• Application #ACA592142 from Sioux Falls, South Dakota has been approved.
  • Application #ACA592346 from Knoxville, Tennessee has been approved.
  • Application #ACA592543 from Huntington Beach, California has been approved.
  • Application #ACA592767 from Yonkers, New York has been approved.
  • Application #ACA592991 from Chattanooga, Tennessee has been approved.
  • Application #ACA592742 from Simi Valley, California has been approved.
  • Application #ACA592269 from Charlotte, North Carolina has been approved.
  • Application #ACA592617 from Nashville, Tennessee has been approved.
  • Application #ACA592327 from Lancaster, California has been approved.
  • Application #ACA592971 from Corona, California has been approved.
  • Application #ACA592419 from Baltimore, Maryland has been approved.
  • Application #ACA592894 from Lincoln, Nebraska has been approved.
  • Application #ACA592639 from Arvada, Colorado has been approved.
  • Application #ACA592845 from Cincinnati, Ohio has been approved.
  • Application #ACA592860 from Visalia, California has been approved.
  • Application #ACA592216 from Warren, Michigan has been approved.
  • Application #ACA592965 from San Diego, California has been approved.
  • Application #ACA592676 from Abilene, Texas has been approved.
  • Application #ACA592893 from High Point, North Carolina has been approved.
  • Application #ACA592257 from has been approved.
  • Application #ACA592646 from Washington, District of Columbia has been approved.
  • Application #ACA592469 from Vancouver, Washington has been approved.
  • Application #ACA592226 from Berkeley, California has been approved.
  • Application #ACA592731 from Tallahassee, Florida has been approved.
  • Application #ACA592835 from Tampa, Florida has been approved.
  • Application #ACA592866 from Athens, Georgia has been approved.
  • Application #ACA592485 from Concord, California has been approved.
  • Application #ACA592621 from Chandler, Arizona has been approved.
  • Application #ACA592648 from Denton, Texas has been approved.
  • Application #ACA592682 from Arvada, Colorado has been approved.
  • Application #ACA592633 from Provo, Utah has been approved.
  • Application #ACA592691 from Reno, Nevada has been approved.
  • Application #ACA592929 from Irving, Texas has been approved.
  • Application #ACA592176 from Augusta, Georgia has been approved.
  • Application #ACA592459 from Orlando, Florida has been approved.
  • Application #ACA592920 from El Monte, California 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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