Common myths about dealerships Buy Here Pay Here
If you’ve had financial problems, you know how difficult it can be to rebuild your credit score to the point where people trust you to pay their bills now. It can take years to establish a good credit score. When it comes time to make a major purchase that is a necessity – like trading in the car – it can cause a lot of stress. If you need a new or used car but have bad credit, chances are you’ve done an Internet search on financing options for people in your situation. You may have come across information about “buy here pay here” car dealerships that claim to lend money to people with bad credit. But how do you know if you can trust these dealerships or not? Will they give him a good deal?
At Airport, you’ll find a wide variety of cars with super-convenient financing and minimal requirements. You’ve probably heard stories about Buy Here Pay Here financing or dealerships, so we want to debunk some of the myths. We believe that an informed customer is the best kind of customer, and we want to make sure you understand why Airport is a dealer you can trust.
Myth: Buy Here Pay Here Dealers Are Untrustworthy
Nothing could be further from the truth. Buy Here Pay Here dealerships are legitimate businesses and are subject to laws and regulations just like traditional dealerships. The big difference between the two is that a buy here pay here dealership finances the cars it sells, rather than outsourcing the financing to a bank or other financial institution. Buy here, pay here is a better deal for you because it means you don’t have to go from bank to bank trying to find someone to give you a loan.
Myth: Buy Here Pay Here loans have an interest rate of 30% or more
Not true. Most states cap interest rates so consumers cannot be taken advantage of. Buy Here Pay Here car dealers are bound to follow the rules like everyone else. Airport keeps interest rates competitive because it’s good for business and good for you. It’s all part of offering the customer the best deal possible. If a competitor offers lower interest rates, he may be tempted to go see them. But interest rates are only part of the equation, so consider every deal they can offer you.
Myth: Down payments are probably as much as the dealer paid for the car in the first place
That is not the case, as it would not make any business sense. If no one can afford the down payment, no one will buy cars. A reputable “buy here pay here” dealership understands that people with no credit or bad credit probably don’t have the cash for a hefty down payment. At Airport we work with you based on your current income and financial obligations. We want to set you up for success, not failure, so we make sure your down payment is reasonable and you can afford it.
Myth: The moment I miss a payment, my car will immediately be repossessed or I’ll be hit with huge late fees
This is an interesting myth. If you think about it, any institution that lends money to people has a contractual right to get it back. This applies to cars, houses, boats and any other item for which a long-term loan has been obtained. The myth that “buy here pay here” dealers accelerate late fees or repossession after a single default is just that: a myth. All lenders charge late fees if a payment is past due. But at Airport, you’ll be assigned a dedicated account representative who will work with you if unforeseen circumstances arise that affect your ability to make your monthly payment. All you have to do is call. Your account representative will stay with you for the life of the loan.
Myth: Buy here pay here dealers only sell junk, so they don’t stand behind their vehicles
This is completely false. Most Buy Here Pay Here dealerships put their vehicles through a rigorous inspection before putting them on the market. Trained and certified technicians check every inch of the car, paying special attention to features that influence the reliability and safety of the vehicle. In addition, many “buy here pay here” dealerships offer warranties on their vehicles. At Airport, 100% of the cars sold go through a rigorous inspection that covers much more than the engine and transmission. Elements such as brakes, cooling system and others are also included.
All in all, Buy Here Pay Here car dealerships are a great option if you have bad credit and need a new car. Most of the rumors around this form of financing are just myths. At Airport we are available to advise you and provide you with the information you need, so that you can get the next car of your dreams.
Browse through the vast selection of vehicles that have recently been added to our inventory.