4 Buy Here Pay Here Scams You Should Look Out for in Upstate South Carolina
Buy here pay here in South Carolina is a thriving industry and just like any other successful sector, the lure of making a few extra bucks invites scam artists to the market. The demand for buy here pay here financing make customers easy targets. Fraudsters attract people with deals that are rarely available with any reputed dealer. The increasing number of unscrupulous dealers is ruining the reputation of the industry and keeping interested buyers away from genuine dealers.
To stay away from the too-good-to-be-true deals, look out for the following scams surrounding buy here pay here in SC. Identify them from a mile away and stick to only the reputed names.
1.Any amount of loan you want, you are approved
This promise is almost impossible to meet until the dealer has some shady motive. No buy here pay here in South Carolina can approve any amount of auto loan you want, even if you have a good credit score. Dealers who make such promises look to benefit from the high interest rate they receive because of your inflated auto loan. And when you default, they quickly repossess your used car to run the same scam on someone else. A reputed dealer will give you as much auto loan as you can afford. And it will try its best so that you get to keep your used car.
2. 40% interest rate because of your bad credit score
Used car dealers for bad credit financing cannot use your credit score as an excuse to charge any amount of interest rate. The figure is decided by the market and it rarely touches 40%. Yes, your interest rate payable will be comparatively higher than banks or credit unions but the difference cannot be sky-high. Typically, bad credit interest rates vary between 24-32% depending on your credit score and credit report and only scammers charge anything they like. Ask the dealership for their system to calculate interest rates. If the process is flimsy, leave immediately.
3. No quality assurance of your used car
Again, your bad credit score is no excuse to sell you lemon cars. Nowhere is it written that bad credit score holders cannot finance quality used cars that cost above average. You have the right to buy any used car you want in any price range. Your credit report and income to debt ratio decide how much loan you can take on and which car you can pick. A dealership just cannot sell lemon cars and point to your bad credit score as the reason. Visit Family Auto buy here pay here in Anderson and get a comprehensive 2 years/36,000 miles warranty on used cars. We provide quality assurance no matter what your used car budget is.
4. Pay a high down payment or drag your loan span
Such terms are not only restricted to fraudulent dealers. Some players in the industry demand a high down payment to save their vehicle cost price or drag out your auto loan to profit from the increased interest payments. But at Family Auto, we believe that these are scams as well, even when the logic behind the terms is solid. As customers, you are entitled to pay as much down payment as you can. You need to have short-term loan options to limit your credit exposure and interest payments. Both benefits are available at Family Auto of Anderson and this is your dealership where you can buy used cars worry-free.
This is personal blog for Family Auto of Anderson. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner is not be liable for any errors or omissions in this information nor for the availability of this information. The owner is not liable for any losses, injuries, or damages from the display or use of this information. Reader’s discretion is advised.