So you want to buy a used car but are wondering how you’re going to finance the purchase? Maybe you’ve heard about buy here pay here (BHPH) options but aren’t quite sure what it all means? Let us at Joe’s Auto Sales East of Indianapolis help answer a few common questions our customers have about our buy-here-pay-here financing.

What is buy here pay here financing?

With a traditional auto loan, you get a third-party lender to loan you the money to purchase a vehicle. Buy-here-pay-here financing eliminates this third-party lender. Instead, you work out a financing agreement directly with the used-car dealership and make payments directly to the dealer where you bought the used car.

How often do I have to make payments?

The dealer is taking a risk by providing a loan for customers to buy the used car or used truck. Therefore, the dealer is vigilant in setting a strict payment schedule and monitoring the payments closely. Most payment schedules require weekly or bi-weekly payments. You can make auto-loan payments online, in person, or by phone or mail.

What do I have to do to qualify for BHPH financing?

Your first step will be to fill out an auto loan application, which you can do online or by coming in to Joe’s Auto Sales East in Indianapolis. Additional documents you will need to provide in order to qualify for buy-here-pay-here financing include:
  • Proof of income
  • Two proofs of residence
  • Proof of identification
Once we have these documents and the credit application completed, our financing team should be able to process your application within 10-15 minutes. If you have any questions about the required documentation, please contact us prior to coming into the office.

How can I get approved for a BHPH loan?

Did you see a used car or used van on our lot that you’re ready to buy? You can get started today by filling out the buy-here-pay-here application online. You can also stop in at Joe’s Auto Sales East during normal business hours and talk with one of our experienced buy-here-pay-here service representatives who can walk you through the loan approval process. For all your used car financing questions or to ask about our used cars for sale, contact Joe’s Auto Sales East at (317) 405-8545.