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In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
The dealer has the option of marking up the interest rate of the contract and retaining a portion of that markup. For example, a bank may give a wholesale money rate of 6.75% and the dealer may give the consumer an interest rate of 7.75%. The bank would then pay the dealer the difference or a portion thereof.
Typical car dealership (in this case a Jeep dealer) in the U.S. selling used cars outside, new cars in the showroom, as well as a vehicle entrance to the parts and service area in the back of the building An aerial view of auto dealer's service in Kuopio, Finland Service and repair entrance Auto dealer's service and repair facility Dealer for vintage cars
Some 71% of consumers who took out "buy now, pay later" payment plans already had built up some credit card debt in 2023. That compares with 40% of credit card holders who didn't use a "buy now ...
Other Buy Now, Pay Later Services. There are several other buy now, pay later services. We have reviewed quite a few, including Klarna, Affirm, Afterpay and Sezzle. Here are how some of the most ...
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