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How Buy Here, Pay Here Dealer Financing Works

How Buy Here, Pay Here Dealer Financing Works
Content Provided by Experian.com

Having trouble securing an auto loan to buy a car? "Buy here, pay here" dealerships offer in-house financing, typically to borrowers with bad credit. While this route is worth considering if your credit isn't in great shape, there are some pitfalls to consider.

What Is a Buy Here, Pay Here Dealership?
When you sign a contract to buy a car with a traditional car dealership, it passes the contract on to an auto lender, which provides a loan for the purchase. With a buy here, pay here (BHPH) dealership, however, the dealer sells and finances the cars on its lot.
BHPH dealerships specialize in working with people who have bad credit or no credit history at all. As a result, they can provide an opportunity that some borrowers will have a hard time finding anywhere else.
Before you consider a BHPH dealer, though, it's important to consider both the benefits and drawbacks of doing so.

  • Credit-challenged borrowers can get approved: If your credit is in bad shape or you haven't had the chance to build a credit history, you may think financing a car through a dealership is out of the question. With a BHPH dealership, however, approval standards are lower than what you'll find with traditional lenders.
  • The process is simple: When you buy a car from a BHPH dealer, you're done with the entire buying and financing process when you drive off the lot. With traditional dealerships, it can still take a while to complete the loan process, especially if you have bad credit.

Original Source: Experian.com (Ben Luthi - January 14, 2019)


Buy Here Pay Here
 For millions of Americans struggling with their credit score, a buy here pay here car dealer may be the best option to get them and their families back on the road. The premiere buy here pay here in
Maryland with in-house financing is M&M Auto.
Customers choose M&M Auto because we care. We provide late model vehicles and superior service. We help customers rebuild their credit. We treat every customer like family.
 What If I have Bad Credit?
 If you’ve been turned down before, just relax. Our buy here pay here dealership in Baltimore helps every day with bad credit. We know good people sometimes have credit problems. Divorce, loss of a job, a medical problem — things can get out of control fast, and we totally understand that. But we’re more interested in your
future; not your past.
  What Kind Of Vehicles Does Your, “Buy Here Pay Here” Dealer Carry?
 Our buy here pay here dealer Baltimore specializes in affordable, Certified Inspected, pre-owned vehicles. In fact, we have over 150 vehicles for you to choose from almost every style you can think
of. We want you to drive away in a vehicle that you can’t wait to  show your family and friends. We want you to have a vehicle that you’re PROUD TO DRIVE.
 What Do You Mean By “Your Job Is Your Credit”?
 People come in all the time worried about their credit. If you’re out there working hard every day — doing your best to support yourself and your family — that IS your credit with us. We finance
your future not your past.
 Do You Report To The Credit Bureau?
 Absolutely. Unlike smaller dealerships we report each month to the Equifax Credit Bureau. We consider that one of the most important benefits of buying a vehicle from M&M Auto. So many of our buy here pay here customers reestablish their credit with our help, and all of a sudden a new world is opened up to them — they can buy that new house, they get credit card offers — M&M Auto is that fresh start, and we’re proud to give our customers that  kind of help.
Do Your Cars Have A Warranty?
 YES, Our vehicles come with a 30 Day limited warranty. We also offer and recommended an extended Warranty Service Contract from Preferred Warranties Inc.- It’s one of the very BEST warranty programs available , and it can be financed with every vehicle we sell *
What Do I Need To Bring With Me To Get Pre-Approved?
Please bring the following items with you to the dealership:
• Proof of residence (Recent lease, mortgage statement,
• Proof of income (Recent pay stubs, Bank Statement, court ordered child support, pension benefits, etc...) phone Bill or utility bill or other mailings)
• Driver’s license
• Down payment
• You will need Full Coverage car Insurance • Name, address, and phone numbers for at least 5 local references.

That’s it. We make it simple.

 Contact us if you have any questions about our buy here pay here services in Maryland. 410-636-8000

Used Car Mileage

Outdated "Facts" About Used Car Mileage
May 31, 2014 / Sara Davis / Keep My Car Running Smoothly

In the 1960's and 1970's, the odometer on most cars only went up to 99,999 miles - then it rolled over. Can you image all the CarFax and AutoCheck History Report issues?

With one certain Volvo exceeding 3 million miles, most people expect to get at least a 100,000 - at minimum out of their vehicle. Nowadays, most people try to get a new car before their old one reaches 200,000 miles. But when a car is carefully maintained and given regular tune-ups, many can run for 250,000 to 300,000 miles, no sweat.

The Importance of Mileage

Is how much mileage the vehicle has a good measure of a car’s overall quality? Sure, you could make that argument, so as long as you look at many of the same make and model to see if they too are reliable in their elder years. Although cars are designed to be exact replicas of each other, small variances in manufacturing processes can lead one car to a life of 100,000 trouble free miles and the other to a rocky road at 20,000. Sometimes it's just luck of the draw.

However, most often the reliability and longevity of a vehicle is tied back to the owner itself - how they drove the car and how well it was maintained. We all know that oil and filter changes are necessary, but many people tend to ignore the maintenance guide in their glove compartment and the only time the vehicle sees a mechanic is when something is wrong - by that time it's too late.

Not only does not properly maintaining your vehicle decrease its fuel efficiency and the vehicle’s performance, but it also leads to problems with passing emissions tests and will reduce your vehicle's resell value. Fixing these problems can be costly and time consuming, if ignored.

Emissions standards are expected to get stricter in the future, so high mileage cars could experience some issues if they aren't properly maintained. When small problems get worse and go unchecked, they can cause serious damage to an engine over time.

Where Car Mileage Can Be Misleading

Mileage is usually not a problem in and of itself. One way to make sure that your car performs well, regardless of the mileage, is by taking it in for regular tune-ups and keeping an eye on its performance. Talk with your mechanic about any common troublesome areas of your vehicle and know what maintenance lies ahead. Every manufacturer has major service intervals every 20-30,000 miles or so.

If you notice the car driving strange or making any loud noises, this can be an indication that something is wrong. Take it in immediately and have the problem fixed. As long as these events don’t happen regularly, there’s no reason to think your car’s mileage is the problem. Eventually, you’ll get to a point where it makes sense to get something new, but the exact mileage for this decision depends on each car and owner.

So, what's the highest mileage car you've owned?
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