Yes, there are still some car lots out there that charge the maximum allowable interest rate in your state, but these lots are in the minority. Various sources put the average BHPH interest rate at slightly over 20% APR. When you compare this with the average rate of all Deep Subprime (FICA lower that 549) loans, 17.9%, you see that those in the BHPH industry are comparable to the money lending industry as a whole. Because BHPH dealers lend their own money to people who generally cannot get a conventional loan from a more traditional car lot, 20% is fairly reasonable.
Our interest rates range from 5.99% to 19.9% for qualified buyers.
With the risk posed by guests in the Subprime market, BHPH dealerships tend to be a little more expensive than buying a used car from a traditional car lot. The good thing about a BHPH is that we are the bank; we do not have to get an approval from a bank to get you into a car. If you run into any dealership that is not up-front and open about this particular fact, then you may need to look for a dealership whose code of ethics is held to a higher standard. Easton Motors will give you all the information that you need and will answer any and all questions you have. We don’t want you as guest for just one time; we want you as part of our family for a lifetime.
Most Buy Here Pay Here dealerships offer at least some kind of warranty and an increasing number of dealerships also offer service plans as well. If you are in a Buy Here Pay Here dealership and they are selling cars “As Is” then you are in the wrong place. Competition is fierce among these types of automotive dealerships and odds are that the next BHPH you walk into will have a package with a warranty.
One of the single, most universal truths of the BHPH business is that, “When the car stops running, the customer stops paying”. Dealers have been well aware of this since the beginning of the industry. Good dealers will work with the customer in the event of a breakdown to get the vehicle repaired and keep a good customer in the car and driving.
At Easton Motors we like to take the warranty and service plan a couple of steps further. Every car on an Easton Motors lot comes with a 2 year or 24,000 mile warranty. All of our vehicles are inspected and setup by an ASE certified mechanic and we also deploy a Goodyear Tire & Service Network® location in the Wisconsin Dells that uses genuine CARQUEST® parts. In case of warranty issues you do not have to take your vehicle to a 3rd party garage, we have one readily available for you.
We also give you your first year of oil changes for free. This serves two purposes; the first is that we do not believe that you should have to worry about your car’s maintenance right after you purchase. So we take that stress off of your mind and give you 4 free oil changes with the purchase of any vehicle. Second, we put our name and our brand on every vehicle and with the four free oil changes, we get the ability to take a second, third, fourth, and fifth look at the car to ensure that everything is still in excellent mechanical working order.