You Do Not Have To Use Buy Here Pay Here Financing!
Car lots with in-house financing are in most areas. Sometimes, These dealerships make their money by overcharging people that have bad credit. Generally speaking, these types of car lots by used cars at car auctions that normal car dealerships do not want to buy and normal banks refuse to finance. The reason may be because of an unpopular model, high mileage or that the vehicle has damage or mechanical problems that the buy here pay here dealers can have patched. Typically, the most common scenario is a newer model, high mileage car. New car dealerships have a hard time getting anyone financed on a vehicle that has more than 75,000 miles on it. Buy here pay here dealers basically make their money selling cars that other dealers don’t want, to the people that don’t have the credit to go to a normal car dealership. These cars generally break down before they are paid off, leaving the buyer with a car payment on a pile of scrap metal. Even if the car does last the loan, you will most likely be upside down on it until your last payment is made with the super high interest rate these places charge, and the marked up car prices on these lots.