BUY HERE PAY HERE EXPLAINED

part II on buy here pay here

     Last time we were asking if you should go to a buy here pay here if you have bad credit.  The Buy Here industry would have you believe that the answer is YES.  In some cases that may be true, but not in as many cases as you might think.

     It is easy to understand the appeal of a Buy Here lot.  They promise "Everybody Rides" and "your job is your credit".  Generally speaking. they have flashy cars and advertise the payment instead of the actual cost of the car. While the cars may look good they often have very high miles and may also have mechanical problems.  A luxury car is no luxury if it is in the shop all the time or the repairs cost more than you can afford.

     So is there a time that Buy Here makes sense?

     It MAY make sense IF you need a car RIGHT NOW.  Remember if you can provide a good down payment you may be able to get a traditional car loan, but if you have a LOW down payment or are in the process of bankruptcy it might be OK for you to go to a Buy Here lot.  

You should also consider if the Buy Here lot can help you improve your credit standing. We will look at that in part III