06-21-2013 12:20 PM
Its a shame they way people with bad credit get messed over. I was looking at a 01 for 5000. I told them i could put 1000 down. They called back and said it would be 2000 dollars down and 250 a month for 38 months. Thats around 12000 for the car!!
02-25-2014 08:03 AM - edited 02-25-2014 08:08 AM
Disregard the spammer above me. I've reported him to the mods, who will hopefully ban him soon/delete his post.
Yeah, bhph really screw people over. The car prices are jacked up to an outrageous sum and interest tends to eclipse 18%. 5k for a 2001, holy cow. Recently sold a 06 sedan w/ low miles private party for close to that. 5k on 2001 essentially guarantees you'll never be able to refi due to age of collateral and amount underwater.
Have you applied to roadloans to see if you qualify? Yeah, the APR will be just as high, but at least you won't overpay so much on a pretty old car at a place like carmax...
Different state is no problems typically. I'm sure most bhph lots won't care if you're in another state.
02-25-2014 09:52 AM
02-25-2014 07:29 PM
Yeah i would avoid bhph places. Their cars tend to have very high miles and be rather old. The down payment you give them is usually what the dealer payed for the car. All the extra money you pay is pure profit. Miss one payment and the car gets repo'd. To me, it ain't worth it.
My cousin almost went to a bhph but I talked him out of it. He had no credit so we went to a new car dealer and he could only qualify for an 03 chevy trailblazer. Its got 122k miles. He put 1500 down and he got a 2 year extended warranty. His payments are 369 for 30 months. His interest? 32%!
I guess new car dealers are no better lol. But the truck is nice and its been almost 2 months and everything is still good. New car dealers are more concerned about their reputation so more than likely if you do end up with an extremely high interest rate, at least the vehicle you buy from a new car dealer will run good.
i would agree with this! a lot of larger dealers have their own in house financing for people with poor credit, i know i used it myself. i would go that route again long before i went to a buy here pay here.
These responses are not provided or commissioned by FICO. Responses have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.