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Buy Here Pay Here (BHPH) is a term most commonly used in the automobile industry. Meaning that the company from which you purchase the vehicle is also the same institution that will carry the note on the loan. Therefore, no bank approval is necessary to purchase a vehicle. Many terms are synonymous with BHPH such as sub-prime contract holding, carrying the note, or in-house financing. The average FICO score of a BHPH borrower is under 560, which prohibits them from using traditional financing options. Often a BHPH loan is the only recourse for an individual with sub-prime credit. Typically, down payments are required up to 30% of the purchase price in order to receive BHPH financing.
source:http://en.wikipedia.org/wiki/Buy_Here_Pay_Here

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Autos & Vehicles

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