For context, the average used car APR for prime borrowers is around 9.4% , while deep subprime borrowers (who often use BHPH) average 21.6% . Key Factors Influencing Your Rate
Not all BHPH dealers report positive payments to credit bureaus, meaning you might not actually improve your credit score despite paying the high interest.
High APRs can lead to "negative equity," where you owe thousands more than the car is worth as it depreciates. buy here pay here apr
These dealers often install GPS trackers or "kill switches" to quickly repossess vehicles if a payment is even one day late.
For more specific data, you can check the Experian State of the Automotive Finance Market or compare local rates through LendingTree's auto loan guides . For context, the average used car APR for
Dealers prioritize your current income and job/residency stability over your past credit score when setting terms. Critical Considerations
While BHPH dealers may not do a hard credit check, they cater to "Deep Subprime" borrowers (scores 300–500), where double-digit rates are standard. These dealers often install GPS trackers or "kill
Many BHPH loans require weekly or bi-weekly payments rather than monthly installments.