You have probably heard the term ‘buy-here pay-here.’ It’s generally used as a descriptor in marketing, which leads a lot of car shoppers to assume buy-here pay-here is a good thing. If you’ve seen dealerships advertising themselves as being a buy-here pay-here dealership but aren’t exactly sure what that means, or if it’s a good thing, we’re here to help.
Here at Easterns Automotive, we do our best to inform our customers about all aspects of the automotive world. We encourage you to watch the video above where Joel Bassam, the Director of Marketing for Easterns Automotive Group, breaks down the differences between a traditional car dealership and a buy-here pay-here lot.
How Does a Buy-Here Pay-Here Lot Work?
At a traditional car dealership, financing is secured through a partner or bank. At a buy-here pay-here lot, the financing is completed by the dealer.
While that might seem like a small difference, it greatly impacts the consumer experience in negative ways.
Shopping at a Buy-Here Pay-Here Dealership Won’t Improve Your Credit Score
Some people assume they won’t qualify for credit anywhere except a buy-here pay-here lot. Since buy-here pay-here dealerships allegedly h [...]