If you think there’s something wrong with buy here pay here, then you’re totally mistaking. These dealers offer services to automotive buyers without good credit yet they still need to get a used car. You should, however, keep in mind most buy here pay here dealers are not in business to establish long-term relationships. Instead, most of them are looking forward to making profits by financing used cars. That aside, here are some of the things you need to know before you can finally settle on a buy here pay here near me dealership.
BHPH Dealers are Selling a Loan
It is without a doubt that used cars are literally the vehicle relied upon by buy here pay here car lots for selling you high-interest financing. It should, therefore, not come as a surprise when you find yourself having 18-21% loans or even higher. Some might wonder why this is the case. To clear any doubts you might be having in mind, buy here pay, here dealerships tend to be expensive considering sellers assume you might end up defaulting on your loan. Worse, it is pretty expensive for them to repossess a used car.
BHPH Dealers Know Your Every Move
Whenever you purchase a used car from a buy here pay here, car lots near me, you basically agree to having a GPS device installed in the vehicle. Of course, this GPS device can’t be removed if the dealers are to monitor your every move. The dealers need to know where the car is in case they are forced to repossess it. Some dealers go a notch higher by installing devices that remotely disable the car. Even though you might not be in agreement with this, it is the perfect way of protecting their investment.
The Bottom Line
There you have it; some of the things you need to know before you can finally settle on the services offered by buy here pay here dealerships near me. This does not mean you should opt for buy here pay here cars blindly simply because you want to save on costs. In fact, most people who do this end up regretting their decision in the long run. To be on the safe side, do your diligence after which you can make a well-informed decision. It is then that you will never regret your decision even once.