BHPH
Overview of the Program
This program is designed for individuals with no credit or those unable to get bank approval for a car loan. It allows you to rent a car for one month to build credit quickly, then finance the purchase of that car with a down payment. Here’s how it works step by step, along with the costs and benefits.
Step 1: Rent the Car to Build Credit
- Rental Terms: You rent a car for one month at $250 per week.
- Deposit: A $300 deposit is required upfront when you start the rental.
- Purpose: This one-month rental period is part of the “Express Credit Building Program.” By making timely weekly payments, you establish a good payment history, which qualifies you to finance the car afterward. Unlike other companies that may take years, this process takes just one month.
- Total Cost for Rental Phase:
- Deposit: $300
- Rental payments: $250
- Total upfront and over the month: $550
- Note: During this month, you get to drive the car and ensure you love it before committing to buy.
Step 2: Financing the Car Purchase
After completing the one-month rental with a good payment history, you can apply to finance the car you’ve been driving. Here’s what’s required:
- Down Payment:
- For cars priced up to $5,000: $500 down payment.
- For cars priced over $5,000: 20% of the car’s price.
- Example: If the car costs $6,000, the down payment is 20% of $6,000 = $1,200.
- Documents Needed:
- Paystub (proof of income)
- Proof of residence
- Driver’s license
- Financing: After paying the down payment, the remaining balance is financed. For example: $6,000 car – $1,200 down payment = $4,800 financed.
- Down Payment:
Step 3: Insurance Requirements
- Insurance: You’re required to have liability insurance (the minimum legal coverage) rather than comprehensive insurance (which covers more but is more expensive).
- Prime Vehicle Protection Plan: You must also pay $75 per month for this plan (available with Prime Finance only).
- Benefit: This plan allows you to only need liability insurance, saving you money on insurance costs since you don’t need full coverage. It likely covers certain repairs or damages, acting as a supplement to liability insurance.
- Free Towing: Up to 15 miles if the car breaks down.
- No Deposit Rental: You can rent without a deposit from us when your account is in good standing.
Priority Booking on our rental cars.
Step 4: Payment Setup
- Payment Schedule: Payments for the financed amount are set up as weekly or bi-weekly or monthly by Zelle or ACH (automatic bank withdrawal) based on your pay schedule for convenience.
Maintenance and Repairs
- Side Loan for Maintenance: If your account remains in good standing (timely payments), you can get a side loan to cover maintenance costs like tires, oil changes, or repairs.
- Pre-Approved Maintenance Credit: With Prime Finance, you’re pre-approved for a $2,000 loan for unexpected major repairs.
Additional Benefits
- What’s the referral bonus?
Earn $300 for each referred customer who buys a car through us. - Is towing included?
Yes, enjoy free towing up to 15 miles if your car breaks down. - Can friends or family skip the deposit?
Yes, your referrals can rent without a deposit. - Are courtesy loaners or priority bookings offered?
Yes. Based on inventory availability.
- What’s the referral bonus?
Why This Program Might Work for You
- No Credit Needed: Perfect if banks won’t approve you.
- Quick Credit Building: Only one month of rental payments to qualify for financing.
- Trial Period: You drive the car for a month to confirm it’s reliable.
- Maintenance Support: Side loans and a $2,000 credit help with repair costs.
- Insurance Savings: The $75/month protection plan means you only need cheaper liability insurance.
Conclusion
This program offers a fast path to car ownership for those with no credit. You’ll pay $1,300 to rent the car for a month ($300 deposit + $1,000 in payments), then a down payment ($500 or 20% depending on the car’s price) to finance the rest. With the Prime Vehicle Protection Plan ($75/month) and maintenance options, it’s tailored to help you manage costs.
Frequently Asked Questions (FAQ)
Credit Building Program
- What is the Express Credit Building Program?
The Express Credit Building Program allows you to rent a car for one month to quickly establish a positive payment history. After making timely weekly payments for one month, you can qualify to finance the purchase of the car. This program is ideal for individuals with no credit or those unable to get bank approval for a car loan. - How does the rental phase work?
You rent the car for one month at $250 per week. A $300 refundable deposit is required upfront. During this period, you can ensure the car meets your needs while building your credit through weekly payments. - What happens after the one-month rental?
If you’ve made all rental payments on time, you can apply to finance the car. You’ll need to provide a down payment (see financing options below) and the required documents: paystub, proof of residence, and driver’s license. - Is the rental payment applied to the car’s purchase price?
No, the rental payments and deposit are separate from the down payment and purchase price. They cover the cost of renting the car during the credit-building phase. - Can I get my deposit back?
The $300 deposit is typically refundable if you decide not to purchase the car, provided the car is returned in good condition. If you choose to buy the car, the deposit may be applied to the down payment. - What if I can’t afford the down payment after the rental period?
You can continue renting the car on a weekly basis or explore other financing options with us. Contact our team for assistance. - Is this program available for all cars?
The program applies to select cars. Please check with us for availability.
Have questions? Contact us today to kickstart your credit-building journey!
Contact Us
- How can I get more information or ask specific questions?
You can reach us at (702) 330-5816. Our team is happy to assist you with any additional questions.
