vehicle, visit your local buy here, pay here dealer and see how they can help you start driving your new vehicle today.