• Application #ACA592384 from Henderson, Nevada has been approved.
  • Application #ACA592514 from Knoxville, Tennessee has been approved.
  • Application #ACA592219 from Austin, Texas has been approved.
  • Application #ACA592584 from Grand Rapids, Michigan has been approved.
  • Application #ACA592109 from Salt Lake City, Utah has been approved.
  • Application #ACA592623 from Miramar, Florida has been approved.
  • Application #ACA592842 from Raleigh, North Carolina has been approved.
  • Application #ACA592585 from Murrieta, California has been approved.
  • Application #ACA592519 from Santa Clarita, California has been approved.
  • Application #ACA592163 from Richmond, Virginia has been approved.
  • Application #ACA592361 from Oakland, California has been approved.
  • Application #ACA592714 from Huntsville, Alabama has been approved.
  • Application #ACA592454 from Palm Bay, Florida has been approved.
  • Application #ACA592286 from Pasadena, Texas has been approved.
  • Application #ACA592885 from Rancho Cucamonga, California has been approved.
  • Application #ACA592691 from Nashville, Tennessee has been approved.
  • Application #ACA592752 from Charlotte, North Carolina has been approved.
  • Application #ACA592212 from Louisville, Kentucky has been approved.
  • Application #ACA592735 from Santa Rosa, California has been approved.
  • Application #ACA592534 from has been approved.
  • Application #ACA592859 from Greensboro, North Carolina has been approved.
  • Application #ACA592465 from Clearwater, Florida has been approved.
  • Application #ACA592832 from Sunnyvale, California has been approved.
  • Application #ACA592454 from Winston-Salem, North Carolina has been approved.
  • Application #ACA592240 from Athens, Georgia has been approved.
  • Application #ACA592683 from Fort Worth, Texas has been approved.
  • Application #ACA592988 from Chula Vista, California has been approved.
  • Application #ACA592722 from Huntsville, Alabama has been approved.
  • Application #ACA592868 from Lansing, Michigan has been approved.
  • Application #ACA592831 from Burbank, California has been approved.
  • Application #ACA592753 from Fairfield, California has been approved.
  • Application #ACA592252 from Garden Grove, California has been approved.
  • Application #ACA592346 from Green Bay, Wisconsin has been approved.
  • Application #ACA592872 from Pasadena, California has been approved.
  • Application #ACA592737 from Washington, District of Columbia has been approved.
  • Application #ACA592355 from Carlsbad, 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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