Does “buy here pay here” report to credit agencies?
July 25th, 2007 at 08:14pm By Mike Lambert
Under Buy Here Pay Here: Car FAQ
Buy Here Pay Here (BHPH) loans from used car dealers have many drawbacks and potential pitfalls if you are considering this option. However, if you have a very bad credit score, Buy Here Pay Here dealerships might be your only option to get a loan to purchase a car. Another important benefit is once you begin making payments to your BHPH dealership they can report this credit agencies (many do report and many do not), and this will improve your credit score. However, you must ask the dealership before securing the loan if they will report to the credit agencies. If this is a key component of the deal get a guarantee from them that they will report your timely payments to Experian, Equifax, and Transunion. If you are currently trying to save money on a car loan a site like Auto Financing can be a great help to your search.
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