Dealers prioritize your current income and job/residency stability over your past credit score when setting terms. Critical Considerations
High APRs can lead to "negative equity," where you owe thousands more than the car is worth as it depreciates. buy here pay here apr
For context, the average used car APR for prime borrowers is around 9.4% , while deep subprime borrowers (who often use BHPH) average 21.6% . Key Factors Influencing Your Rate Key Factors Influencing Your Rate These dealers often
These dealers often install GPS trackers or "kill switches" to quickly repossess vehicles if a payment is even one day late. Many BHPH loans require weekly or bi-weekly payments
Not all BHPH dealers report positive payments to credit bureaus, meaning you might not actually improve your credit score despite paying the high interest.
For more specific data, you can check the Experian State of the Automotive Finance Market or compare local rates through LendingTree's auto loan guides .
Many BHPH loans require weekly or bi-weekly payments rather than monthly installments.