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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
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]
It was a big financial flop, generating losses estimated between $250 million and $350 million and bankrupting many Ford dealers. [28] Time magazine included it on its list of "The 50 Worst Cars of All Time", with automotive journalist Dan Neil writing that while the Edsel was not a bad car, "It was the first victim of Madison Avenue hyper-hype ...
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Before you swipe your credit card at the car dealership, find out how much available credit you have. Using your credit card for a down payment could put you over the recommended 30% credit ...
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.
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