Thursday, September 13, 2012
Buy Here Pay Here Auto Dealerships: Should You Buy From These People?
Bad credit has pushed people to buy cars from BHPH used auto dealerships. It is very tempting to drive off with a car when one has limited money however doing this may not be that great with the risks that come with it. In this article, we're going to look into a number of the pitfalls related to buying BHPH used cars.
Buy here pay here automobiles are typically priced more than what you would should you shell out in full for the used automobile using funds. These car lots extend a bad credit auto loan with an abnormally substantial mark up to cover for the greater risk they are having. It is a dubious practice. A number of consumer agencies are investigating these used car dealerships for preying on buyers who've little else to turn to. On this Buy Here Pay Here car lots site, you can find out more: http://www.buyherepayhere-carlots.com/
Be Sure To Evaluate Before You Buy
This article does not intend to degrade buy here pay here car sellers nor demonstrate that they are undesirable. Just like a lot of things, the answer probably is somewhere in between. The point is that car buyers spend so much for cars from these sources. To buy one is worth the shot in the event that it’s the only functional option remaining. However be sure you evaluate the cost as well as benefits of this choice against other avenues which are available.
Are Buy Here Pay Here Auto Dealerships Rigid And Harsh?
Buy here pay here used car lots are generally considered by many to be rigid, possibly even harsh, in terms of paying by the due date. You need to find out ahead of time whether or not they offer any kind of grace period in case you skip a payment. There are those that do not even allow one-day-late repayments. Reasonable or not, these are terms that customers signed and agreed to once they bought the automobile.
If a client is not able to pay on time, the particular purchased automobile may immediately be reclaimed. Buy here pay here car sellers are known to set up GPS mechanisms on their cars for quick repossessions. Some will additionally install remote control devices that can stop the engine from igniting when individuals are late on their installments. If you have purchased a buy here pay here car, you should expect that you are dealing with experts in making car repossessions.
Buy Here Pay Here Biweekly Payment Options
Most dealer lots require once a week or every other week cash payments for servicing the car loans. Recently, more dealerships are accepting payment via online systems or electronic bank draft. When a buy here pay here car dealer requires installments made at the office, choose one that's near your house or where you work. You should plan on getting time in your own schedule to drop the money off during their office hours.
Better yet, choose dealers who will accept payments electronically or over the phone. That will save you a lot of time and gas in traveling to and from the car dealership every 2 weeks just to meet your obligations. More and more BHPH auto dealers are offering to accept payments in various ways to stay competitive, improve their collections rate, and make bi-weekly payments more convenient for their customers.