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Charge A Car's 'What is Buy Here Pay Here'

What is Buy Here Pay Here? 
Content Provided by Autotrader.com

If you've found that every other credit avenue for financing a car is closed to you, a Buy Here Pay Here (BHPH) dealer may be your last, and best, resort. Most of us simply can't afford to buy a car with cash. Typically, we borrow money for a car through third-party lenders, such as banks, credit unions and carmaker-associated lending companies. For a variety of reasons, however (such as a spotty credit history, no credit or a very low credit score), traditional lenders may not work for you. If that's the case, there are always BHPH dealers.


What Is Buy Here Pay Here Financing?
BHPH financing means that you arrange the loan and make payments on it at the dealership where you purchased the car. In other words, it's a one-stop shopping process because the car dealer is also the finance company.
Because loan decisions are made by the BHPH dealer, who wants to sell you a car, approval is nearly always guaranteed. If you have an address and a steady income, your chances for approval are very good.
Granting you a loan, however, isn't out of the goodness of the dealer's heart; they will probably make as much, or more, profit on the financing as they do on the car itself. As a high-risk borrower, you can expect a double-digit interest rate.
It's helpful to find a dealer close to your home or work because, rather than mailing a monthly payment, the BHPH dealer might require you to make weekly or biweekly trips to the dealership to pay in person. Although some will accept payment online or by mail or phone, BHPH usually means physically bringing your payment to the dealership.

Benefits of BHPH
  • They put credit-challenged borrowers in a car when a traditional lender will not.
  • On-time payments can help repair your credit history (but be sure that the BHPH dealer reports payment histories to the credit bureau).
  • They buy older cars and will be more willing to take in an old beater toward the down payment of a new car.

Original Source: Autotrader.com, September 2014, Russ Heaps

Charge A Car's 10 Best Cars Under $8,000

Charge A Car's 10 Best Cars Under $8,000 
Content Provided by KBB.com


If you've been pricing new cars at KBB.com, you know that they are more expensive than ever. However, there are plenty of good used-car alternatives out there. While $8,000 isn't going to get you the newest technology, if you do your homework you can find good, reliable transportation. Based on the research and recommendations of our Kelley Blue Book editors, here are the 10 Best Used Cars under $8,000:

  1. 2010 Kia Soul - One of the most uniquely styled vehicles out there, the cool Kia Soul isn't your typical-looking car, but has the practicality hatchback buyers crave. It's roomier than you think, and will carry a lot of cargo or haul passengers in surprising comfort. If you're looking for an alternative to a small SUV and don't need all-wheel drive, the Soul will fill the bill.
  2. 2009 Mazda3 - A perennial member of our 10 Coolest New Cars Under $18,000, the Mazda3 will not only provide you reliable, fuel-efficient personal transport, but is also filled with fun-to-drive character. It's available as a sedan or a hatchback, each practical in its own way.
  3. 2008 Subaru Impreza - The Subaru Impreza, offered as a sedan or wagon, offers inexpensive, reliable transportation with the added benefit of all-wheel drive. That can be a huge advantage in bad weather where it can mean the difference between getting to your destination or getting stuck.
  4. 2008 Nissan Maxima - A class up from midsize sedans like the Honda Accord, Toyota Camry and Nissan Altima, the 2008 Nissan Maxima is a sporty and comfortable sedan with a good track record. It offers a roomy interior, a higher level of equipment and luxury, and pleasant ride characteristics.
  5. 2007 Subaru Outback - Known for its poise in all weather conditions, the all-wheel-drive Subaru Outback was available as a sedan and a wagon in the 2007 model year, with trim levels ranging from low-key to downright luxurious. While you might prefer the styling of the sedan, the wagon will give you the advantage of more cargo space.
  6. 2010 Ford Crown Victoria - Long the favorite of limo drivers, taxi drivers, and police forces, the Crown Victoria has proven reliable over the long run -- even when driven hard. Plus, you will be thoroughly impressed by the rear seat space and how deep the Crown Vic's trunk is.
  7. 2009 Toyota Corolla - Compared to other cars in its segment, the Corolla seems to be "overbullt" like most Toyotas. That translates to solid reliability with few problems. For 2009, there's a choice of a fuel-efficient base engine or a larger 4-cylinder engine that offers more performance.
  8. 2009 Honda Civic - Generation after generation, the Honda Civic has been the benchmark for compact cars. It isn’t just incredibly reliable; it is also refined and a lot of fun to drive. Available in both coupe and four-door models, the coupe has a more attractive style, but we’d suggest the four-door for its utility.
  9. 2007 Honda Accord - While you have to go back to 2007 to find a Honda Accord for under $8,000, that strong resale value is an indication of how much quality, reliability and value the Accord offers. The 2007 Accord was a comfortable, economical and surprisingly fun-to-drive car new, and well-maintained examples remain so to this day.
  10. 2007 Toyota Avalon - The Toyota Avalon is a contemporary sedan that's big, quiet and comfortable, tailor-made for miles of effortless travel. Not only is the Toyota Avalon made in America, it was also designed and developed in America to suit American tastes. As is the case with Toyotas, the Avalon is also remarkably reliable.


Original Source: KBB.com, December 5, 2017

Charge A Car's Five Buy Here, Pay Here Dealership

Charge A Car's Five Buy Here, Pay Here Dealership Shopping Tips 
Content Provided by AutoInfluence.com

Buy here, pay here dealerships can be intimidating. High-interest rates, due to bad credit, a selection of only used cars, and a whole new way of buying a car might put you off from the experience entirely. But, it doesn’t have to be that way. If you follow these five tips, not only will it make getting a car from a buy here, pay here dealership easier, it will also make it less stressful.

Which is what everyone — dealerships and consumers — both want for a car-buying experience. After all, the less stressed you are, the easier it makes their job. The easier their job, the more efficient they can be. It all comes full circle in the end.


  • Learn the Car's Origin: I’m not saying all buy here, pay here dealerships are untrustworthy. Nor am I saying all of them are trustworthy. But just like any used car purchase, you’ll want to learn the origin of the car before purchasing it. The shopping process might be done differently, but there is nothing against looking at a CarFax report to learn about any mechanical trouble the car has experienced, or accidents it might have encountered. Therefore, you’ll want to make sure you check that out. If the dealership refuses to show you a vehicle history or CarFax report, then walk away and look for one that will.
  • Get in Inspected Independently: Same goes for an independent mechanic inspecting your prospective purchase – if the dealership won’t let you test drive the vehicle so you can see firsthand that the vehicle is in good condition, then don’t buy it. Chances are, the dealership is trying to hide something. Hey, it’s not just buy here, pay here dealerships that would do this. There are plenty of unscrupulous used car lots out there as well.
  • Short Term Financing is Key: Although it will be hard to negotiate terms because of your poor credit, still shoot for short term financing. That doesn’t mean a smaller amount with increased frequency of payments — you’ll already be paying bi-weekly, most likely — but I mean short-term financing of a relative low bi-weekly payment over the course of 32 months instead of 64. That way, you keep the interest rate down and save yourself some money.
  • Pay a Larger Downpayment in Cash: One of the best ways to reduce your payments? Simple! Pay a larger down payment in cash first. Just like “standard” car buying, the more you pay upfront, the more you reduce the overall loan term. Aim for at least 20%, and if the BHPH dealer requests more than that, consider it a good thing. Just make sure to negotiate short term financing if you are paying more than average on a down payment. This way, you’ll know for a fact the down payment actually put a dent in the overall price of the car.
  • Get What you Need - Not Want: Finally, get what you need — not what you want. If your budget is $14,000 and you find a used car that works for $7,000, then buy that one. Don’t get one that’s more expensive simply because it has heated seats or leather upholstery. Take that chunk of change you saved and put a big down payment on the cheaper car, and put the rest in the bank to help with repairs or get a jump start on paying off your loan. Eventually, your credit score will go up if you’re good with making the bi-weekly payments in cash (which is how most BHPH dealers take payments). Then, you can refinance the loan, pay that car off quicker, and upgrade to a new one.


Original Source: AutoInfluence.com, January 25, 2017, Roger Rapoza

10 Good Reasons to Buy a Used Car

Charge A Car's 10 Good Reasons to Buy a Used Car 
Content Provided by KBB.com


Whether you're exclusively browsing used-car listings or the latest television advertisement has you set on a brand-new model, each avenue offers benefits and drawbacks. To help you decide, we’ve compiled 10 reasons to buy your next car used.

1. Depreciation

Let’s get this one out of the way. Cars depreciate. With a few outstanding exceptions, buying a new car as an investment is a bad idea. Cars are lasting longer and longer, but vehicles still lose most of their value early in their lifespan. While some models handle depreciation better than others, most shoppers can expect a new car to lose up to 50% of its value within three years of rolling off the lot. Dad always said, “There’s no such thing as a free lunch,” and, unfortunately, that holds true with cars; for all the perks that come packaged with new vehicles (warranties, free maintenance, low financing), the inevitable law of depreciation remains a substantial cost and a great reason to shop used instead.

2. More Car for Your Money

This is where shopping for a used car can be a lot more fun than budgeting for a new one. Thanks to that pesky depreciation, your hard-earned money can take you a lot further in the used car market than if you were to buy new. Your budget may afford you only a base trim or entry-level car on the new market, but if you shop used, that same budget can buy you something significantly more fancy or better equipped.

3. Certified Pre-Owned Options

For many shoppers, having a warranty to protect them against a vehicle’s shortcomings is well worth the premium they pay for a new car. Today, however, virtually all carmakers offer some version of a Certified Pre-Owned (CPO) program, making a used-car purchase a much less worrisome endeavor. CPO programs vary depending on the manufacturer, and there is a significant difference between manufacturer certified and dealership certified, with the former almost always offering a more robust package. All manufacturer certified vehicles include some level of warranty (although the mileage and time covered vary) and often additional perks like free roadside assistance or a free loaner car when yours needs to head to the shop.

4. Variety

Every year, roughly 350 models are offered for sale on the new-car market in the United States, but if variety is the spice of life, consider the used-car market worthy of Emeril Lagasse’s kitchen. Three hundred fifty models may sound like quite a few, but that number is positively dwarfed by the number of models available on the used-car market. We all have different tastes, and maybe the car you want isn’t made anymore. Luckily, the used market has you covered. There aren’t many truly small pickups made today, but the used market will deliver Ford Rangers and Chevy S-10s. How about a retro hatchback? The Chrysler PT Cruiser and Chevy HHR have you covered. Want a V8-powered, rear-wheel-drive station wagon with wood paneling? Well…you get the picture.

5. Data

Ah, data. We’re bold, so we’ll say it: This is where CarGurus shines. We have tons of data on both new and used cars, but the simple nature of time and history has allowed us to compile reams upon reams (or spreadsheets upon spreadsheets) of used-car pricing data. Tools like CarGurus’ Instant Market Value, which compares similar listings in our database, help shoppers estimate how much a particular used car should cost. By analyzing specific criteria beyond simply make and model, IMV can help ensure that no one overpays.

6. Lower Insurance Costs

Your car’s value is the primary item your insurance company considers when determining rates. That makes sense; the more valuable a car, the more money they’ll potentially have to shell out in the case of a wreck. It’s understandable that a BMW purchased used will cost less to insure than one purchased new, and that all comes back to depreciation. You might not notice the difference between your 3-year-old BMW and a brand new one, but rest assured, your insurance company will.

7. Cheaper Registration Fees

It depends on where you live, but older cars often cost less to register, too. Sure, some states charge the same fee no matter what kind of car you’re registering, but others vary their cut based on a car’s age, weight, or even power. Buying used won’t save you money on registration if you live in Missouri, where the fee goes up as horsepower goes up, or Illinois, which treats all cars equally (to the tune of $101 per year). But some states, like Montana, structure registration fees based on a car's age. On top of registration, many states charge yearly taxes, which are also often based on a vehicle's age. In Massachusetts, for instance, an excise tax is levied on all vehicles, but that tax is reduced dramatically once a car is two years old and bottoms out in the car’s fifth year.

8. Cars Last Longer Now

There’s a reason nobody sells cars with 5-digit odometers today. The option of a CPO warranty should mollify many used-car doomsayers, but the mere existence of these CPO programs lends credence to a decidedly convenient truth: Cars last longer than ever. In terms of mileage, 200,000 may not be the new 100,000, but nonetheless, automakers have taken impressive strides. Used-car shoppers should still be sure to have potential purchases inspected by a mechanic, but often concerns about a used car’s remaining lifespan deserve to be put to rest.

9. Vehicle History Reports Make Used Purchases Less Risky

If “cars last longer than ever” isn’t enough to sway you, the availability of vehicle history reports might. The emergence of AutoCheck and CarFax has helped shoppers gain greater peace of mind when considering used cars. The companies offering vehicle history reports rely on their sources to provide accurate and up-to-date data, meaning any time a vehicle changes hands, has an accident, or is repaired, the vehicle history report should reflect it. There’s a catch, of course, in that these incidents need to be reported properly in the first place. A good rule of thumb is that a bad history report can save you from buying a bad car, but a good history report does not render an independent inspection unnecessary.

10. Used Cars Have Helpful Aftermarket Communities

One of the beauties of the used-car market is the unyielding potential of aftermarket communities. Whether you’re shopping for a Honda Civic or a Studebaker Dictator, there is a corner of the Internet devoted to owners like you. CarGurus offers its own Questions section, where countless users have asked and answered thousands of mechanical questions. While the new-car market is constantly handling recalls and other unexpected setbacks, often times the common problems surrounding used models have already been solved.


Source: CarGurus.com (By Matt Smith)
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