“The absolute shittiest part is not only was he proud of it. He also claimed he was helping people get into cars. Like you can't just admit to being a POS and think you're doing the right thing.” Reddit · r/UsedCars · 2 years ago
Many BHPH cars are fitted with GPS trackers or "kill switches" that disable the starter if you miss a payment. Repossession can happen after just one day of delinquency.
Dealers often charge much more than the car is worth. You might find yourself "upside down" (owing more than the car's value) the moment you drive off the lot. buy here pay later cars
Reviewers often describe these lots as a "last resort" with high risks.
Since the financing is in-house, there’s no waiting for bank approvals or third-party lenders. The Bad: Significant Drawbacks “The absolute shittiest part is not only was
"Buy here, pay here" (BHPH) car dealerships provide a vital but expensive service for drivers who cannot secure traditional financing. By acting as both the seller and the lender, these lots focus on your rather than a credit score.
Only as a . If you can wait, a better strategy is to save for a larger down payment or seek a co-signer to qualify for a traditional loan at a bank or credit union. If you must use a BHPH lot, verify that they report your payments to credit bureaus so you can eventually graduate to better financing options. Pros & Cons of Buy-Here, Pay-Here Car Dealerships Repossession can happen after just one day of delinquency
“I'm dead serious, these places prey on people with bad credit, and put them in far worse financial condition by selling them a vehicle that is far over-priced...” Quora · 5 years ago Verdict: Is it worth it?