The only difference here is the customer’s shopping experience. At a traditional dealership, the financial conversation is often the last part of your experience. After you've seen a few models, asked a host of car questions, and possibly test driven one, the dealer will help you explore payment options. At a BHPH dealership, the process is usually reversed. The dealer will ask you a series of questions, possibly run a credit report, and invest in understanding your credit history before showing you available cars. Finally, with your monthly payment range and down payment information factored, you will be shown cars that are right for you and your unique financial situation.
Many dealers use these terms in their advertisements to attract customers to do a credit application. Many of these other dealerships do not intend to offer in-house financing. They only wish to get your personal information shop it around to a dozen finance companies and hope they find an approval. This is a waste your time. To ensure you’re in good hands with any Buy Here Pay Here dealership, make sure that your credit application is not going to a bank or multiple banks, and that your credit won’t be pulled multiple times. As you may know, when your credit is pulled over and over, it could result in a lowering your credit score, and can make your current credit situation even worse.
Traditional car loans require you to make payments to the bank or financial institution from which you obtained the loan. With BHPH, you may be asked to make weekly or bi-weekly payments directly to the dealership. Typically BHPH dealers arrange your payments to correspond with your “pay day”, which is designed to set up both the customer and dealer for a successful loan experience.
I've read quite a lot about privacy, thank you. There are well documented and serious issues regarding privacy at Google. They're great compared to some other companies who have suffered serious data breaches -- Yahoo, LinkedIn, the list is really endless -- and I do have faith that our data is safe from that mode of attack. Unless an internal employee goes rogue, our search data will remain safe from external threat.
Lee Credit Express' selection of vehicles is extensive. Buy here pay here car lots have a reputation for selling older, higher-mileage vehicles. Lee is different. Because we stand behind every vehicle we sell, we finance newer cars so they are less prone to costly repairs. And we offer comprehensive service contracts that provide piece of mind for our customers.