Many used-car dealers offer on-the-lot financing because they make more
money on the financing than on the car. If you compare, you will find
that interest rates offered by "Buy-Here/Pay-Here" lots are often 3 to 4 times
as high as rates offered by local banks! These high-rate loans can
nearly double what the customer pays for the vehicle.
Since my reputation is built on treating customers fairly and honestly, I
do not offer these high-interest loans. I recommend that buyers talk to
a local bank or even look into some of the available online loans for
financing. Lower-interest loans mean fewer payments, smaller payments or
both.
Many salesmen utilize high-pressure tactics to get you into a car with
financing from the lot. They will often talk only about monthly
payments. I will talk with you about the total cost of acquiring the
vehicle and help you save money.