The Dangers of Buy Here, Pay Here Dealers in Harrisburg, PA

If you’re looking for a car but have bad credit, you may be tempted to go to a “buy here, pay here” dealer. However, this could be a big mistake. These dealerships often charge high-interest rates that can be adjusted at any time, high down payments, and sell cars of questionable quality.

What is Buy Here, Pay Here?

Buy Here, Pay Here (BHPH) dealerships are auto dealers that finance loans “in-house,” meaning they do not rely on outside financing sources. BHPH dealerships cater to people who have poor credit or no credit history and therefore have a hard time securing a loan through traditional financing channels. BHPH dealerships typically require higher interest rates and down payments than traditional lenders.

The Cons of Buy Here, Pay Here

While BHPH dealerships may seem like an attractive option for those struggling with credit, there are several downsides to consider before making a purchase:

• Higher interest rates: Interest rates at BHPH dealerships can be significantly higher than traditional lenders, sometimes reaching 30% or more.
• Expensive down payments: BHPH dealerships may require a significant down payment, often 10-20% of the car’s purchase price.
• Poor quality cars: Many BHPH dealerships offer older, high-mileage vehicles that may not have been properly maintained. This can lead to costly repairs and frequent breakdowns.
• Repossession: BHPH dealerships have a reputation for being quick to repossess vehicles if the borrower misses a payment, putting the buyer at risk of losing their vehicle and any money they have already paid towards it.

At PA Credit King, we understand the struggles of having bad credit and are here to help. Our guaranteed credit approval program is designed to get you behind the wheel of a quality used car with a fixed interest rate that won’t change. We even report your payments to the credit bureaus, which can help increase your credit score over time.

Get Approved for Financing with PA Credit King Today

We believe that everyone deserves access to reliable transportation, regardless of their credit score. That’s why we make it easy to apply for financing online or in person. Our finance experts will work with you to find a payment plan that fits your budget and lifestyle.

Calculate Your Monthly Payments

Not sure how much car you can afford? Use our payment calculator to get an estimate of your monthly payments based on the vehicle you’re interested in, your down payment, and other factors.

Explore Our Finance Center near Harrisburg

Our finance center is a great resource for anyone looking to improve their credit score and get behind the wheel of a reliable vehicle. We offer a variety of financing options, including bad credit auto loans, and work with a network of lenders to find the best possible rates for our customers. Visit our finance center to learn more.

Find Your Next Vehicle at PA Credit King

Whether you’re looking for a new Volkswagen or a used car, our inventory has something for everyone. Browse our new vehicles and certified pre-owned Volkswagen models, or check out our selection of used cars from a variety of makes and models.

Visit PA Credit King Today

Don’t let bad credit stand in the way of getting the car you need. Visit PA Credit King today to experience our commitment to quality, reliability, and customer service. Our team of experts is ready to help you find the perfect car and financing solution to fit your needs.

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