Hey everyone,
I’m in a bit of a tight spot. I tried getting a car at a regular dealership, but they shot down my financing application. Now I’m stuck using rideshare apps, and it’s draining my wallet fast.
I’ve been avoiding those ‘Buy Here Pay Here’ places like the plague, but I’m starting to think it might be my only option. Got any tips on what I should watch out for if I go that route?
I’ve heard mixed things about these places, so I’m pretty nervous. Any firsthand experiences or advice would be super helpful. I just need to get on the road without getting totally ripped off.
Thanks in advance for any input!
Man, I feel your pain. Been there, done that with the whole rideshare thing. It’s a money pit for sure.
Look, BHPH places aren’t ideal, but sometimes you gotta do what you gotta do, you know? If you end up going that route, just keep your eyes wide open. These places can smell desperation from a mile away.
One thing I’d say is don’t jump at the first place you see. Shop around a bit if you can. Some BHPH spots are slightly less awful than others. And don’t be afraid to walk away if something feels off.
Also, make sure you understand every single line in that contract. They love to sneak in weird fees and stuff. And yeah, the interest rates are gonna hurt, no way around that.
Have you thought about maybe getting a cosigner? Or hitting up family for a loan? I know it’s not always possible, but worth a shot before diving into BHPH world.
Whatever you decide, good luck. Transportation struggles are the worst.
Hey SwimmingFish, I hear you on the transportation struggles. BHPH dealerships are definitely a mixed bag in the auto finance world.
From what I’ve been seeing lately, the BHPH market has been tightening up a bit. Interest rates are climbing across the board, and that’s hitting these places hard. They’re having to be more selective with approvals to manage risk.
That said, if it’s your only option, go in eyes wide open. The used car market is still pretty inflated, so be ready for sticker shock. And definitely scrutinize that contract - I’ve heard some BHPH spots are getting creative with fees to offset their own rising costs.
One trend that might work in your favor: some BHPH dealers are partnering with fintech companies to offer slightly better terms. Might be worth asking if they have any programs like that.
Just remember, these places make their money on interest and repos. Stay on top of those payments if you go this route. Good luck navigating it all! 
BHPH dealerships are a last resort, not a smart financial move. They prey on desperation with sky-high interest rates, often 20-30%. You’ll overpay for an older, high-mileage car that’ll likely need repairs soon. Plus, many install GPS trackers and kill switches to repo quickly if you miss payments.
Before going that route, exhaust all other options. Try credit unions or online lenders specializing in bad credit loans. Even a high-interest personal loan might beat BHPH terms. If you must use one, negotiate hard on price and interest rate. Get everything in writing and scrutinize the contract for hidden fees.
Remember, these places make money by setting you up to fail. They’re betting you’ll default so they can repo and resell the car. If you have any other choice, take it. BHPH should only be considered if it’s truly your last option to keep a job or handle essential transportation.