If you’re looking to buy a used car in Eden NC and are having trouble getting approved for financing at traditional banks or credit unions, you may be considering buying from a dealer that offers “buy here pay here” financing. Essentially, these dealerships handle all of the financing in-house for the cars they sell. They may also have other terms that can be unfavorable.
What is the difference between a BPO and a PO?
One is the fact that they typically have higher interest rates than traditional lenders, sometimes up to the maximum rate allowed in your state. Another is that they’re often more aggressive about repossessing cars. They may use tracking devices or even disable your car’s starting mechanism if you fail to make payments on time.
In addition, it’s important to understand that not all buy here pay here eden nc will report your payment history to the major credit agencies. This can prevent you from building or repairing your credit, and it can also leave you paying more than the car is worth.
However, if you have good income and a reliable way to get to work, a buy here pay here dealership may be a good choice for you. Just be sure to do your homework first and shop around for the best deals.