These are all terms used by car dealerships that carry their own notes, and finance their own cars.
What is “Buy Here Pay Here?”
“Buy Here Pay Here” is a phrase used when a customer purchases and finances a vehicle through an auto dealership. No credit history is generally required when you get a buy here pay here auto loan.
The loan is provided directly from the car dealer lot. Your credit history does not matter as long as you have an income and a down payment.
Unlike traditional lending sources, a Buy Here Pay Here car loan is likely not to show up on your credit report.
Often, dealers set-up weekly payment schedules which are made directly to the dealer at the Buy Here Pay Here car lot. But they will usually set up a payment term that goes along with your payday.
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