Buy Here Pay Here Car Lots in Greenville: Expectations vs. Reality
The buy here pay here market has flourished over the past few years and the success has brought in many players who claim to sell used cars with bad credit financing. The increased competition among car lots in Greenville has compelled many to send out lucrative advertisements that have naturally made way for unrealistic expectations among consumers. We then tend to forget that buy here pay here dealers are businesses, after all, and all businesses have to make profits to run their house. And smaller businesses tend to hand out more hollow deals to make fast profits as they care very little about their reputation.
This post sets the expectations in order. We tell you how exactly a buy here pay here in Greenville functions and what you get (and should expect) from a reputed dealer. Anything else, know that something shady must exist underneath as too-good-to-be-true deals simply do not benefit any used car buyer.
Expectation: I am approved for any amount of loan in a BHPH dealership
Reality: There is an upper limit and that depends on your credit report and income statement. Certainly, a lender will only give you that amount in loan which you can afford and anything over the limit will drive you to bankruptcy. This helps neither party. Reputed buy here pay here car lots in Greenville, SC, look at your credit report, the debt-to-income ratio, and then decide how much loan you are approved for based on the monthly payments that you can make without default. Small-time dealers may try to push higher loan amounts on you to profit from the inflated interest rates. But a reputed dealer like Family Auto will look out for you first.
Expectation: Buy here pay here used cars are way costlier
Reality: The vehicles in buy here pay here used car lots in Greenville are rarely more expensive than the market rates but the cost of financing them is higher. Our auto loan interest rates are comparatively higher than banks. But then again, you cannot finance a used car from a bank as it only deals with good credit score holders. It is the market’s rule to compensate the lender with higher interest rates if it chooses to finance borrowers with poor credit scores. At Family Auto, the interest rate payable is as per the market rate. And our vehicles are competitively priced. You are sure to find the best prices in our dealership, provided you compare the rates among buy here pay here dealers and not with banks that will never finance you.
Expectation: Low-mileage used cars are the best buys
Reality: Multiple buy here pay here car lots in Greenville, SC do try to attract customers by promising low mileage used vehicles. And many still believe that these are the best cars to buy due to their fairly new condition. However, the thought process is a complete myth as neglected used cars wear down faster than vehicles that have been on the road. Low mileage used cars tend to be city vehicles. It is also possible that their owners neglected maintenance as the cars rarely left their garages. Chances of repairs increases when such used cars come into your ownership and you face exactly that situation which you wanted to avoid. Consider high-mileage used cars without doubts. And buy from Family Auto with a 2 years/36,000 miles warranty. Repairs need not bother you when you buy from one of the best dealerships in Greenville.
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