If you are suffering from bad credit score, getting finance for your car seems very difficult task. If you want to go for the ‘buy here pay here’ dealership most probably your loan application will be turned down by all the financial institutions such as banks, credit unions, private lenders and all.
Definitely, BHPH car dealership is not the first option you should seek. But it is far better than lending money from the local lender at nearly double the rate of interest. Bad credit score is quite common these days as series of late repayment and no payment can lead to the bad credit score very easily.
BHPH dealer is the one who can help you borrow some auto loans with bad credit. But before you borrow a loan from a BHPH dealer let’s have a look at the following pros and cons of the BHPH car dealership:
With the bad credit score, no one will approve your loan whereas a BHPH car dealership will meet your urgent need in such a situation. If you are not able to go to work because of the lack of transportation nothing can be worse than this.
Your job is equal to your credit and it is worth spending money on buying a car that can make your job easier. More importantly, if you borrow a loan from the BHPH dealership and repay it on time, it can help in improving your credit rating.
The car dealerships that work with bad credit have a few disadvantages as well. You have to choose from the limited number of car models available. Moreover, you need to visit the dealership monthly to pay the debt because most of the BHPH dealers do not accept online payments.
BHPH car dealerships have both pros and cons. But in your the situation, BHPH dealership is tailor-made for you to meet your urgent needs. You can also visit this website to know more about the BHPH car dealership.