• Application #ACA592628 from Naperville, Illinois has been approved.
  • Application #ACA592512 from Tampa, Florida has been approved.
  • Application #ACA592412 from Olathe, Kansas has been approved.
  • Application #ACA592503 from Sioux Falls, South Dakota has been approved.
  • Application #ACA592292 from Arlington, Texas has been approved.
  • Application #ACA592896 from Durham, North Carolina has been approved.
  • Application #ACA592185 from Augusta, Georgia has been approved.
  • Application #ACA592479 from Jackson, Mississippi has been approved.
  • Application #ACA592929 from Los Angeles, California has been approved.
  • Application #ACA592738 from Allentown, Pennsylvania has been approved.
  • Application #ACA592340 from San Buenaventura (Ventura), California has been approved.
  • Application #ACA592918 from Corpus Christi, Texas has been approved.
  • Application #ACA592490 from Carrollton, Texas has been approved.
  • Application #ACA592673 from Lexington, Kentucky has been approved.
  • Application #ACA592227 from Irvine, California has been approved.
  • Application #ACA592417 from Newport News, Virginia has been approved.
  • Application #ACA592375 from Richmond, Virginia has been approved.
  • Application #ACA592594 from Springfield, Massachusetts has been approved.
  • Application #ACA592577 from Greensboro, North Carolina has been approved.
  • Application #ACA592223 from has been approved.
  • Application #ACA592316 from Milwaukee, Wisconsin has been approved.
  • Application #ACA592907 from Chicago, Illinois has been approved.
  • Application #ACA592591 from Boston, Massachusetts has been approved.
  • Application #ACA592424 from Baton Rouge, Louisiana has been approved.
  • Application #ACA592695 from Santa Clarita, California has been approved.
  • Application #ACA592838 from Surprise, Arizona has been approved.
  • Application #ACA592326 from Amarillo, Texas has been approved.
  • Application #ACA592316 from Norwalk, California has been approved.
  • Application #ACA592251 from Hayward, California has been approved.
  • Application #ACA592248 from Inglewood, California has been approved.
  • Application #ACA592317 from Huntsville, Alabama has been approved.
  • Application #ACA592780 from Orlando, Florida has been approved.
  • Application #ACA592660 from Norman, Oklahoma has been approved.
  • Application #ACA592629 from Eugene, Oregon has been approved.
  • Application #ACA592284 from Washington, District of Columbia has been approved.
  • Application #ACA592853 from Dayton, Ohio 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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