If you are in the market for a motorcycle but have bad credit or no credit, you may be wondering where you can find a dealer that offers Buy Here Pay Here (BHPH) financing. Fortunately, our motorcycle dealership locator helps you. There are many BHPH motorcycle dealerships located throughout the country. We've already done the research for you and found the best and most popular BHPH motorcycle dealerships in your area.
Just click on the pin of the map below and get the address of the nearest BHPH motorcycle dealerships that you are looking for.
Research the reviews of customers who have previously used this service. Ask for recommendations from friends, family, or other motorcycle enthusiasts. Contact this place by phone or email and inquire about BHPH financing options.
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What is a Buy Here Pay Here motorcycle dealership?
A Buy Here Pay Here (BHPH) motorcycle dealership is a type of dealership that specializes in financing motorcycles for customers with poor credit or no credit history. Unlike traditional motorcycle dealerships that rely on third-party lenders to provide financing options to their customers, BHPH dealerships finance the motorcycle purchases themselves, meaning that they directly lend the money to the customers.
How does BHPH financing work?
BHPH financing works by allowing customers with poor credit or no credit history to purchase a motorcycle through in-house financing provided by the dealership itself. Typically, BHPH dealerships do not require a credit check or a co-signer, making it easier for people with bad credit to get approved for financing. The loan is paid back to the dealership through a payment plan that is set up at the time of purchase. Customers may be required to make weekly or bi-weekly payments directly to the dealership until the loan is fully paid off.
Pros and cons of using a BHPH dealership for motorcycle financing
- Easier approval process: BHPH dealerships typically have more lenient requirements for approval than traditional lenders, making it easier for people with poor credit to get approved.
- No need for a co-signer: Unlike traditional lenders, BHPH dealerships do not require a co-signer for financing, which can be a benefit for people who do not have anyone to co-sign for them.
- Build credit: By making timely payments on a BHPH motorcycle loan, customers can improve their credit scores over time.
- Higher interest rates: BHPH dealerships typically charge higher interest rates than traditional lenders due to the higher risk associated with lending to people with poor credit.
- Limited selection: BHPH dealerships may have a limited selection of motorcycles to choose from, which can make it difficult to find the specific make and model that you are looking for.
- Strict payment terms: BHPH dealerships may have strict payment terms and consequences for missed payments, including repossession of the motorcycle.
BHPH dealerships can be a good option for people with poor credit who are looking to purchase a motorcycle. However, it's important to carefully review the terms of the loan and understand the potential risks and benefits before signing on the dotted line.