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If you're in the market for a car and your credit history is shaky or worse, you'll see plenty of dealerships with signs proclaiming "no credit, no problem," "buy here, pay here," "no credit check
It’s tough to lease a car with no credit or bad credit, but you do have options.
No-credit-check loans do not require a review of your credit score, which can make them convenient if you have bad credit. But they can be risky and often have extremely high interest rates and ...
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]
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
A bad credit auto loan works just like any other auto loan. The only difference is the recipient’s credit score, which impacts the terms for which the borrower qualifies.
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