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Your Easy-Credit, Low Down-Payment Car Store

The Truth About "Buy Here, Pay Here" Car Lots

by Wheel City Auto
12/21/2015 - Sioux Falls, SD

Are you looking for a champagne car on a beer budget? 

Do you just want a reliable car but don’t have great credit?

One option is to buy a quality, used automobile from a buy-here pay-here dealership

It is a great option. If you have any qualms about going to a buy-here pay-here dealership, it’s a good idea to learn how they operate and in what ways they are different from traditional used car places. Knowing what you're dealing will help you make a wise decision.

Buy-here pay-here dealerships such as Wheel City Auto Finance Centers are businesses in which they are the “bank” too—they lend money to people so that can buy a vehicle, provided their choice is from their lot. 

Buy-here pay-here dealerships typically help buyers who don’t qualify for financing elsewhere. Wheel City Auto Finance Centers are recognized as a top buy-here pay-here dealership in the communities they serve in South Dakota and Florida.

People who have tight budgets and/or bad credit sometimes go to buy-here pay here dealerships because they assume there are no other options.

The truth is that buy-here pay-here dealerships are more reputable than you might think; many are also finance companies. 

What does that mean?

It means that buy-here pay here dealerships such as Wheel City Auto Finance Centers are required to follow specific laws to keep themselves above board. And that means that you can rest easy, don’t worry about being caught in a bad deal.

When dealers become financiers, they are subject to the same federal laws as a bank. That portion of the dealership must provide proper "Truth in Lending" notifications, and stay in compliance with the federal Truth in Lending Act. 

Still with me?

In other words, the car dealership that is now also the “bank” for its customers must have things in place to show that they have kept either all or part of the amount they charged you or someone else for a vehicle. They must accurately disclose the true cash price of the vehicle and the amount that was financed. 

These things and more regulations mean that basically, it would take a lot of extra work to be shady—and the consequences aren’t worth it. That’s good news for you.

Buy-here pay-here dealerships such as Wheel City Auto Finance Centers can be a great help if you have fallen on hard times. Like anyone else, you are entitled to know what you’re getting into and what the law requires before taking the plunge into vehicle financing.


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Understanding your way around financing lingo—especially for a first-time car buyer—can be a bit intimidating...

What is a buy-here pay-here dealership anyway?

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11/10/2017 - Sioux Falls, SD
Wheel City Auto Finance Centers owns our finance company. We are the “bank.”

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