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Buy Here Pay Here

If you’re looking for a pre-owned vehicle, you may have heard or seen Buy Here Pay Here (often shortened to BHPH) in reference to independent financing at used car dealerships. The short definition is pretty self-explanatory: you make one stop to both find your car and finance it, instead of needing to deal directly with a bank or finance company.

Understanding how a dealership is able to offer this kind of financing can get a little more complicated. At G&E, we want you to know exactly what type of financing is available and how we’ll work together, whether you opt to finance with a traditional financial institution or start a BHPH plan through us.

Traditional Auto Financing vs. BHPH

The majority of auto dealers have a financial lender portfolio they go through when you are looking to purchase a car from them and will crunch numbers such as your credit score [...]

What’s the Maximum Car Loan I Can Get with Bad Credit?

There are many questions surrounding the process of getting approved for an auto loan with bad credit or challenged credit history. Although some lenders may approve a larger loan so you can finance your dream car, this may not actually be a good move for you to improve your credit score in the long run.

Larger loans for borrowers with low credit scores usually also come with baggage: longer loan terms. This means that you’ll be paying a higher interest rate, and it will take you much longer to pay off a vehicle while its value depreciates. So, what is the maximum car loan you can get with bad credit? And is it a good idea to max out your loan options? 

Loan Amounts vs. Credit Scores

To start, make sure you’re working with a financing professional who has experience in finding solutions for [...]

10 Tips For Saving on Your Car Loan

The process of finding your new car and getting a great loan can be a whirlwind experience. Once you drive off the lot and the dust settles a bit, it seems like the most daunting part is just beginning: paying off the loan over the next three to five years. Paying your auto loan is useful in many ways; it helps you finance your car over an extended period of time and can increase your credit score as you prove to be a reliable borrower. But what if there is more you can do with the loan to make it work in your favor, and help you save money in the long run?

Base Your Plans Around What Kind of Interest Applies to Your Loan

Is your loan based on simple interest or compound interest? Most auto loans use simple interest, or interest that is only calculated [...]

What You Should Consider When Refinancing Your Car Loan

In 2017, more than six million Americans were at least three months behind on their auto loan payments. As the payout term for auto financing continues to rise, making sure you are making the right choices in loans and lenders is more important than ever. Refinancing your car loan is one way to improve how your loan works for you and your budget.

Refinancing a loan refers to when you apply and receive a loan to cover your former loan, while using the vehicle itself as collateral. With any loan, you submit some kind of security that informs the bank that you will make your payments. Most loan terms dictate that not meeting your payments for 90 days can result in car repossession. Missed payments and repossession should be avoided at all costs, as the repossession stays on your credit report for seven years.

A number [...]

Getting a Car Loan Even with Bad Credit

For many, securing financing for a much-needed car can be a real nightmare. A minority of Americans can walk into an auto showroom and pay for a slick, cutting-edge vehicle in full without breaking a sweat. To them, buying a new car may be as simple as picking up a new television or games console – a nice addition to their life rather than fulfilling an essential transportation need.

For the rest of us, though, investing in a car is a much more complicated, stressful matter. We all have our own reasons for buying a vehicle, whether it’s needing to take the kids to and from school, drive yourself to work, go grocery shopping, or, most likely, a combination of all four. In short, always having access to your own car is a vital need and a convenient way to get from A to B as [...]

10 Best Used Car Buying Tips

Buying a used car is an ideal way to save money and avoid the expensive price tags attached to brand-new models. However, you still need to approach the purchasing process with the same level of consideration and caution you would when investing in a factory-fresh vehicle.

The following 10 best used car buying tips will give you all the help you need to get great value for money from your local dealership. 

Understand What You Want

First and foremost, think about the most practical aspects of your ideal used car. What do you need from it, and why?

  • Do you need to fit three kids in the back, or is it just for yourself?
  • Do you need the vehicle to cope with certain extra strains, such as hauling a trailer or driving in extreme weathers?
  • Do you expect to make long journeys on a regular basis, or is [...]

Dealership Myths

6 Common myths about used car dealerships

Has the time come to buy a new car? You can either choose to pay for an expensive brand-new model or go for a more cost-effective used vehicle instead. There’s a very good chance that you may opt for the latter, as new cars have become much too costly for many Americans to afford. However, there are certain common myths surrounding used car dealerships, and it’s time to shed light on the truth.

Myth #1: You Can Get A Better Deal By Going Through A Private Seller.

Let’s say you check the local paper or a for-sale-by-owner website and find a vehicle for sale that seems to be what you’re looking for. It’s not just a fair price, it’s a steal. Most people would be tempted to contact the seller and snap the bargain up. After all, any Joe or Jane looking to make a profit on their vehicle doesn’t have the overhead expenses [...]

10 Most Popular Used Cars

There are millions of cars out there, so how are you supposed to find the right one for you? The truth is, it can take a lot of searching and sorting through what is available. There are compact cars and large SUVs, station wagons and hatchbacks, and the list goes on. Thankfully, there are some lists out there that help you find the used car that is right for what you need. Here are ten of the top used cars according to Kelly Blue Book, and why they are considered such good used cars – in no particular order.

2008 Nissan Maxima

When you want a used car that offers more luxury, you may want to look at the 2008 Nissan Maxima. It has far more bells and [...]

10 Ways to Pay Off Your Car Loan Early

If you have a car loan, it can be difficult to always make sure you set the money aside to pay it. This can be more than annoying – it can actually damage your credit if you forget. Plus, there are so many other things you could be doing with that money! If you want to get to where you no longer have that car loan, the best thing to do is pay it off. Here are a few ideas of ways that you can pay the loan off early, allowing you to use those funds for other bills, or even just to have fun with.

Make More Payments

Typically, a car loan is due back in monthly installments. This means you make 12 payments per year. If you were to do a half-payment every two weeks instead, this would give you an extra payment at [...]

Why Your Credit Score Matters When Buying a Used Car

Everyone knows that the credit score is an important part of the process when they are buying a new car. But did you realize that your credit score is just as important when you are buying a used car? Here is more information on why your credit score matters, and what it helps reveal about your financial status.

For starters, even though your credit score is summed up in a single number, there are actually many variables that go into arriving at that number. What’s more, each variable is weighed differently, meaning that a negative history in one aspect might not hurt you as much as a negative history in another aspect.

Briefly, the formula that is used to create your credit score is one that mainly considers five different factors:

  • Your payment history;
  • The length of your credit history;
  • The kinds of credit [...]
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