What does Buy Here Pay Here (BHPH) mean?

Buy Here Pay Here (BHPH) financing means that you arrange a loan and make payments on it at the dealership. You purchase the car through what’s referred to as in-house financing versus through a third party, such as a bank. Instead of making monthly payments to a traditional lender, you make weekly or bi-weekly or monthly payments at the dealership. You, therefore “buy” the car at the dealership and “pay” on the loan at the dealership.

Why do I need a down payment?

The down payment is the glue that helps to keep a deal together. The Down payment shows us that you are serious enough to commit to a loan that you are willing to put your hard-earned money down in order to finance your vehicle purchase. People should look at down payment as a good thing. It reduces the term of the loan and/or your payment amount, and you then pay it off quicker.