Buy Here Pay Here Roofing Trucks


February 2, 2015 Facebook Twitter LinkedIn Google+ Uncategorized


There are times when a buy here pay here auto purchase becomes a necessity.

Recently we spoke with Blaine Smitley of the BHPH Car Guys in Louisville KY to learn the skinny on how roofing companies and other contractors can obtain financing for buying used cars or in this case trucks.

According to Blaine the reason he sees so many small contractors using his service is due to prime banks unwillingness to finance the small contractor market for the vehicles they need. It seems that larger contractors are able to get financing and are actively solicited by lenders to borrow from them. But large contractors and some that are publicly held just don’t need it, and most often pay cash for new vehicle purchases. It’s just not this way for the little guys and start ups. More often than not they’re just trying to buy the used trucks the larger more established contractors are trading in our selling before buying new from the dealers.

Buy Here Pay Here to the Rescue

We spoke to Herb Howard of the Louisville KY Roofers group and he advises for a small start up to check into buy here pay here or sub prime lenders when they can’t get conventional loans on the trucks they need. To date Herb has purchased  6 vehicles this way.

The first 3 were purchased via BHPH from the same dealer. This allowed Herb and the dealer to establish and build a relationship. After making consistent payments on the vehicles he’d bought Herb found that his next 3 vehicles were able to financed through SubPrime banks that his BHPH Dealer used. Had Herb not used a BHPH dealer that reported to the credit agencies this would not have been possible. If you’re reading this take note. Make sure your BHPH dealer reports to the 3 big credit agencies so that you and your business are building documented payment history.

It Can Get Better With Time

After indicating that you can and will make your payments on time Sub Prime Banks will be wanting to earn your business on future vehicle purchases. After time your business will grow and you will find yourself able to get Prime Lending on the vehicles you need to keep growing.

The key is to start small with a business plan. Grow that business with time and know that initially every small business starts with a lack of credit. You don’t need brand new trucks to run a roofing company. Sure they look great on job sites and going down the road. But can a newly formed or small business afford the cost.

If your banker won’t back you when you’re small. Then grow! If you need to bite the bullet and go the buy here pay here route make sure that you deal with a dealer that reports to the credit bureaus and make sure that they also do sub prime lending. That way when you’re ready to move on up you don’t have to go try to establish a new relationship with a new auto dealer.

Find a Good Dealer and Stay With Them

  • Make sure they report your buy here pay here payments to the credit bureaus
  • Make sure they also do Sub Prime Bank Lending
  • Make sure they also do Prime Bank Lending
  • Make sure their vehicles come with warranties

Observe these 4 things when you’re looking for the dealer you want to grow with. Over time they will learn to trust you and hopefully you will gain trust for them.

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