If you are interested in purchasing a car through buy here pay it miami fl, you might be curious as to the loan application procedure. The loan application procedure may be different for BHPH dealerships as they handle financing differently to traditional dealers. Let’s see how BHPH dealer handle loan applications – get more info.
Step 1: Application
Filling out an Application is the first step of the loan application process. This can be done either online or in-person at the dealership. In general, questions regarding your income and employment history as well as credit history will be asked. You can request references.
Step 2 Credit Check
After you submit an application, the dealership will do a credit review. BHPH dealerships will still check your creditworthiness. However, they are more likely lend to applicants with poor credit. They will also review your income and employment history to ensure that you are able make your loan payments.
Stage 3: Acceptance
Once all background checks and credit checks have been completed, the dealership can decide whether or not to approve your loan application. Once the dealership has approved your loan application, it will work together with you to determine how much car you can afford.
Step 4: Pay down and fill out the paperwork
A down payment is necessary before you can drive away in your brand new car. The amount of the downpayment will depend on the dealer and your creditworthiness. You will also have to sign paperwork relating to your loan like a loan agreement, promissory Note and loan agreement.
Step 5 Making Payments
After your loan is approved, and you are driving your new car, you will be required to continue making monthly loan payments. BHPH dealerships are more likely to require weekly or biweekly payments than monthly payments. They will also insist that you make payments in person.