So what's the catch when car dealerships claim to accept bad credit?

I understand that not everyone has perfect credit (myself included), but I see a lot of ads and commercials on dealerships who will gladly accept all kinds of credit--including bad credit. I know there%26#039;s got to be something they%26#039;re not saying upfront. Some sort of catch or something! So what%26#039;s going on? Is this just another gimmick for people with bad credit to be %26quot;had%26quot;?
So what%26#039;s the catch when car dealerships claim to accept bad credit?
typically, very high interest rates and monthly payments
So what%26#039;s the catch when car dealerships claim to accept bad credit?
because they or they have banks that will give hi risk very high intrest loans , 24.99 % up to 30%26#039;s0and 40;s , how they get away with it with wording is amazing , watch out a car that is on the lot for 5000 after all the B S it will cost you 18/19 k
Reply:a cheap car, banks are not lending any money right now due to ole bushy boy so be glad if you get a car at all, Id suggest taking your bush check and go to the auction
Reply:They offer you credit at a very high rate.


They make it sound %26quot;small,%26quot; by extending your payments


for 47 months.


Any payments over three years. You are then paying %26quot;more%26quot; than the car is %26quot;worth.%26quot;


You are right in asking.


It%26#039;s not what they say, but what they %26quot;don%26#039;t say.%26quot;


and in a used car. it may have been in a flood or a wreck.
Reply:Typically in house financing (buy here pay here) which means very high interest rates.
Reply:The main %26quot;catch%26quot; is very high interest rates, and sometimes weekly payments, rather than monthly.
Reply:The lowest of the low are the %26quot;buy here pay here%26quot; places. They have a wrecker, and they%26#039;ll just come and get it, if you don%26#039;t pay. They have nothing to lose. Low risk.





And, too, they can cover a lot of ground by overcharging. A lot of these places will charge $3000 or $4000 for a $500 car. Sometimes it%26#039;s $800 down and $50 a week on a $500 car. You%26#039;d pay it, too, if you were stupid.





I%26#039;ve noticed around here they advertise car payments of $50 a week. That is a huge payment. You could easily buy a nice brand new car for that kind of money. But they print it as a weekly figure so you won%26#039;t think it%26#039;s much money (if you%26#039;re stupid).
Reply:When a dealer says %26quot; all credit applications accepted. %26quot; All that means is the DEALERSHIP will accept the application, is does not mean that they have a bank that will give you a loan, it just means they will accept it from you and then tell you that they will work on it and never call you back. It is like when a dealer says %26quot; once we make a deal, we will pay off your trade no matter what you owe%26quot; All that means is that if you owe to much on your car we won%26#039;t make a deal with you.





If a dealership runs an ad and gets 100 people to come in with bad credit and they sell 10 or 20 or 40, cars, the other 60 people that can%26#039;t buy a car just go home empty handed. It%26#039;s good for the dealer.
Reply:There%26#039;s a catch - you will pay thousands more in interest over the life of the loan.