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Are buy here pay here scams?
This answer is given by the group of peoples who is experts in car dealerships. Therefore, we are providing unbiased answers to every query about Buy here, Pay here.
This question has two aspects. According to the first one,
Buying a car at a buy here pay here lot can often be cheaper, and more convenient than trying to get financing elsewhere because the process is simpler and the cost of borrowing isn’t as high.
The trade-off is that you will need to provide proof of income and usually your credit score too – which might not happen unless you have been in good standing for over three years with no incidents on record from when your last 4-6 months have been spent paying off an old loan or paying your current accounts on time.
Publicly traded major lenders who may offer this service are General Motors Financial Services LLC, Hyundai Motor Finance Corporation, Nissan Motor Acceptance Corporation, Toyota Motor Sales Finance Corporation USJ, Chrysler Capital Services.
According to second one,
According to the Federal Trade Commission, the offers from “buy here pay here” companies are illegal. Buyer beware! It’s no wonder these companies have a bad name when they prey on people in difficult financial situations and put them at risk of bankruptcy.
In the end, you lose your credit history with these shady providers of inaccurate loans that are usually too expensive for what you’re getting.
The more instalment payment plans are instalment store credit cards– storecard payday advances were invented by some sharp operator who saw an opening in the market for borrowers with limited access to traditional lending. They charged high fees and penalties or outrageous interest rates for short-term or longer-term credit schemes that targeted people with poor credit looking.
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