• Application #ACA592457 from Oklahoma City, Oklahoma has been approved.
  • Application #ACA592971 from Roseville, California has been approved.
  • Application #ACA592251 from Eugene, Oregon has been approved.
  • Application #ACA592981 from Fort Worth, Texas has been approved.
  • Application #ACA592230 from Vallejo, California has been approved.
  • Application #ACA592670 from Kansas City, Missouri has been approved.
  • Application #ACA592872 from Charlotte, North Carolina has been approved.
  • Application #ACA592355 from Hollywood, Florida has been approved.
  • Application #ACA592425 from Midland, Texas has been approved.
  • Application #ACA592148 from Wilmington, North Carolina has been approved.
  • Application #ACA592906 from Green Bay, Wisconsin has been approved.
  • Application #ACA592977 from Boise, Idaho has been approved.
  • Application #ACA592659 from Sunnyvale, California has been approved.
  • Application #ACA592643 from Birmingham, Alabama has been approved.
  • Application #ACA592644 from Chattanooga, Tennessee has been approved.
  • Application #ACA592791 from South Bend, Indiana has been approved.
  • Application #ACA592970 from Waco, Texas has been approved.
  • Application #ACA592244 from New York, New York has been approved.
  • Application #ACA592111 from Brownsville, Texas has been approved.
  • Application #ACA592792 from has been approved.
  • Application #ACA592837 from Lancaster, California has been approved.
  • Application #ACA592849 from Fort Lauderdale, Florida has been approved.
  • Application #ACA592855 from Salinas, California has been approved.
  • Application #ACA592619 from Houston, Texas has been approved.
  • Application #ACA592873 from Thornton, Colorado has been approved.
  • Application #ACA592186 from Springfield, Illinois has been approved.
  • Application #ACA592438 from Dayton, Ohio has been approved.
  • Application #ACA592175 from Surprise, Arizona has been approved.
  • Application #ACA592319 from Seattle, Washington has been approved.
  • Application #ACA592780 from Bakersfield, California has been approved.
  • Application #ACA592175 from Stamford, Connecticut has been approved.
  • Application #ACA592677 from Everett, Washington has been approved.
  • Application #ACA592751 from Rancho Cucamonga, California has been approved.
  • Application #ACA592326 from Ontario, California has been approved.
  • Application #ACA592658 from High Point, North Carolina has been approved.
  • Application #ACA592881 from Vancouver, Washington has been approved.
 
 
 
Price of Car $
Down Payment $
Amount of Loan
Interest Rate %
Loan Term Years
Monthly Payment $
 
 
 

Heed Warnings About Buy Here Pay Here Car Lots

Buy here pay here car lots may seem safe and easy places to get car financing from. However, borrowers should never be so sure about these dealerships. Just like the other types of loans, they are also often associated with various kinds of frauds.

Some buy here pay here dealerships ask a big down payment, around 50% of the total loan amount, from the borrower. Comparing this to the standard required down payment of 20% of the total loan amount, this is a lot bigger. Borrowers should be skeptical about such dealerships. The truth about this fraud is the car dealer has already paid for that 50% being asked from the borrower. Thus, the remaining balance will just be purely their profit.

Most cars parked at buy here pay here car lots are pre-owned. This is because buy here pay here dealerships often deal with used cars only. However, borrowers should be aware that used cars are usually sold as-is. This means that there were no repairs or maintenance done on the car before it was sold. Some buy here pay here car dealers would not mind selling the car without any repairs made on it even if it was severely damaged by flood or even fire.

Buy here pay here financing can also charge unreasonably high interest rates. Sometimes, the interest rate exceeds up to 30%. The factors that could affect the interest rate in an in-house financing is the loan term and the credit rating of the borrower. Dealers can impose a high interest rate but borrowers should be wise enough to know when an interest rate gets unreasonable and abusive. It should be remembered that lenders and car dealers profit from the interest rate.

Borrowers could also see in some buy here pay here car lots advertising promotions of low monthly payments. It may be true that the monthly payments are low but this is only because the loan term was stretched longer into more months. What is not obvious is the interest paid on each monthly payment. This will add up to a higher total interest paid which tells the borrower that he or she had paid more for the loan. It is still better to opt for short loan terms.

For borrowers to avoid these frauds, they should run an independent inspection on the car especially if they are buying a used car. They should also negotiate for better terms especially on the interest rate, loan term and other charges. Doing some research about buy here pay here financing and being familiar with the various scams in the industry will keep borrowers from being scammed.


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