• Application #ACA592698 from Clarksville, Tennessee has been approved.
  • Application #ACA592999 from Peoria, Arizona has been approved.
  • Application #ACA592675 from Glendale, Arizona has been approved.
  • Application #ACA592976 from Tampa, Florida has been approved.
  • Application #ACA592843 from Gilbert, Arizona has been approved.
  • Application #ACA592877 from Mesa, Arizona has been approved.
  • Application #ACA592183 from Cleveland, Ohio has been approved.
  • Application #ACA592127 from Sioux Falls, South Dakota has been approved.
  • Application #ACA592165 from Costa Mesa, California has been approved.
  • Application #ACA592843 from Chandler, Arizona has been approved.
  • Application #ACA592445 from Carrollton, Texas has been approved.
  • Application #ACA592467 from Kansas City, Missouri has been approved.
  • Application #ACA592104 from Grand Rapids, Michigan has been approved.
  • Application #ACA592215 from Cary, North Carolina has been approved.
  • Application #ACA592102 from Pembroke Pines, Florida has been approved.
  • Application #ACA592853 from Billings, Montana has been approved.
  • Application #ACA592461 from Albuquerque, New Mexico has been approved.
  • Application #ACA592826 from Cary, North Carolina has been approved.
  • Application #ACA592250 from Kansas City, Kansas has been approved.
  • Application #ACA592515 from has been approved.
  • Application #ACA592463 from Moreno Valley, California has been approved.
  • Application #ACA592639 from Athens, Georgia has been approved.
  • Application #ACA592336 from Kansas City, Missouri has been approved.
  • Application #ACA592686 from Mesa, Arizona has been approved.
  • Application #ACA592633 from Savannah, Georgia has been approved.
  • Application #ACA592643 from San Francisco, California has been approved.
  • Application #ACA592208 from Vancouver, Washington has been approved.
  • Application #ACA592127 from Murrieta, California has been approved.
  • Application #ACA592662 from Norfolk, Virginia has been approved.
  • Application #ACA592139 from Joliet, Illinois has been approved.
  • Application #ACA592130 from Fullerton, California has been approved.
  • Application #ACA592361 from Wichita, Kansas has been approved.
  • Application #ACA592139 from Wichita Falls, Texas has been approved.
  • Application #ACA592706 from Brownsville, Texas has been approved.
  • Application #ACA592337 from Erie, Pennsylvania has been approved.
  • Application #ACA592883 from Jacksonville, Florida 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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