If you have been searching around for a car then you could be aware of the term “buy here pay here Atlanta” but do you really know what it means and if it really does benefit you? The term relates to a car lot basically doing in house financing for your vehicle without needing a bank to get involved. This sounds like a great deal since you do not have to worry about going to a bank branch and you can just walk in to visit the car dealer that setup your offer and pay him every month for your new vehicle.
This makes the buy here pay here Atlanta offer sound very interesting since the car lot is nice enough to extend you credit without you worrying about what is on your credit report and how it can effect you. Many individuals in the world have issues with what is on their credit report and many find that they are unable to get a new or even a gently used car due to what is listed on their credit history. Many car dealers recognize this and this is how in house financing was created to help credit challenged individuals.
The Buy Here Pay Here Atlanta Lots Can Scam You
The honest truth is that more than 99% of car dealers that offer the buy here pay here Atlanta option are only out to take your hard earned money and charge you as much interest as they possibly can. What you need to understand is that most car dealers pick up their vehicles from dealer auctions and they either have to pay for the vehicle with cash or have credit in order to take it to their lot. In order for them to sell it to you they will charge a high interest rate to ensure they make their money back quickly.
Most of the lots that offer the buy here pay here Atlanta option will charge you double or even triple the normal interest rate that a bank would and since they offer this in house all of the interest goes directly to them only to fatten their wallets. And if you ever default on your monthly payment then they are very eager to repossess your vehicle so they can put it back on their lot to resell to someone else. When this happens you lost your vehicle along with your initial down payment and all the money you paid monthly.
Buy Here Pay Here Atlanta Options Should Be Researched
All this information about the buy here pay here Atlanta program does sound scary and it is sad that car dealers are this crafty so it makes one question which loan to choose. To avoid this problem you need to make sure that you do proper research and check on the interest rate they are wanting to charge you before you decide to look at any of the vehicles that are on their lot. If you find that they are wanting to charge you a very high interest rate then it is a good idea to look at another car lot that offers the buy here pay here option.
In closing, Not all buy here pay here Atlanta offers are scams. If you decide to take the offer for the vehicle or not is really up to you and your credit situation. Many dealers can be very flexible on payment terms and you can even pay your vehicle off early and you can pay more than your monthly payment to further offset your vehicles cost. Your best bet is to visit a few of the dealers in your area and write down what their interest rates are before you decide to jump into a buy here pay here Atlanta program.
Special Note: Read the 3 tips to avoid getting scammed HERE.