AutoApproved :: Bad Credit Auto Loans

Buy Here Pay Here... You May Not Need It!

Don't Sell Yourself Short!

Buy Here Pay Here (BHPH) is where the dealership acts as the car lender, instead of a traditional finance company. In some cases, this may be the only option available to an individual with bad credit. However, more often than not, a person sells themselves short thinking that BHPH is the only way they can purchase a vehicle. In most instances, even if a car dealership told you this, that may not be the case!

Car dealerships that do not offer in-house dealer financing may tell someone that a buy here pay here lot is their only option and that they should contact a dealership that does offer their own financing. Before you take that advice, apply for an auto loan through an online service, such as AutoApproved.com. You could have far more options available, and even save yourself money. It only takes a moment to use our Fast Auto Loan Application to conveniently apply. We specialize in helping people with bad credit.

Buy here pay here financing is, in some cases, a convenient way for a car lot to offer special finance, or subprime, lending options to their customers without the necessary lender relationships required to handle traditional finance transactions. Our customers have come to us with various credit challenges, such as bankruptcy or repossession, and have been able to walk away with a new or used vehicle financed by a normal finance company. Many of these customers were told that a BHPH vehicle was their only option!

Understand Your Options

The automobiles that are financed through a these programs are typically used cars, and more often than not, the price of the vehicle is less than buying a new car. However, the price of that car will usually be higher than the actual value of the car.

Because most in-house finance companies cover their investment with money upfront, you may be required to provide a higher down payment than a bank or traditional finance company would expect. Interest rates will be higher on average than traditional financing, even if you finance a vehicle with poor credit.

Buy here pay here lots have a high percentage of vehicle repossessions. Because dealerships are less tolerant of late payments than a conventional finance company, paying even a week late on your loan could result in the loss of your automobile. Car payments may be required on a weekly or bi-weekly basis, or may even coincide with your paydays. This is convenient for some and cumbersome for others.

We can help!

Once you apply for a car loan through AutoApproved, we can help you determine if a buy here pay here dealer is your best option. While a vast majority of our customers qualify for standard financing, if buy here pay here is the best fit, we’ll help you find a dealership that properly reports to credit bureaus so that you are able to rebuild your credit. Use our Fast Auto Loan Application, and we'll take care of the rest!