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Buy here, pay here financing is an attractive solution for those looking to purchase a car with lower credit scores. Find out what you need to know about buy here, pay here dealerships.
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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]
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Usually, car leases allow the lessee to drive the car for a certain number of miles for a certain number of years. The lessee pays a fixed monthly payment for the privilege of driving the vehicle, and when the lease ends, the lessee returns the vehicle to the lessor. The lessee pays only for the value of the vehicle for the term of the lease.
When consumers fall behind on payments, late fees are typically charged by their financiers, and persistently delinquent accounts may be sold to debt collection agencies. [12] In March 2024, NBC News reported that consumers ages 35 and under comprise 53% of “buy now, pay later” users but just 35% of traditional credit card holders. [13]
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