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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]
Car dealerships: You can finance through a dealership if you cannot secure a loan from another lender. However, dealerships often mark up the rates they offer to make more money off the deal.
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
A bad credit auto loan is a car financing solution tailored to drivers with lower credit scores — typically, below 580. It’s important to avoid costly but common bad credit auto loan pitfalls ...
Herb Chambers is headquartered in Somerville, Massachusetts and operates 60 retail car dealership locations, [4] representing 35 different brands. Herb Chambers has approximately 2,400 employees and was ranked one of the "Top Places to Work" in the Boston Globe for the tenth straight year in 2018.
Truth in Lending Act; Long title: An Act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for ...
A second-chance auto loan is a type of financing lenders offer buyers with poor credit. Also known as subprime auto loans, second-chance auto loans are often buyers' last effort at getting funding ...
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased.
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