Posted Saturday, Sep 30, 2023
Although BHPH, which stands for Buy here, pay here, has been around for a while. This can still be a relatively new term for individuals looking to purchase used cars.
Therefore, it is the auto dealership's job to help educate customers on how BHPH works so they can understand everything there is to know about BHPH and make a sound decision as to whether this option suits them. Keep reading for more information on BHPH.
The meaning of buy here pays here financing is clear from its name. Several auto dealerships offer this feature, allowing customers to finance their car purchases at the exact place they purchase instead of going to the bank for financing.
This auto financing method has been gaining popularity among customers and auto dealerships since it helps streamline the purchase process for both parties. Customers can get the car they desire to purchase directly from the company with the help of this in-house financing feature.
Additionally, some auto dealers promote this feature without conducting credit checks, which is excellent news for customers with low credit scores who might have had difficulty securing a loan from the bank.
The buy here pay here feature first came about in the United States during the economic crisis at the beginning of the 1970s. During this time, unemployment was soaring, and it became impossible for many people to build a good credit score.
With car sales down, the auto dealers began looking for ways to boost their revenue and came up with BHPH. They began offering direct financing for clients and created a new source of income through the interest in these loans.
At the same time, individuals who may not have been able to purchase vehicles before due to low credit scores could now do so. This was a win-win situation for both parties: auto dealerships and customers. The BHPH initiative significantly boosted the dying auto industry during this time.
Sam owns a used car auto dealership. He wants to expand his revenue by increasing his customer base. The challenge he faces is that he cannot compete with the brand-affiliated auto dealerships that are attracting affluent clientele in the area.
In hopes of attracting more customers, Sam diverts his marketing strategy towards individuals with low credit scores who may have trouble getting financing from the bank. Sam begins to offer more flexible financing options in-house and transforms his auto dealership into a BHPH dealership.
He utilizes newspaper and social media to advertise his BHPH offerings and spreads the word that he is not carrying out a credit check when handing out the BHPH feature to customers. He also throws in a two monthly interest-free feature to stand out from the competition and attract more potential buyers.
David claims that even though his company will face more default rates, he can offset this risk by charging comparatively greater interest rates. Moreover, he plans to seize vehicles from clients who don't fulfill timely payments. He intends to place devices like trackers on the cars to detect and disable them if clients don't take timely payments seriously.
Here is a list of advantages that individuals enjoy by purchasing cars through our BHPH feature:
The convenience of making purchases and establishing auto loan payments in one location is the most immediately apparent benefit BHPH dealers offer customers. Customers can conveniently complete the entire loan process with us instead of going to a bank.
Additionally, this feature allows customers to easily communicate with us to set up a monthly, weekly, or semi-monthly payment plan.
Customers who purchase cars from our buy here pay here dealership enjoys excellent customer service compared to if they would have secured a loan from another third party or bank. We go above and beyond to ensure your satisfaction and provide an individually tailored buying process to fit your needs.
The professionals at our dealership will discuss the available financing options with you, allowing you to take your vehicle with you on the same day. We understand that navigating the world with a low credit score can be challenging, and we want to make your life easier by providing the best customer service possible.
We know that it can be challenging to maintain a good credit score, and sometimes life may throw curveballs your way, which may cause you to have a low credit score. We believe that individuals with low credit scores also deserve to have a chance at quality life and be able to purchase auto vehicles without any judgment or issues.
Therefore, if you have a low credit score, you do not have to worry about it getting in your way when purchasing from our auto dealership.
Our used vehicle dealership employs some of the most capable and dedicated salespeople across the auto industry. Furthermore, many of our customers may not be aware of this. However, many of our staff, including sales managers and dealers, grew up or still reside in comparable conditions to their clients. They have had to deal with similar issues like unemployment and other problems associated with low credit scores.
This allows our employees to be empathetic and understanding of the customers and connect with the customers not only on a professional level but on an emotional level as well. At our dealership, you don’t have to worry about feeling misunderstood or judged.
Now that you know everything there is to know about how BHPH works and the benefits of purchasing vehicles from a used car auto dealership, all there is left to do is check out Wind Rider Auto Outlet to explore our BHPH offerings. We can help you purchase your car while offering individually tailored financing options to fit your needs. So, what are you waiting for?
Get in touch with us now!