I mean hay is more like "there exists" rather than "there exists right over there". For that, you'd want to use something like aquí or ahí. You can't just literally translate everything because a lot of our english forms are nonstandard or colloquial.

for hay el autobus, it would be like you were having a discussion about ways to drive from edinburgh to london, and someone wants to take a train, but you can afford it, and your car is broken, so someone suggests, 'well, there is the bus.' meaning the bus exists for the taking. You still wouldn't probably say it like that in spanish though