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Buy Here Pay Here with No Down Payment: Is It the Next Big Thing?

Buy here pay here with no down payment – you do not have to work hard to find such auto financing deals in the Spartanburg area. With the number of used car shoppers rising in the market, dealers are competing with each other more than ever and the best way to promise an attractive buying experience is to charge no down payment at all, despite the bad credit score of the used car buyer. So, is this deal slated to become the next big deal? If you wait long enough, will you see almost all buy here pay here dealers offering no down offers and you can just walk into a dealership and pay nothing upfront to buy a used car? Something, somewhere, might seem too good to be true and your hunch is not entirely wrong.

Buy here pay here with no down payment – The next big thing?

Certainly, not. On the surface, it might seem like that you are not paying anything at all to buy a used car now, but you will pay more in interest if you choose to pay no down payment. Let’s explain this with an example. Suppose you just finalized the deal for a $14,000 used car for sale in Moore, SC. With zero down payment and given that you are buying with a bad credit score, the overall price of the vehicle will stand at around may be $24,870 at the end of a 3-year loan span. Now, suppose you wish to pay a 10% down payment upfront or $2,000. With all other parameters constant, the price of the car then becomes $21,984.

Notice how the interest payable is almost $900 less in the second case than the first. The higher the down payment you pay, the fewer is the loan amount that you need, and thus, the lower the interest that you bear overall. The interest amount is ultimately the buy here pay here dealership’s revenue that it receives by financing you. Naturally, such a dealer stands to benefit the most by offering you buy here pay here with no down payment auto financing deals.

What should you do?

Not every buy here pay here car dealership in Moore, SC looks to rip you off by advertising no down payment offers. Not everywhere do you lose money by choosing to pay nothing at all. At Uncle Joe’s used cars and trucks, you can buy any used vehicle by paying no down payment through our industry-leading trade-in deals. Bring your old car to Uncle Joe’s and get it valued. Trade in the vehicle with us and use the dollar value of your previous used car to pay the down payment of the next. Nothing comes from your savings. Yet, you can reduce the interest rate payable by selling your old used car to us.

A trusted buy here pay here car dealership in Moore, SC, will always look to benefit you. And that is exactly what you get at Uncle Joe’s. Our no down payment offer is solid. You get a quality used car with affordable bad credit financing. Visit us now, test-drive our vehicles, and buy with an assured 2 years/36,000 miles warranty.


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