In a word, NO! A Buy Here Pay Here, or BHPH car dealership, is a good idea if you wish to buy a car and have a lousy or no credit history. However, it can in no way affect your credit score adversely. Going for a bad credit car dealership in Stafford, VA, comes with a host of benefits. One of the first and foremost advantages of a BHPH dealership when you want to buy a car with bad credit in Stafford, VA is that it is the perfect way to own a vehicle when you have exhausted all the traditional options.
If your credit score is less than stellar, a BHPH dealership can come to your rescue. They will approve your car loan, where other financial institutions won’t. That said, it comes with a price. They can be a bit expensive in terms of the interest you need to pay on loan. There are also a number of other fees that you will be hit with if you decide to get your car financed from a bad credit car dealership in Stafford, VA. Therefore, if y [...]
Buy Here Pay Here or BHPH dealerships offer a great option to people who have bad credit and cannot apply for a regular car loan. The Buy Here Pay Here in Stafford, VA, has a plethora of options when it comes to cars and also process the loans without caring too much about your credit score. However, people are always suspicious when it comes to BHP. There are some of the common myths about BHPH dealerships.
Let's check out the myths one by one!
#1 Their interest rates go beyond 30% or more
While it is true that many BHPH dealerships charge high-interest rates and they might go up to 30% or more, you can always find cheaper ones. You can try to get in touch with a used car dealership in Stafford, VA, to get good interest rate options. Airport Auto Sales offers friendly terms and interest rates to its customers.
You can buy car with bad credit in Richmond, VA, by using the Buy Here Pay Here (BHPH) credit option. You must note that BHPH does not help you improve your credit score, but it can definitely help you get your dream car. In a BHPH dealership, the dealer is both the lender as well as the seller. You get in-house financing at such dealerships with no credit check. Therefore, they are very appealing to everyone who has a low credit score. It can actually be a lifesaver for many.
At a BHPH dealership, you only need to show them your residence proof and verify your income with them. Usually, they don’t even ask for your credit score. So, you don’t have to worry about it at all. Based on your income, they approve a loan amount for you. Once the approval is done, you can check out the cars that are available within the given price range. You can buy used cars in Richmond, VA by opting for the Buy Here Pay Here option without any hassle.