There are a couple of area car dealerships that advertise “Guaranteed Financing. Bad Credit! No Credit! No Problem! Guaranteed on the spot financing available.” As the father of a teenage driver, I became curious to find out if this might be an option. What’s the catch? I also wondered would this option help build credit […]
Bad Credit, No Credit, What’s the Catch?
WRITTEN BY: Ken Stewart, Extension Educator,Family and Consumer Sciences, Ohio State University Extension, Monroe County
REVIEWED BY: Lisa Barlage, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Ross County
PHOTO CREDITS:
- Dan Gold-N7RiDzfF2iw-unsplash
SOURCES:
- Credit Karma, Buy-here, pay-here financing: What you need to know (2022) Kim Porter
- Lending Tree.com, Why you should skip the 'Buy Here Pay Here' Car Lots (2022)
- Bank Rate What You Should Know About 0% APR Car Deals, Michelle Black
REFERENCES:
- Consumer Financila Protection Bureau, https://www.consumerfinance.gov/consumer-tools/educator-tools/buying-a-car/#anchor_start.