Can you trust buy here pay here car dealers? This is the type of question that many may be asking if they are caught between a rock and a hard place. A person may need a car to go to work or attend to their business and create an income. Yet he or she just doesn't have the cash. You find that these buy here pay here car programs may be willing to offer you a deal. What do you do?
I will blog about my thoughts on that question. But first, I thought I would start this blog post on a more light hearted note. I found this funny video about an Ad from a buy here pay here car lots place in North Carolina. I have no idea what their reputation is, or if they could offer a good deal to car buyers with bad credit. But their ads really epitomize what the allure of these car lots are all about.
They even invented a character called Rev Rob who is willing to help people in need get a car. They emphasize that applicants do not need any credit, and "you job is your credit." Check this out:
Now, it's true that these buy here pay here auto dealers can really give you a leg up. You can read all about this at the www.buyherepayhere-carlots.com. People with little or no credit occasionally find themselves looking to purchase a second hand car via buy here pay here used car lots. Being able to drive off with a car with hardly any cash down seems like a great option. But there are also disadvantages to such deals.
First of all, you have to realize that stepping into these car lots will mean higher prices. Yes, buy here pay here car dealers usually charge a higher price for their automobiles than what you can find if you have the money to purchase and pay in full elsewhere. They need to do so to cover the potential risks of default because of the lack of credit checks.
Secondly, these car dealers are extremely strict when it comes to repossessing car if the buyer is late with payments. They want to protect themselves from the risk of never seeing any money or the vehicle again after extending the car loan. A customer may think being a few days late is no big deal, but not the buy here pay here car dealer who sold them the car.
Once you understand that this is how buy here pay here programs work, you can think and analyze through your own situation and decide if this is for you or not. There are bad credit car dealers out there who are good to work with and will provide a decent deal and after sales warranty and service.
Then there are the more scammy ones who try to take advantage of people's bad credit situation by upping the price to the wazoo, as well tag on monstrously high interest rates. Here are some tips to differentiate the good buy here pay here car dealerships from the lesser ones: http://www.buyherepayhere-carlots.com/are-there-any-good-buy-here-pay-here-car-dealerships-out-here.html
It may still be worth the cost if you fail to obtain a car through any other means. But it has to be the remaining choice after looking at all other choices. Don't simply assume it's the best choice, and compare costs as well as advantages before you make a decision.
In general, I think one needs to be careful when choosing to buy a used car from buy here pay here car dealers. But there are honest ones out there. You just need to search through and find the good ones.