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.
