Buy Here Pay Here News-What is really going on with Buy Here Pay Here?

Aug. 30, 2012 - PRLog -- Buy Here Pay Here News is exactly that, news. During economic recessions people lose jobs, homes, and assets. Credit becomes very tight and strict. Parameters for finance institutions become stern and lean. Many banks do not want to service high risk loans. That is in their nature to alleviate risk and manage capital for investors and board of directors. These strongholds require prime credit score 720 or better, clean credit history, no late payments, no tax liens, no judgments, no collections, no blemishes on your credit of any kind. If you are one of the lucky few who have perfect credit you may have not been a home owner, or a business owner. The self employed have nowhere to go for financing. Banks require 2 years on the job with proof of income and W2. There are no 1099s here. Many home owners have missed payments if they have been lucky enough to keep their home. This brings your credit score and history down to critical numbers putting those in  subprime 599 and lower. Worst yet home owners hit by this fiscal financial crisis who have to foreclose on their homes are becoming victims of their own credit. To banks and financial institutions you are only as credible as your credit history, and as valuable as your credit score.
         So if they say no, and for some that is the case, where do you go? Who or what can help? In this case Buy Here Pay Here Dealers or dealerships that offer or cater to the subprime market can be of service. However, this solution is not the magic bullet. As a consumer, you have to take fiduciary responsibility for your purchases.  Educate yourself on the pro and cons of any situation. Some Buy Here Pay Here (BHPH) Dealers are better, more customer oriented than others. Do your homework. Read reviews, ask around, and find out what you need to know before you sign the dotted line.
         When purchasing autos with bad credit make sure you are getting your money worth. Evaluate that this purchase is of value to you, your family, and necessities.  Look for the car you need at this point, not the car you want, or your dream car. Take this opportunity to build your credit with making payments on time. However, some BHPH dealers do not report your payments to the three credit bureaus. In this case you will be building credit with the dealership line of credit itself. Soon there will be an adaption to this model and will have to adjust to show on alternative bureaus record of payments.
         Make your payments on time. Buy Here Pay Here Dealers offer credit to the weary but there are like any other finance institution. They stress paying payments on time, whether is bi-monthly, weekly, etc. Keeping in contact with your lender if any payment troubles were to arise is the best thing you can do if you are starting to fall behind.
         Before you make a purchase and you have bad credit make sure to check out http://www.buyherepayherenews.com for resources, reviews, testimonials, and trustworthy locations to finance your next vehicle. In any business there are those who look to take advantage and those who truly help and offer value to the consumer. We are the latter. We are here to help and educate.