Anatomy of Buy Here Pay Here Car Lots

There are over 60,000 used car dealerships in the United States but only about 10% of them offer in –house car financing. Most buy here pay here car lots are small, privately owned used car dealerships that often do not use national or local advertising campaigns so it can be challenging to find them.

If you’re looking to buy a car and obtain in-house financing, here’s what a typical car lot might look like:

    • In terms of size, these car lots will usually have between 25 and 50 used cars
    • The dealership will own and operate its own Related Finance Company or RFC
    • The RFC will be housed in a separate structure. It could be a permanent or temporary building, or even a trailer
    • Usually located in less affluent areas of town
    • Identifiable by signage such as, “We Finance Anyone, “Your Job is Your Credit”, “All Credit Welcome” etc.

Our Buy Here Pay Here Dealer Network

CarLotLoans has partnered with BHPH auto dealers across the United States that range in size from small independent dealerships to large national chains. When you apply through us, your information is sent the nearest participating dealer in your area, if we have one. All of our dealers offer in–house car financing and are able to provide car loans for people with very bad credit.

Although qualifying criteria may vary, there are several factors that are common in the approval process such as:

    1. Minimum gross monthly income of at least $1200.00
    2. Stable employment
    3. Stable residence
    4. Down Payment
    5. Valid driver’s license
    6. Current utility statement (proof of residence)
    7. Proof of insurance
    8. SSN
    9. Recent pay stub

These are some of the most common stipulations a dealer will require in order to determine your eligibility for a car loan. Your credit report information is not as important as stability on the job and time at your residence. BHPH dealers tend to rely more on the stability of a person rather than their prior payment history.

The CarLotLoan Difference

Everyone needs reliable transportation—regardless of creditworthiness. If you’ve been turned down for a car loan, we may be able to help. Although you may not be able to purchase the car of your dreams, our dealer network is able to help most people get the transportation they need.

The value of our service resides within our network of approved buy here pay here car lots. The relationship we’ve established with these car dealers allows us to provide you with service after you apply. We communicate with our participating auto dealers regularly and are always available to assist if ever you need help.

Let Us Help You Find In-House Financing

Financing a car isn’t an easy prospect when you have poor credit, but when you work with CarLotLoans, that doesn’t have to be the case. Our dealers provide a car and the financing for even the toughest credit situations. Apply today and you could be approved through one of our participating car lots and driving your new car tomorrow. It’s fast, secure and easy!