Buying a car from a buy here pay here lots near me may sound like a good idea for borrowers with bad credit, but it may not be the best option for everyone. For starters, the car may cost more than it’s worth. Also, you may end up paying more in interest than you’d pay on a loan from a traditional car dealership.
What credit score is needed to buy a car?
For instance, the “kill switch” in a BHPH car may allow the lender to remotely disable your car if you’re late on your payments. Also, a GPS device installed on the car may help the dealership locate your car.
On the other hand, a buy here pay here lot may require you to make payments in person and may require a higher down payment than you’d expect. They may also charge you for extras, such as a GAP insurance policy.
The most important thing to remember is that a buy here pay here dealership may have a more competitive interest rate, but they also have higher fees and charges. These fees and charges can add up, and can cause financial trouble. Also, the car may not be what you’re looking for. Also, a low credit score can make it difficult to get an auto loan, so you may need to look elsewhere.
The best way to make sure you’re getting the best deal is to shop around. You might also want to look into in-house financing, as these can provide you with more options.