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
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. buy here pay here apr
Not all BHPH dealers report positive payments to credit bureaus, meaning you might not actually improve your credit score despite paying the high interest. 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 25% in Michigan)
Can top 25% to 30% depending on the state and dealership.
Dealerships often charge the absolute legal limit, which varies by state (e.g., 18% in Texas vs. 25% in Michigan).