What's the usual interest rate on a bhph loan and is a front end loan where the interest is built in and can you buy a car in a different state and do a bhph loan still??
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!!
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.
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.