Know all about how to buy here, pay here car lots Miami

Though one of the wealthiest cities in the US, Miami still has many credit-challenged customers unavailable to take loans from banks. A 2019 Experian Review confirms only 1.2 % of Americans have the perfect 850 credit score, while 16% have poor FICO scores between 300 and 579, considered poor by banks. But it should not deprive those people of having a car to drive to work and earn their money comfortably. Many dealers offer to buy here pay here car lots Miami.

In this article, let us discuss the many fantastic features of BHPH or buy here pay here, offering dealers to buy used cars at affordable costs, the hassle-free simple process even with low credit scores.

What is BHPH & how does it works?

BHPH or buy here pay here is a concept started by used car dealers in 1970 during the savings and loan crisis. It helps people with low credit scores because of many reasons to make flexible loans to buy used cars. They can pay one part of the used car cost as a down payment and drive home the car to pay the remaining in monthly installments. It is a win-win scenario for everyone - the used car dealers and the customers with low credit scores. Dealers got enough cash flow by selling the used cars, which had a 90 days credit line to pay. On the other hand, irrespective of their credit score, customers got their much-needed vehicle to enable them to work and earn money.

What are the best features of the buy here pay here car lots Miami dealer?

There are differences of opinion about the BHPH loans to buy used cars. Some argue that the dealers exploit the inability of people with low credit scores to finance their vehicles with substantial down payments and repossess them to sell again when the customers default on payments. But in reality, even banks and other reputed financial institutions also repossess the financed vehicles if the customers default on payments. So there is not much difference, and if the customer pays the monthly dues, there are no issues either from the banks or the financing used car dealers. But it is essential to check the many features of the used car dealers before taking loans to buy here pay here car lots Miami which includes among others.

Features of the best dealers to buy here pay here car lots Miami

1. Charge only fewer down payments depending on the model and brand of the car that the customer wants
2. Offer more extended EMI periods of four to five years to reduce the monthly payments for the customers not to default.
3. Sell only cars in good condition with a warranty for engines and others and provide service packages for maintenance and repair for the entire loan period.
4. Increase the client's credit score by reporting the loan to the credit agencies and providing customer-centric personalized, friendly service
5. Offer loans even with poor credit scores with simple procedures that are fast and hassle-free to drive away from the bought used cars quickly.

The above facts and features will surely help anyone choose the best dealer to buy here pay here cars lot Miami fast and easy.

Source:- https://www.fuzia.com/article_detail/328078/know-all-about-how-to-buy-here-pay-here-car