Jim Klark

Buy Here Pay Here Car Dealers Friend or Foe



Posted: Thursday, February 10, 2011

by Jim Klark
Car Buying How to and More!

Things have changed a bit in the auto industry when it comes to financing automobiles. The credit policies of lenders are tighter and the people that qualified for a car loan a few years ago are no longer being approved. These potential car buying customers still need cars to live a productive live and they are finding that the Buy Here Pay Here car dealers are an alternative that they never considered in the past. These recent changes have many asking if the BHPH car lot is your friend or your foe.

There are two sides to every story and to answer that question you need to talk to those on both sides of the fence. The people that speak poorly of the Buy Here Pay Here car dealer are usually those that have never needed their services or they had a negative experience in the past. The critics of the BHPH car lot or dealer say that the customer is being overcharged for the vehicle and that the dealer is charging too much interest on the in house auto financing. I suppose there is some truth to those statements, but it really comes down to supply and demand. The car buyer makes the final decision when it comes down to making the purchase.

I can assure that if there was not a need for the Buy Here Pay Here auto dealer or there wouldn’t be any of them around. The business of selling and financing an automobiles for people that have bad credit is not business that many people would like to be a part of whether it was financially or working there taking care of customers. It is a very risky business that is all about the numbers, because there will be a certain percentage of the customers that will stop making their payments and the vehicle will need to be repossessed.

To get back on subject when you talk to the customers of the Buy Here Pay Here dealerships most of them understand the high interest rates and the pricing of the vehicles. They have been to other dealers and they were turned down for an auto loan because of their bad credit. Many of the people that buy and use the dealer’s in house financing may not be in the financial position to do anything other than get a buy here pay here vehicle.

So, to answer the original question is the Buy Here Pay Here car dealer friend or foe comes down to your own personal situation. To the person that does not have any credit problems and can finance an automobile the traditional way or can pay cash for a vehicle they consider the BHPH car lots you foe. However if you find yourself in a position that requires to buy a vehicle to get to work and your credit is terrible the dealer can be your best friend. It all comes down to your situation and whether they are taking advantage of you or are they providing a service that is need by many people. Bad things can happen to good people, so you shouldn’t be too quick to judge unless you have walked in the other mans shoes. You can buy a car with bad credit with in house auto financing.

This article on Buy Here Pay Here Dealers was written buy Jim Klark a long time member of the auto industry. You can find a Buy Here Pay Here NC dealer at his website and more information about bad credit car buying. BuyHerePayHereVehicles.com
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