• Application #ACA592127 from Greensboro, North Carolina has been approved.
  • Application #ACA592607 from Hollywood, Florida has been approved.
  • Application #ACA592828 from Inglewood, California has been approved.
  • Application #ACA592969 from Virginia Beach, Virginia has been approved.
  • Application #ACA592782 from Charlotte, North Carolina has been approved.
  • Application #ACA592685 from Fort Wayne, Indiana has been approved.
  • Application #ACA592543 from Mesquite, Texas has been approved.
  • Application #ACA592832 from South Bend, Indiana has been approved.
  • Application #ACA592172 from Denver, Colorado has been approved.
  • Application #ACA592430 from Elk Grove, California has been approved.
  • Application #ACA592990 from Oakland, California has been approved.
  • Application #ACA592753 from Bridgeport, Connecticut has been approved.
  • Application #ACA592766 from Billings, Montana has been approved.
  • Application #ACA592511 from Newport News, Virginia has been approved.
  • Application #ACA592780 from Hartford, Connecticut has been approved.
  • Application #ACA592463 from Elizabeth, New Jersey has been approved.
  • Application #ACA592366 from El Paso, Texas has been approved.
  • Application #ACA592487 from New Orleans, Louisiana has been approved.
  • Application #ACA592750 from Lakewood, Colorado has been approved.
  • Application #ACA592850 from has been approved.
  • Application #ACA592728 from Victorville, California has been approved.
  • Application #ACA592100 from El Monte, California has been approved.
  • Application #ACA592252 from Rockford, Illinois has been approved.
  • Application #ACA592851 from Orlando, Florida has been approved.
  • Application #ACA592977 from West Jordan, Utah has been approved.
  • Application #ACA592770 from Salem, Oregon has been approved.
  • Application #ACA592650 from Ontario, California has been approved.
  • Application #ACA592462 from Cambridge, Massachusetts has been approved.
  • Application #ACA592737 from Akron, Ohio has been approved.
  • Application #ACA592502 from Frisco, Texas has been approved.
  • Application #ACA592464 from Glendale, California has been approved.
  • Application #ACA592765 from Rockford, Illinois has been approved.
  • Application #ACA592109 from El Paso, Texas has been approved.
  • Application #ACA592292 from Fullerton, California has been approved.
  • Application #ACA592734 from Erie, Pennsylvania has been approved.
  • Application #ACA592792 from Albuquerque, New Mexico 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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