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That makes bad credit/no credit dealerships all the more enticing to buyers with lousy scores. ... pay here dealers can loan money based on an inflated price that’s higher — much higher, in ...
Buying a car with bad credit — a credit score between 300 and 579 — is possible, but it may be more challenging and expensive. ... If you have a lower credit score, making a down payment on a ...
Dealers regularly try to attract customers with special discounts and credits, which are known in the industry as “incentives” like “no money down,” 0% financing, cash-back rebates and ...
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
The Low Credit Score Scam. It's no secret that borrowers with excellent credit get the lowest rates on the best loans. What many people don't know is that unscrupulous dealers sometimes tell car ...
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