Published on: 10.31.2016.
"Buy Here Pay Here", In-House lenders, many people with less than perfect credit think that these are the only dealers that will finance them. these dealers sell thier vehicles at a much higher profit margin.
You can find the exact same cars these in-house lenders are selling at reputable dealers if you search online. The cars will often be checked over better mechanically and you will have more recourse with the dealer if something goes wrong!
Often “Buy Here Pay here” dealers have placed little investment in the actual cars, plus that cost is usually covered by your down-payment Example: (You buy a $7995 car and the dealer paid $2000 for the car. You put a down payment of $2000 and the dealer makes the $5999 and all the interest on that amount).
Because many of these vehicles are cheaper and older models, the car you end up receiving might soon need costly repairs after the purchase and the dealer may or may not fix it. If they do agree to fix it, they usually add it to your loan. These loans often end up badly.
Research the background, customer reviews, and additional information about both the car and dealer you’re purchasing from. It can literally save you thousands of dollars.
Good luck and much happiness to you!
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