Buy Here Pay Here Q&A
Q. What is Buy Here Pay Here (B.H.P.H.)
A. Buy Here Pay Here refers to a method of running a car dealership in which the dealers themselves extend credit to purchasers of automobiles.
Q. Who uses a B.H.P.H. program?
A. Everyone, including customers with poor credit, bad credit, no credit, or first time buyers. At Global, we finance customers with repos, foreclosures, and bankruptcy.
Q. How easy is it to qualify for financing through a B.H.P.H. dealer?
A. It's very quick and easy. The underwriting is usually done locally which allows for a faster approval time.
Q. Do B.H.P.H. dealers report to the Credit Bureau?
A. Typically no. However, Global has been reporting to Equifax for nearly 10 years. This allows our customers to establish or re-establish credit.
Q. What are the requirements to get loan approval through B.H.P.H.?
A. Very simple. A copy of a valid license or passport, a copy of social security card if applicable, pay stubs (if employed) or a bank statement (if self-employed), and proof of residency such as a utility bill.
Q. What is the down payment, payment schedule, and terms .
A. Global finances up to 80% of the purchase price. Payments are made bi-weekly and scheduled on the customer's chosen day. Our B.H.P.H. program uses short-term loans in order to reduce interest costs for our customers.
Q. How can I make my payments?
A. Payments can be made in cash, check, money order, Visa, MasterCard, or ACH. For our customers' convenience, payments can be made over the phone with Visa or MasterCard or can be scheduled to be withdrawn automatically. Global does not charge a pre-payment penalty.
Q. Is a B.H.P.H. dealer required to have a license to sell and finance vehicles?
A. Yes, they are licensed and regulated by the state DMV and the Department of Finance. Global has been licensed for B.H.P.H. since 1996.