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Buy Here Pay Here?

Has anyone bought a car from a Buy Here Pay Here Dealer?

How picky are they with credit? Repos? Bankruptcies?

 
Anonymous

Asked by Anonymous at 7:21 PM on Nov. 12, 2009 in Money & Work

This question is closed.
Answers (3)
  • Most of them don't even run a credit check because if you had good credit you would have went to a dealer, so they cater to people with bad credit. Be careful tho, some of them charge an arm and a leg for the car then add 29 percent interest.
    midnightmoma

    Answer by midnightmoma at 7:25 PM on Nov. 12, 2009

  • buy here pay here are for people with bad credit. I know its hard to save up lump sums of money but this is a horrible option. My girlfriend paid 60 a week for five years on a old kia sephia which at the time kelly blue booked for 5000.
    Jillybeans24

    Answer by Jillybeans24 at 8:00 PM on Nov. 12, 2009

  • We did a buy here, pay here with our last car. Be sure to find a place that does short loans, not long like the PP. We paid less than $5,000 in less than a year for our car. They knocked a bunch of interest off when we were ready to pay it off after 11 months (the original loan was set up for 14 months). It has worked really well for us and if you can afford to pay down the loan quickly you can get a pretty good price. They didn't do a credit check, but they did require job verification. Just be sure to do your homework, know how much you can afford to pay and how often. So, it can be done, you just have to be careful where you go.

    BTW- blue book value for our car was right at $4,300 so we ended up paying about $550 in interest and finance fees
    Anonymous

    Answer by Anonymous at 8:14 PM on Nov. 12, 2009