Map & Directions

News Blog



What is Buy-Here-Pay-Here Financing?

by Admin - Posted 2 years ago

If you’ve ever gone car shopping before, you’ve probably seen the term “Buy-Here-Pay-Here Financing” advertised as an option for buyers. But what exactly does Buy-Here-Pay-Here Financing mean? And how does Cincinnati Auto Credit do it better than other dealerships?

 

Buy-Here-Pay-Here Financing 101

 

Buy-Here-Pay-Here Financing refers to the dealership extending you credit to purchase a car from them. You’ll need to fill out forms and receive a credit check, sign documents agreeing to the credit, make a down payment to receive the car, and then make payments until you’ve paid the dealership back.

 

It’s similar to going to a bank to apply for a car loan, but different in some very important ways. Banks are focused on loans in general, and on people’s ability to repay the loans. This means that when you go to a bank to apply for a loan, the bank will look at the numbers from your application forms (credit score, annual income, and other debts you’re currently repaying). If the numbers aren’t right, then the bank won’t approve the loan. So, if you’re one of the millions of Americans with bad or zero credit, no matter what the reason for your credit score, it can be difficult to get approved.

 

Buy-Here-Pay-Here Financing was invented for people with low credit scores. And while many dealerships offer Buy-Here-Pay-Here Financing, we think you’ll find that at Cincinnati Auto Credit, we do it the best.

 

The Cincinnati Auto Credit Difference

 

At Cincinnati Auto Credit, we were founded to help people with less-than-perfect credit get access to quality vehicles. And we have, for over 15 years. Our customers are more than just credit scores to us. That’s why we take the time to hear about your situation and talk through your finances to figure out what you can afford. Did you experience a COVID-related job loss? Sudden death in the family? Ugly divorce? These things should matter in calculating a person’s ability to borrow money. And at Cincinnati Auto Credit, they actually do.

 

Many of our customers have bad credit through no fault of our own. Some of our customers have had trouble in the past, but may have just landed a new job and are ready for a fresh start. We understand that good people occasionally go through hard times, and we’re here to help.

 

And while other Buy-Here-Pay-Here Dealerships require customers have a minimum credit score, at Cincinnati Auto Credit there is no minimum credit score requirement. Even if you have no credit history at all, we’ll gladly hear you out and extend you the credit you need for your auto purchase.

 

Give us a chance and we’ll give you chance. Contact us today!

 


Brad manning 2 years ago
Can I come up and do the paperwork to see how much of a down payment I need?