A lot of people have no idea where buy here pay here used car dealers are or what BHPH lots are all about. Believe it or not bhph lots are real car lots, well BHPH stands for buy here pay here. And the thought process behind it is that you purchase the vehicle from the particular dealership and then you will be responsible for making the payments to that dealer as well. Buy here pay here dealers work with consumers that have bad credit and who are looking for sub prime auto loans as well as car loans for poor credit. Feel free to check out buypaycarlots.com to find buy and pay car lots in your area.
With the buy pay car lots there is a different payment option available. Instead of making your monthly car payments to a bank, you make weekly or bi-weekly payments to the dealership where you purchased the vehicle. Although some BHPH lots will accept payment by phone or online, most of them will rather that you physically bring a check or cash to their location. This is where the term "bhph lots" comes from: you "buy" cars at the lots and "pay" on loans at the lots. Simple enough right.
BHPH lots are car lots, one of the main differences between a standard used car dealership and buy here pay here used car dealers is that the buy pay car lots have many option or forms of in house financing. These financing options are in place through the dealer so there is no need to deal with different lenders. So with the in house used car dealers they determine if it works for them to extend you an auto loan based on your particular credit situation.
If you are looking for sub prime auto loans or car loans for poor credit, and just can't seem to find anyone who will give you that auto loan to get into a vehicle. Then looking for the in house used car dealers may be the best option for you to pursue. Just make sure that you do the research that is needed to make sure you are getting the best vehicle for your money.