by If you’re on the hunt for a brand new car, then the buy here-pay here option may be right up your alley. You can get a new car with this method, which is convenient, easy and even works if your credit score is less than ideal. The first thing you should know is that a buy-here-pay here dealer will appear on your credit history, click here for more info.
The answer is that it all depends on your dealership.
Some buy here, pay here dealers report to the credit bureaus. If a dealer does indeed report to the credit bureaus, it may be that they only report to certain of them. It’s important to find out if a dealership will report to credit bureaus before you sign the contract.
It will appear on your credit file as “revolving” account if a dealership has reported to the credit bureaus. The dealership’s credit report will show up on your credit report as a “revolving account.” Your payment history will also include it, as this is a major part of your score.
What is the answer to this big question? Will a loan that you pay now or later help your credit score, or will it hurt it? Answer: It all depends on your handling of the loan. Making your repayments on time will boost your credit score. You will suffer a negative impact if you fail to make payments on time or default.
It is up to the dealer whether your buy here, pay here transaction or dealership appears on your report. You should ask the dealership if it reports information to credit agencies and how. This will help you make an educated decision.