SRQ Auto VS Buy Here Pay Here:
Buy Here Pay Here stores have a bad reputation. Why is that, and how is SRQ Auto different?
What is Buy Here Pay Here lending?
- Designed to allow people with no credit or very bad credit to get a car
- Vehicles are over priced compared to market pricing
- They come with VERY high interest rates
- Vehicle condition is typically not good enough to last for the loan period.
- Warranties are usually already gone.
- There are typically high fees associated with the loans, which drive a high sale price even higher
- When leaving the dealership, your car is worth way under what you owe. This makes it very hard to get out from under it, without coming up with a large amount of cash
- They require a high down payment that can be as much as the car is worth
Buy Here Pay Here lending has been described as predatory because the loan payment history is typically not reported to the credit bureaus. This means that you can pay as agreed for years, and will not help get your credit score up to a level where you may qualify for better financing.
SRQ Auto is not a Buy Here Pay Here store. How are we different?
- Vehicles are priced to be at market pricing levels
- Vehicles are carefully screened to make sure that they are in good condition
- SRQ has a wide range of traditional lenders that are more forgiving of credit issues than normal
- Traditional lenders have better interest rates
- Traditional lenders are associated with much lower fees.
- Traditional lenders report payment history to the credit bureaus. This means that a positive payment history can help your credit score. A good credit score helps you get better jobs, better places to live, cheaper financing, cheaper credit cards with higher credit limits.
- SRQ vehicles come with a 12 month or 12,000 mile warranty. * This helps take some of the worry out of buying a car.
Don’t get taken by the Buy Here Pay Here dealerships. SRQ Auto cares for its customers and wants to help get you on the road toward improved credit. Come see us today!
*Warranty available on vehicles that are less than 15 years old and under 150,000 miles