Those with poor credit or other financial difficulties may find Buy Here Pay Here Listings miami financing a fantastic alternative for auto financing. But unfortunately, numerous myths and misunderstandings about BHPH finance may discourage people from considering this choice. So let’s examine some of the most prevalent myths and see why they are untrue.
Myth No. 1: BHPH Financing is a fraud
This myth is based on the idea that BHPH dealerships use astronomical interest rates and fees to take advantage of those who are vulnerable to them. Even though BHPH financing frequently has higher interest rates and costs than conventional financing, these costs are typically determined by the risk involved in lending to those with poor credit. BHPH dealerships aim to help those unable to find finance elsewhere, not to defraud anyone.
Myth No. 2: BHPH Dealers Only Trade In Old Trash Vehicles
Simply put, this myth is untrue. Many BHPH dealerships also sell newer, higher-quality vehicles, while others may only have a small range of older vehicles. So everything depends on the dealership and the cars they have in stock.
The third myth is that BHPH financing won’t help you raise your credit score.
Making consistent, on-time car loan payments can still help your credit score increase over time, even though BHPH financing might affect your credit score differently than conventional financing. In addition, some BHPH dealerships notify the credit bureaus when you make payments, which might increase your credit score even more.
Misconception #4: Those Who Couldn’t Obtain Conventional Funding Only May Get BHPH Finance
BHPH financing is not just for people with poor credit or other financial difficulties, though it can be a terrific alternative for them. Regardless of their credit standing or economic background, anyone can consider BHPH finance a possibility.
Don’t let false beliefs prevent you from considering this possibility and acquiring the required vehicle from BHPH.