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How does a buy here pay here transaction work at a used car dealer?
19th February 2010
Looking at buying a used car at a buy here pay here dealership, and wanted to get some input on how it works? Do they run credit? Can I pay monthly or does it have to be weekly? What kind of grace period for payments? What kind of down payment should I be prepared for?
Posted in: Auction FAQ | | Comments (3)
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BHPH dealers exist for one purpose — selling overpriced cars at high interest rates to people who have bad credit and cannot buy a car any other way. They don’t check credit because they charge the highest interest rate allowed by state usary laws. They put you on a very strict weekly or bi-weekly payment plan. There is no grace period. Here is an article that explains how it works:
http://www.firstcarguide.com/finance/should-i-buy-from-a-buy-here-pay-here-dealer.html
.
Comment by a car guy — February 19, 2010 @ 1:51 am
Most of those signs are a lie. These lots get their loans from banks just like you or I. If there is no bank in town that will OK your credit, then you get to pay them 18% interest but they always try for a bank first. You pay weekly because one month means that you are too far behind to ever catch up. You can catch up easily after 1 week. Don’t even mention a grace period or you will pay 22% interest. $500 down should do it..
Comment by Ed Atun — February 19, 2010 @ 1:51 am
yes they run credit. it will prolly be monthly payments. i doubt there are any grace periods. down payment depends on how much of a loan you get, and your credit history. normally those are dealerships that work through their own finance company. be careful because interest rates may be higher.
answer mine plz? i need help!
http://answers.yahoo.com/question/index?qid=20081011165226AASwsK9
Comment by hatchetryda — February 19, 2010 @ 1:51 am