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The Buy Here Pay Here Disadvantage

Industry: Automotive

Consumers mistakenly believe that a "Buy Here Pay Here" lot is their last resort.

United States (PRUnderground) November 9th, 2012

Some people mistakenly believe that they must visit a local “buy here, pay here” lot to buy a car with bad credit. But relying on such companies is a recipe for vehicular and financial disaster.

Most of these companies charge interest rates exceeding 30 percent, which makes it very difficult for you to consistently make on-time monthly payments.

These companies hope that they will have to repossess the car so they can put it back on the lot, collect a down payment from another customer, and repeat the process to earn more money. True lenders such as Auto Credit Financial allow you to buy a new or used car in good condition regardless of your past credit problems.Yes, you will need to prove stable employment and residency.

In most cases, you will get better loan terms if you can trade in a used car or make a cash down payment. But you will not have to pay anywhere near 30 percent for an interest rate, even if you have a credit score in the 400s. When you are buying a car with bad credit, a little flexibility is important. You might want a brand new BMW convertible but unless you make a healthy income, you will have a very hard time financing it with bad credit. Try a different model of new vehicle or a used BMW convertible if that is what you truly desire.

About Auto Credit Financial

Save time, money and effort. Apply direct with the lender and get your automotive financing approved before you head out to make your purchase. Apply Today with Auto Credit Financial Services online.

It’s quick, easy and simple. After the online application is complete, then search our nationwide inventory of new and used cars & trucks at our authorized dealerships nationwide.

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