In this video, 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.
What the Difference?
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.
- At “buy here pay here” lots, there generally isn’t any reporting to the three credit bureaus, so making payments on time won’t be positively reflected in your credit score.
- Many of these lots also require weekly or bi-monthly payments made on-site, which is a big inconvenience.
- Finally, “buy here pay here” lots also have a smaller selection of lower-quality, older cars to choose from.
When choosing the right fit for you, remember that at Easterns Automotive Group, your job is your credit.
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