Ensure the "Truth in Lending" box is filled out.
Many contracts require weekly or bi-weekly installments. buy here pay here installment contract
A installment contract is a unique type of auto financing where the dealership acts as both the seller and the lender. Unlike traditional car buying, you don’t get a loan from a bank; you owe the dealer directly. How the Contract Works Direct Lending: The dealer holds the "paper" (the debt). In-House Payments: You often pay at the lot. Flexible Credit: Approval is based on income, not scores. Short Terms: Loans usually last 2–3 years. Key Terms to Watch For High APR: Interest rates often hit 20% to 30%. Ensure the "Truth in Lending" box is filled out
Many cars have GPS trackers or remote kill switches. Unlike traditional car buying, you don’t get a
📍 Always ask for a pre-purchase inspection from an independent mechanic before signing, as BHPH inventory can vary wildly in quality. If you'd like to dive deeper, let me know:
Most BHPH cars lack warranties; check for a "Buyers Guide."
Not all BHPH dealers report to credit bureaus.