Buy Here Pay Here Dealers In Orlando Florida

How does buy here pay here work?

No doubt, you’ve seen the billboards and heard the advertisements for “Buy Here Pay Here” used car lots in Orlando. Often times, they advertise “Bad Credit or No Credit…No Problem”. How can they do it, is it real or is it a scam?

Even though it sounds too good to be true, it’s no scam. These used car dealers purchase the vehicles at local auctions. Once they are transported to their lots, they are examined by an automotive technician who will repair any mechanical problems encountered. The vehicles are then washed, detailed, priced and ready for sale.

When an interested patron is ready to make a purchase, basically all they need to show is proof of employment. Unlike the large dealerships, no credit reports are run and no banks or brokers are contacted to acquire a loan. When buying from a “Buy Here Pay Here” lot, you are doing just that, buying here and paying here. Keep in mind, the purchase of a vehicle will be “as is”, and no warranties will apply.

Another item to consider, there will be no interest accumulated with the purchase at a “Buy Here Pay Here”. Once a final price has been determined, you will typically have 12 to 18 months to pay off your balance. The monthly payments will be broken down and you will pay a specific amount each month.

If you are trying to establish or rebuild your credit, purchasing a vehicle from a “Buy Here Pay Here” lot will offer no assistance. Since your credit rating will not be obtained, your on-time payments will not be reported. On the flip side, if you are unable to meet your payments, the car lot you purchased the vehicle from will repossess your vehicle and this repossession will not be reported to the credit bureaus. They will simply re-inspect the vehicle, make any necessary repairs and place it back on the lot for purchase.