Hello! Welcome to Buy Here Pay Here Greenville SC
Why did I design this website, Buy Here Pay Here Greenville SC? Because I have researched many Buy Here Pay Here Greenville SC auto sales dealers and have found that bad credit scores don’t really matter to them. My own credit problems led me to several Buy Here Pay Here car lots, and I wanted to put my research all in one place to save you some time and energy. No matter what kind of car you’re looking for, whether it’s a Ford, Toyota, Chevy, Dodge, Nissan, Honda, or Kia, you can find what you want at a BHPH Greenville SC car dealership. I have that information here for you, so I hope you will check back regularly for updates. I will also have news from the National Automobile Dealers Association, as well as the South Carolina Automobile Dealers Association and the SC DMV.
We all know that this bad economy has caused a collapse of the new vehicle market. People are holding on to their old cars longer now than ever before. When the economy gets tight, credit requirements get more stringent. Consumers find it harder to get a new car loan if their credit report has taken a nosedive and their credit history isn’t what it used to be. Financing options become limited, and that’s why BHPH Greenville SC car dealerships can be a valuable tool for you. They offer in-house financing and don’t have to depend on third-party lenders to approve financing as a traditional new or used car dealership does. BHPH dealerships are the lender instead of the bank. Most of them require you to make weekly payments in person, but you can usually get approval on the spot, plus they have a good inventory of available cars.
Bad credit or no credit in Greenville SC is not a problem with a Buy Here Pay Here Greenville SC dealer. Even if you’ve filed for bankruptcy or have had a repossession and charge-offs, they understand that sometimes we just get down on our luck. Since bank financing is not an option with your particular credit situation, BHPH just makes sense.
In my particular situation, I didn’t have medical insurance and found myself in the hospital because of an extended illness. I was out of work for more than a year, and my medical bills kept mounting. I couldn’t pay my car loan. Because of the information new car dealers were able to gather from their credit reporting agencies, my financial situation didn’t allow me any room for financing options. I couldn’t find a finance company willing to take a risk, and most of the financing programs required a credit score above 620. I had no option but to look for used cars in Greenville SC, and that’s when I started taking a second look at Greenville SC Buy Here Pay Here lots. Several possible options opened up to me, and the dealer financing was just what I needed to get back on my feet. I certainly couldn’t afford car rental, and I liked the idea of buying a pre-owned vehicle. That way I wasn’t the one who got stuck with the depreciation of a new car once it’s driven off the lot.
During the time I was unable to work because of my illness, my 18-year-old son wanted to find a better job in order to help me out with some of my bills. He needed a car to be able to go back and forth to work, so together he and I shopped the Greenville SC Buy Here Pay Here lots. We asked a lot of questions, and we test drove several vehicles that my son was interested in. He found a 1999 Chevy truck with only 87,000 miles on it. It was so clean that it looked as though it just came off the showroom floor. The interior was leather and didn’t have the first crack or torn place in it. Plus it had a CD player and a super sound system. My son fell completely in love with that truck. There was no credit check and that afternoon, after signing some paperwork, we were able to drive it home. I don’t think I’ve ever seen such a big grin on his face! Today he has a good job and is able to make the weekly payments on the truck and still have some money left over to help me out. We could never have accomplished this without a Buy Here Pay Here Greenville SC dealer.
BHPH lots are not what they used to be. Until I needed one myself, I always thought they were small independent lots that sold older, high mileage cars and trucks. That may have been true at one time, but not anymore. Dealers need to sell cars, but they can’t sell them if their buyers can’t get approval for financing. So many larger franchised dealerships are now doing Buy Here Pay Here financing for their customers who have poor credit scores. I passed a Ford dealership just the other day and saw a sign over their door saying that they now offer Buy Here Pay Here.
Are you looking for used cars or trucks in Greenville SC? Afraid you won’t be able to afford one because you’ve had some bad luck and your credit score isn’t what it used to be? A Buy Here Pay Here dealer may be just what you’re looking for. Do your homework before you buy, though. That’s why this website, Buy Here Pay Here Greenville SC, is here – we want to make sure you have all the information you need to make an informed decision. As with any other business transaction, I want to make sure you don’t get involved with any dealers who don’t have an honest reputation. I will put some videos on this site that will show you some of the great opportunities available to you in the Buy Here Pay Here market. In the future, I will even recommend a BHPH dealer to you. Thanks for stopping in, and tell your friends how to find us.
Since the late 2008 collapse of the new vehicle market, the number of cars sold through Buy Here Pay Here (BHPH) dealers has been steadily rising. When credit requirements tightened up, consumers began facing increased difficulty getting approved for auto loans with bad credit. BHPH car lots offer an alternative. Instead of using third party lenders to approve financing as a traditional dealership does, they offer in-house financing — in other words, they act as the lender. Typically the customer must make his or her payments weekly and in person, and of course the vehicle is subject to repossession if payments are not made.
Since the majority of Buy Here Pay Here (http://www.buyherenpayhere.com) customers have poor credit, the interest rates are quite high — generally 15-25% — but they are much more receptive to credit scores below 620, as well as problems such as bankruptcy, repossession, and foreclosure. Interest is usually rolled into the car payment. The frequency and amount of each payment is generally at the forefront of the negotiation process, taking precedence over vehicle selection or interest rate. Buy Here Pay Here is largely synonymous with Your Job is Your Credit (http://www.yourjobisyourcreditcarloans.com) auto sales.
Traditionally, BHPH lots were small and independent, selling older, high mileage vehicles. However, many larger franchised dealerships have been turning to Buy Here Pay Here financing in an effort to get their customers approved for car loans with 600 credit score or less– customers who might have been approved prior to the credit crunch. Dealers need to sell cars, and they cannot do so if their buyers cannot get approved for financing. An additional draw to traditional dealers is the higher profit margin on BHPH vehicles. Whereas a franchised dealer typically earns a profit margin of slightly more than 30% per vehicle, BHPH vehicles can earn them more than 40%. The fact that BHPH sales have been trending toward the mainstream can be glimpsed in the average value of BHPH vehicles sold — today more than 30% of Buy Here Pay Here auto sales are for vehicles of $8000 or more, while the average is about $6000.
Total volume of sales is on the rise as well. In 2001, BHPH sales totaled about 1.3 million vehicles. That statistic stayed relatively steady until 2009, when more than 1.8 million BHPH vehicles sold. Based on Q1 sales data, BHPH car sales could exceed 2.3 million in 2010.
In any major city you will come across a buy here pay here car dealership. These dealerships allow customers with bad credit the ability to buy a car at their location and pay the weekly/monthly payments directly to them. There is no credit check and consumers with no credit or fair credit are the ones that would use this type of service.
There are some good reasons to use this type of service as well as some bad reasons. The good ones are:
· You can obtain a car when you are really in need often with little or no money down and bad credit.
· There will not be a credit inquiry done so if you are working on repairing your credit this won’t affect it.
· There isn’t any interest normally but you will pay more for the car than if you were buying it at a regular dealership. This can be both good and bad.
· If you are a student with a part time job you can still qualify for a loan which may not be the case in a traditional dealership.
Some of the reasons that you wouldn’t want to use a service like this are:
· You will definitely pay more for a car this way.
· They do not report to credit bureaus so even if you make all of your payments on time you won’t be building up your credit.
· These dealerships want lots of information on you since they are not checking your credit. They want your closest relatives, your closest friends, two to three numbers to reach you at, proof of employment, etc.
If you are in a jam and need a car and don’t have a lot of money then this service could be useful but if you are able to wait and save up a little for a down payment, using a traditional dealership will save you money and build your credit in the process.