BHPH or Buy Here Pay Here dealerships are essentially auto dealers that sell cars and act as a bank. They offer in-house financing to buyers who have a bad credit score. That said, the interest rates at these dealerships can be a bit higher than the standard lending options. Moreover, customers need to make the payments for the vehicles they buy directly to the dealership.

If you have been wondering about the pros and cons of Buy Here Pay Here in Fairfax, VA, here they are!

Pros

• Simple Process – To begin with, you can buy a car and get it financed at the same time from the same used car dealership in Fairfax, VA. The process is simple and straightforward.
• Little To No Down Payment – You can buy a car with little to no down payment.
• Bad Credit Accepted – Even if you have bad or no credit history, you can still buy a car at a Buy Here Pay Here in Fairfax, VA, as well as get it financed from the dealership.

Cons

• Higher Interest Rates – When you buy a car and get it financed from a used car dealership in Fairfax, VA, the interest rates on the loans will be much higher than other lenders such as credit unions and banks.
• Installation Of Vehicle Tracking Devices – Some dealers typically install vehicle tracking devices in cars because of the inherent risk involved in financing people with bad credit histories. This helps them track the car to repossess it in case a customer fails to make a payment.
• No Scope Of Improving Your Credit – Typically, making timely payments on a loan helps improve a person’s credit score. However, that is not the case with BHPH dealerships.

Regardless of the cons of BHPH dealerships, if you have a bad credit score and need financing to buy a car, a Buy Here Pay Here in Fairfax, VA, can come in handy.