Looking to get into a used car? You might not realize how many options you have. Used cars are one thing, but you also have the option of a certified used car if you want it to come with some added benefits. And if you need quick financing, finding a dealership that offers buy here pay here may be your best bet.
What’s the Difference Between Used and Certified Pre-Owned?
You may have heard of certified pre-owned cars, but are not sure what makes them different from a regular used car. It often comes down to quality. Any pre-owned car is used, but CPO vehicles are the best of the best.
Certified pre-owned vehicles go through an extra intensive inspection process to make sure they are in excellent condition, and they must meet certain standards when it comes to age and mileage. Since these cars are the highest quality, they are backed by the manufacturer and come with a limited warranty.
A Little More About Certified Pre-Owned
The criteria for a certified used car depend on the manufacturer. Each one has its own specific standards, but the cars are usually just a few years old and have under 60,000 miles on the odometer.
Some CPO warranties will last for up to 100,000 miles, and some manufacturers may offer an additional powertrain warranty. In addition to these, most CPO plans also include roadside assistance, and some will offer special financing options for these higher-quality used cars.
What is Buy Here Pay Here?
Another term you may have heard thrown out in a used car shopping conversation is buy here pay here or BHPH. Buy here pay here used car dealerships provide financing directly to their customer. There’s no need to apply for an auto loan through a bank, because the dealership will loan you the money.
BHPH is a good option for car buyers who may not have great credit, because these dealerships are more willing to work with higher-risk customers. The downside is that the interest rates will be higher.
How Do You Know Which is Right for You?
With so many options, how do you know what is right for you? It really comes down to your individual circumstances. If you have good credit and want the extra assurance of a warranty that will go beyond the original factory warranty, a certified pre-owned vehicle is the way to go.
If you need to work on your credit but need a vehicle right away, a dealership that offers buy here, pay here financing may be the best way to get a vehicle. Make your payments on time to help build your credit score back up, and you can think about refinancing for better rates.
Now that you know more about used cars and what makes certified used cars different, along with buy here, pay here financing if you need a car right away and don’t have stellar credit, you can shop for your next car with confidence.
