Why Do Buy Here Pay Here Tampa Take Weekly Cash Payments
If your friends or anyone in your social circle has ever opted for car finance through buy here pay here Tampa , you would have definitely seen them paying their loans in easy ad very small weekly installments. This could be something that confuses you a lot. This is quite obvious as most of the loan repayments are done through monthly installments only. As soon as you receive your pay, you make reservations for these monthly payments and have practically nothing left with you at the end of the month. However, these buy here pay here dealers do not believe in the same. They offer you smaller weekly payments which are definitely more convenient. If you too want a car from these dealers, you must also understand more about this unique feature of buy here pay car lots.
Most of the buy here pay here dealerships Tampa take weekly payments from their debtors and prefer cash payments only. However, there are few dealers who would be accepting bi-weekly payments as well. These dealers are bearing a very high risk by providing a buy here pay here financing option to you. You already have a low credit score and are liable to become a high risk loan candidate. If they provide you sub-prime lending, they pay on your behalf and then recover their money from you. If they provide in-house financing, then too they would have to recover their investments from you. In such cases, loan repayments become a huge concern for these dealers. Therefore, they prefer to keep a tab on their repayments and recoveries and opt for smaller weekly payments. Moreover, they prefer cash only transactions so that issues related to bank transfers and checks are avoided altogether.
This is not a bad idea at all. In fact, it becomes beneficial for both the parties involved. You would have to make smaller payments which does not affect your budget much. You would have more disposable income at the beginning of the month with weekly payments. However, if you had to make monthly payments, most of your money would be spent ruthlessly. As the interest rates are really high with the buy here pay here Tampa, a monthly payment could have easily drained you of all your financial resources. Hence, it is better to make smaller weekly payments. This shall help you in holding on your financial standing and also making sure that you get better car financing options.