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Debunking the buy here pay here car dealership myths 

By Product Expert | Posted in FAQ, Financing, Q&A on Thursday, October 31st, 2019 at 8:20 pm
Customers with paperwork shaking hands with a sales rep

Myths about buy here pay here dealerships that are not true

You are searching for a used car, and you finally found exactly what you are looking for. The only problem is that it is on a buy here pay here car dealership’s lot. You are super skeptical because you have heard nothing but bad things about these places. Until today. Keep reading as we uncover myths about buy here pay here dealerships that are not true!

What is a buy here pay here car dealership?

A buy here pay here car dealership is where a customer can receive financing right from the dealership instead of from a bank or lending institution. This is especially beneficial for people that have bad credit or no credit. If a bank or lending institution turns a person down, the person still has a way to purchase a new vehicle.

Unhappy Couple Looking at Paper

Myths about buy here pay here car dealerships

Myth 1: Interest rates on the loans are as high as 30%

Most dealerships actually charge around 20% on their loans. This number varies from state to state.

Myth 2: Buy here pay here car dealerships are not regulated

This is simply not true. They still have to comply with laws, otherwise, they would not be allowed to offer loans to their customers.

Myth 3: Buy here pay here dealerships do not offer a warranty

We cannot speak for other buy here pay here car dealerships, but at Coast to Coast Motors, we back our vehicles with a 3-year/36,000-mile warranty.

Read More: 3 FAQs about buy here pay here dealerships

Vehicle being taken away on trailerMyth 4: Buy here pay here car dealerships are the only ones that actually repossess vehicles

Again, this is not true. A buy here pay here dealership might repossess your vehicle quicker than a bank or lending institution. But if payments are missed on a vehicle, then it will go back to whoever lent you the money to purchase the vehicle.


What do buy here pay here dealerships do?


 

 

I have more questions about buy here pay here dealerships, where can I go?

Stop in and see us at Coast to Coast Motors! We are more than happy to answer questions that you have about buy here pay here car dealerships and about our dealership as well. We have five locations in Houston, one in Arlington, two in Oklahoma City, one in Conroe, and two in Tulsa.

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