Buying a Car at a Buy Here Pay Here Dealership
Buying a car at a buyherepayhere is a great option for those with bad credit. However, there are several drawbacks to this type of financing.
Can I get a car with a 500 credit score?
One disadvantage is that the average interest rates offered by buy here pay here dealerships are very high. Most of these dealerships charge about 20% higher than typical bank rates.
Another disadvantage is that the buy here pay here lot may only accept payments by phone. This may not be as convenient as making payments at home or at a traditional car dealership. Another drawback is that a lot of buy here pay here dealerships require you to make weekly payments, rather than monthly payments.
Another disadvantage is that you may not be able to get an immediate decision on your loan. If you have poor credit, it may take a while for you to receive a decision.
Finally, a lot of buy here pay here cars are older, lower value vehicles. This means that you will have to pay a higher price for the vehicle. You may also have to pay a high down payment.
If you want to buy a car at a buy here pay here dealership, you will need to have full coverage insurance. This will ensure that if you have an accident, you will be able to make the payment. You should also consider buying a car from a dealership that has better interest rates.
You should also think about whether or not you want to have a loan that requires weekly payments. This may be more expensive than the traditional auto loan, but it may be worth it if you are looking to improve your credit.
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