BHPH car dealers offer a good alternative to conventional car loans by allowing the customer to pay for a vehicle directly to them. BHPH car dealerships are a viable option for people with bad credit and no credit. But they come with high interest rates and fees. Buy here pay here dealerships in Miami fl are a great alternative to BHPH, learn more.

Credit Unions: These are not-for-profit institutions that provide financial services, such as car loans, to their members. Usually, credit unions offer car loans at lower interest rates than banks and BHPH dealers.

Subprime auto loan: These loans are available to people who have less-than perfect credit. The interest rates on prime auto loans may be higher, but they’re often lower than BHPH.

Loans with co-signers: You can benefit from a low interest rate by having a friend or family member with a great credit rating sign the loan. You should be aware of the fact that the cosigner will share in the responsibility for the loan and missed payments may affect their credit.

Online lenders. Several lenders online specialize in auto loans for people who have less than perfect credit. The lenders offer flexible payment plans and rates that are competitive.

Lease: Leasing a car may not be the same as purchasing one. However, for people that want a brand new vehicle but cannot afford to make a substantial down payment, leasing can still be a viable option. A lower down payment is required for leasing, which allows you to have a car that’s newer at a monthly cost lower than buying.

Before making any decision, it is vital to compare and shop around. Improving your credit rating can also help you get better rates and conditions in the near future.