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4 Things You Probably Didn’t Know About Buy Here Pay Here In-House Financing

You probably already know that a buy here pay here in-house financing dealership offers bad credit auto loans. That is, you may have a poor credit score, good credit score, or no credit score at all but you will be eligible to apply for a car loan. You may also know that buy here pay here dealers charge a marginally higher interest rate on your auto loan as compared to banks or any other financial institution that do not finance bad credit score holders. But there are a few less-spoken-about aspects about buy here pay here dealers with in-house financing offices, and these lesser-known facts tend to keep many buyers away from the exciting benefits of BHPH financing.

To change that trend, we have listed 4 such pointers that you probably do not know about a buy here pay here in Spartanburg with in-house financing offers. Read on to find out more about the business model.

1. In-house financing means no third parties are involved

Not all buy here pay here dealers help you with financing used cars from their own pockets. Some have tie-ups with third-party lenders who provide the loan instead of the BHPH dealer. Not that involving a third party makes things shady but often, a third-party lender has to pay commission to the buy here pay here dealer which it might include in the financing deal. As a result, you end up paying extra since the financing offer was not in-house. Family Auto sales of Spartanburg has an in-house financing department. This is why our rates and offers are hard to beat in the market.

2. The high interest rate helps offset the credit risk

Everyone talks about the high interest rates of a buy here pay here in-house financing dealership but people rarely mention or know the reason for it. A high interest rate is an additional charge that bad credit score holders pay to lenders because the latter is taking on extra credit risk by financing the former. Had banks offered bad credit loans, they would have also charged a similar rate because that is the market policy. Reputed buy here pay here dealers do not look to extract more money out of you just because you have a bad credit score. This is how the system in America works.

3. In-house financing means more deals

Take the example of Family Auto again. We have a reputation for offering exciting deals. First, we offer assured quality auto sales of Spartanburg by giving you a comprehensive 2 years/36,000 miles warranty on our used cars. Next, we offer you $100 in referral money every time you send someone to Family Auto to make a purchase. From having a vast inventory to easy financing, we are all about deals. Why is that? Because we only earn our revenue when we sell a car. Our in-house financing works if you buy from us. We offer the best deals to make the buying process easier for you which helps keep our business running.

4. Expect more flexibility with in-house financing

Buy here pay here dealers who tie up with third-party lenders are limited by the rules and regulations of the lender. Hence, you will see strict terms regarding down payments, monthly payment dates, mode of payment, and so on. You get minimal flexibility on your bad credit auto loan. But that is not the case with Family Auto. As a buy here pay here in Spartanburg with in-house financing, we help you plan your auto credit as per your convenience. You can choose to pay as much down as you want. You can pick a monthly payment date to match your pay check. Our BHPH financing is built around flexibility.


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