What are the Most Common Myths About Buy Here Pay Here Car Dealers?
You have probably heard of them before, but what are Buy Here Pay Here (BHPH) car dealerships and what do they do? Buy here, pay here dealers are used car dealers that offer on-site auto financing. Unlike traditional car lots, BHPH dealers usually do business with less strict qualifications and easier approval requirements than other car dealerships that arrange financing through traditional banks, credit unions and lenders.
Despite all the advantages these dealerships offer, a lot of people are wary about Buy Here Pay Here car lots. That begs the question, what should you know about BHPH dealers as you begin the journey to purchase a new vehicle and what are some of the most common myths about BHPH?
Myth: Buy Here Pay Here Car Dealers Only Sell Low-Quality Used Cars
Fact: Buy Here Pay Here dealers are like any other business in the community. They want you to have a great experience with them and the products they sell so you come back for additional purchases, leave a good review and tell your friends and family about your experience. Because of this, you can count on BHPH dealerships like CarHop to offer consumers a quality vehicle at an affordable price for a wide variety of budgets. At CarHop, we even provide a free AutoCheck vehicle history report so our customers know exactly what they’re getting in the purchase of their new vehicle so they can buy with confidence.
Myth: You Will Only Be Approved for a High Car Payment
Fact: Most traditional lenders offer vehicle financing applicants with a lower credit score a higher interest rate. This can increase the monthly payment a customer might make, but the payment may not be as high as you might assume if you purchase a vehicle directly from a buy here pay here vehicle dealership.
At CarHop we work with our customers to develop payment plans that fit their budget and payment needs, which can include low down payments and fast approvals. The best way to determine how affordable it could be to buy your next used car from CarHop is to start your approval online today with our simple and intuitive application process.
Myth: Customers Don’t Get a Warranty When You Buy a Car from a Buy Here Pay Here Car Dealership
Fact: The truth is some buy here, pay here dealerships don’t offer warranties. However, that’s not the case at CarHop.
We take pride in our work and stand behind the quality of the vehicles we sell. This includes an 18-month/18,000-mile limited warranty. Our team can tell you more about the included warranty coverage when you stop by for a test drive.
Myth: Buy Here Pay Here Dealers Don’t Have to Follow Any Rules
Fact: Like all car dealerships, BHPH dealers are required to follow the rules set in place to protect car buyers. These include usury laws, deceptive practices laws, privacy laws, the Used Car Rule, the Truth in Lending Act, and more. It’s our job to get people driving and we make sure we keep this in mind with all aspects of our BHPH dealerships.
If you are interested in learning more about our commitment to an excellent experience for all customers, check out your local CarHop location where friendly and knowledgeable staff are waiting to help you find your new ride.
Contact CarHop Today
Buying a new vehicle can be an intimidating process, especially if you have less than perfect credit or are looking for a low down payment. If you’ve been turned down for a car loan at a bank or credit union, CarHop has fast and easy financing options that may be able to help.