Buy Here Pay Here No Money Down Cars


Buy Here Pay Here Car Dealers

Buy here pay here (BHPH) car dealerships offer in-house financing, where you arrange an auto loan directly with the dealership you purchase the car from. BHPH dealers are an alternative to third-party loans for bad credit customers.

How Do Buy Here Pay Here Dealerships Work?

Unlike traditional dealerships, BHPH car lots don't use third-party lenders - they are the finance company. You buy the car, arrange the loan terms, choose a vehicle you qualify for, and take out the loan all at the dealership.

The biggest advantage of BHPH car dealerships is they typically don't care about your credit score, making them a realistic way to get an auto loan for bad credit buyers who don't qualify for third-party financing. If you've been turned down due to credit issues, a BHPH dealer may be the way to go.

The lack of a credit check nearly guarantees approval if you make a qualifying income and have a down payment. However, you should be aware that you may be required to make weekly or bi-weekly payments in person at the dealership, the interest rates they offer are typically high, and inventory can be limited to older used vehicles. Additionally, some BHPH car dealers don't report your loan or payments to the credit bureaus, so the loan may not help you improve your credit.

If you're having trouble getting approved for traditional or even subprime auto financing because of your credit, a buy pay here car dealership can be a great way to get into a vehicle.

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Buy Here Pay Here Car Dealer Requirements

The requirements at BHPH car dealers are different from those for traditional third-party auto loans. To get financed through a buy here pay here dealership, here's what you'll need:

  • A qualifying income - Because they typically won't check your credit, BHPH car dealers use your income to qualify you, though the minimum accepted amount will vary. Your income will also determine how much of a loan you qualify for. You'll need to provide proof of income, usually with your most recent paycheck stub that shows your year-to-date earnings.
  • A down payment - BHPH lots almost always require a down payment, so make sure you come prepared. If you have a vehicle to trade in, BHPH dealers will apply its value toward your down payment as well. Remember, the larger your down payment, the lower the amount of interest charges you'll have to pay over your loan term.
  • Proof of residence - To prove residency, bring in a current utility bill with your name and address on it. Be aware that you may be required to show the dealer a copy of your rental agreement or mortgage contract as an alternative.
  • Proof of phone - Many buy here pay here car dealers require you to have a working phone in your name. You must show proof of this with your most recent phone bill.
  • Personal references - BHPH dealers often require a list of anywhere from five to 10 personal references. Your references can be anybody that knows you on a personal level, such as family, friends, or coworkers. The list needs to be complete with names, addresses, and phone numbers.

Be prepared to show your valid driver's license and proof of insurance as well.

Because the loan is provided by the dealer who's selling the car, your chances of getting approved are usually very strong if you make enough money and have the needed paperwork.

Get an Auto Loan with a BHPH Car Dealer

The biggest benefit buy here pay here car dealers provide is the chance for credit-challenged consumers to finance a vehicle. We recommend you try to get financed with your local bank or credit union and with a subprime lender first, however, and only consider a BHPH car lot after exhausting your options. Also, find out if the BHPH dealer will report your payments to the credit bureaus before entering into an agreement.

At Drivers Lane, we're connected with a nationwide network of special finance dealerships, including buy here pay here dealers. We help consumers with bad credit, thin credit, no credit, as well as those with little or no money down get connected to a local dealership that may be able to help.

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