How Buy Here Pay Here Dealers Usually Work
These types of dealers usually convince individuals to put down a huge down payment in order to get as much cash as they can out of your wallet. In most cases, the down payment will cover the amount of money the dealer originally paid for the used car; the rest of the balance and your so called monthly payments are his profit. Although most used car dealers operate this way you can still find a few honest guys out there to buy a car or truck from.
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Buy here pay here auto dealers that offer financing of their own usually work with one or two lenders which they have worked out deals with. The used car dealer will get a kick back for sending your business to that lender and he may also increase the interest rate in order to increase his commission. If you have poor or bad credit you usually will not question this high interest rate. The used car dealer will try to make your payments affordable each month but you'll often pay more than what the car is truly worth.
There Are Better Ways to Buy a Car With Bad Credit
There are better ways than going to a buy here pay here dealers. Believe it or not, you can actually go online right now and fill out a simple form; then you can sit back and within 60 seconds you'll get a number of good offers from a number of different lenders. These low interest bad credit loans will help you to walk into any new or used car dealership and have you drive out the same day with a new ride. Regardless of your past credit history; whether it be a bankruptcy, foreclosure or any similar financial difficulties you can get approved online for a bad credit car loan. There are a few respectable companies online that offer this type of service. The benefit of getting a car loan online will amaze you. You will now be considered a pre-approved buyer and any dealership will welcome your business.
Buy here pay here auto dealers are not bad to deal with if you can find an honest one; but now that you could have a pre-approved loan in 60 seconds or less you can feel confident and walk into any dealership knowing the sale will be approved that same day.
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