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5 Reasons to Avoid Buy-Here-Pay-Here Lots | Pollard Used Cars | Lubbock, TX

5 Reasons to Avoid Buy-Here-Pay-Here Lots | Pollard Used Cars | Lubbock, TX

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Top Five Reasons to Avoid Buy-Here-Pay-Here Lots


Not all used car dealership are created equal. If you’re shopping for a used car, you should avoid going to a buy-here-pay-here lot. These used lots take advantage of shoppers looking for a deal. Here are five specific reasons to always say no to BHPH lots.
 

High, variable APRs

When you go through financial institutions for your car loan, you can expect annual percentage rates to start at around 5-10 percent if you have good credit. With poor credit, an APR might be as high as 20 percent. But at a BHPH dealership, APRs often start much, much higher, ranging from 18-30 percent even with decent credit. On top of that, many of these dealerships also have variable APRs, which means that they can change your APR at any time, forcing you to pay even more.
 

Bad cars

Most cars at BHPH lots are low-quality vehicles that have had several different owners and have poor records of their history. Often times these cars will be sold to someone and then repossessed by the same lot, only to be sold again.
 

Dealers benefit from high prices

When a dealership like Pollard Used Cars sells a car with a third-party lender, we are not getting anything from higher APRs. That means we have no incentive to offer anything but the best possible deal to our customers. BHPH dealerships, on the other hand, finance their cars themselves. This means that all the extra money from the interest comes to them — making them more likely to raise prices for their own profit.
 

Missing payments will damage credit

As mentioned before, many BHPH lots use variable APRs, which means that you could suddenly have a car payment you can’t afford. If you miss one car payment, this will have a negative effect on your credit score, which will make it even more difficult for you to get a good loan in the future.
 

Lockdown devices

In order to maintain absolute control over their customers, some BHPH dealerships have started using “lockdown” devices, which are installed in their vehicles before the sale and will make the vehicle immobile if you miss just one payment. Because of variable APRs, repossession is very common in BHPH lots, and these devices allow the dealers to track down the car after a missed payment.
 
Don’t waste your time and money at a buy-here-pay-here lot — shop Pollard Used Cars for a quality vehicle and great service.
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4101 Avenue Q
Lubbock
TX
79412

Pollard Used Cars

Hours

  • Monday
    9:00am-8:00pm
  • Tuesday
    9:00am-8:00pm
  • Wednesday
    9:00am-8:00pm
  • Thursday
    9:00am-8:00pm
  • Friday
    9:00am-8:00pm
  • Saturday
    9:00am-8:00pm
  • Sunday
    Closed

Contact Information

4101 Avenue Q
Lubbock, TX 79412
Phone: (866) 239-3735
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