Myths about buy here pay here car dealerships that are not true
You have just located the perfect new-to-you vehicle. It is not too high on miles, it is safe, and it has s great fuel economy. You tell your friends and family about the vehicle, and they get caught up on one detail: it is located on a buy here pay here car dealership’s lot. You do not see it as a big deal, but everyone else begins to tell you about why you should not purchase a vehicle there. Keep reading as we discuss myths about buy here pay here car dealerships that are not true!
Getting the facts straight about buy here pay here car dealerships
Unfortunately, even though buy here pay here car dealerships are beneficial to a lot of people, they get a terrible reputation. Hopefully, after reading about these myths, you will see why a buy here pay here dealership can be a good option!
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Myth 1: The person purchasing the vehicle can expect to pay close to 30% in interest.
While you might be charged a higher interest rate at a buy here pay here dealership, it will not be 30%. Think about this for a moment, buy here pay here dealerships exist to give individuals with bad credit one last opportunity to purchase a vehicle. Dealerships are taking a big leap on these people because they want to help. Can you blame them for charging a higher interest rate?
Myth 2: Buy here pay here dealerships are not regulated.
Without being regulated, a dealership would not be in business. It is as simple as that. Some of the laws the dealerships have to follow include the Truth in Lending Act, State Usury Laws, Used Car Rule, and many more.
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Myth 3: If you are late or miss a payment, your vehicle will get repossessed.
This is not only true for buy here pay here dealerships, but for banks as well. The only difference is that banks have a little more leeway when it comes to cracking down on late payments. Buy here pay here dealerships do not have enough money put away to cover missed and late payments. As a result, they have to come and repossess your vehicle quicker than a bank or other dealership does.
Where can I learn more about buy here pay here dealerships?
Stop on out to Carizma Motors in Lubbock. Our friendly staff and finance department would be happy to answer your questions and assist you in any other way they can. If you wish, you can also fill out our secure online pre-approval form for financing by clicking here.