Before pandemics or current situations, Americans have always been drawn towards investing in used cars for sale. Approximately, millions of U.S. residents buy a used car from the buy here, pay here dealerships. BHPH Dealerships are blessings, and curse acts as a dealer and lender.
They cater to customer needs, finance the vehicle for customers having a poor credit score, late payments, and bankruptcy. They take the risk but in return, they charge more than the market price on used cars along with high-interest rates.
This shows used cars cost more when bought from BHPH dealerships. The criteria of these dealerships provide the vehicle to everyone but 10 out of 5 people become the defaulters. The dealership repossesses the vehicle and re-sells it to another person to regulate the flow of business.
The people with lesser income having a dream of buying a used car do business with the BHPH dealerships. They end up with more debts on their head, no mode of transportation, and poor credit score.
To understand the process of the BHPH Dealership, here’s an example for you
An individual searching a used car near me. The model appears from 2012 and price ranges between $6000-$8,000. However, when you buy the same model from the BHPH dealership it costs approximately $20,000. The reason for buying from a BHPH dealership is infinite that adds up the cost with an increased rate of interest as compared to any conventional car dealership such as Briggs Kia.
