The “Buy Here Pay Here” (BHPH) industry allows automobile dealerships to extend credit to car buyers. It’s a way for people with poor credit history to buy cars through loans. These types of car lots in Indianapolis and all over the country have been in existence since the 1970s, mainly stemming from the savings and loan (S&L) crisis in the U.S.
Here are some benefits of going to Buy Here Pay Here car lots in Indianapolis:
Readily Accessible – BHPH car lots have become increasingly popular over the past few years. These dealers are readily accessible throughout all of America as they’re one of the quickest growing parts of the car sales industry.
Time-Saving – These types of dealerships are in-house, and they usually pledge to finance buyers. As a result, car buyers don’t have to spend so much time and effort filling out car loan applications that usually only end up in the reject pile.
The Answer for People with Bad Credit – BHPH dealerships specialize in letting those with bad credit get a car of their own. The dealer takes care of all the financial details and helps buyers find out how much they need for a car and how they can pay for it. People with credit scores below 600 now have access to good cars at affordable prices and schemes.
Trade Your Old Car In–Many car lots allow trade-ins. You can take your old car to them and ask for exchange options. It’s up to them to find a buyer for your car and subtract its value from the car you want to buy.
Improves Your Credit Score – Everyone, even those with bad credit, may see a significant improvement in their credit score through BHPH financing. Dealers, BHPH or otherwise, always check your credit score. If you pay their installments on time, they will report it to credit bureaus and it may improve your credit history.
There are many Chevrolet dealers in Indianapolis that offer BHPH financing. It’s a convenient way for people with bad credit to get a decent vehicle for their daily transportation. Visit their websites or car lots to find out more and see if this is the best solution for you.