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What is Buy Here Pay Here?1. A slogan used by car dealerships (or in some cases furniture store) that regularly use predatory loan practices to entice low income earning or individuals with bad credit to enter into high interest rate loans (10% apr on the low end, usually in the neighborhood of 25%). They do this because they unfairly assume the applicants will not be able to pay the loan off so they attempt to extract as much interest as they can from the applicant. 1. "Here at Bob's Used Auto Emporium we finance everyone! Good credit, bad credit, no credit we will get YOU in a ride today! Buy here pay here!" Buy Here Pay Here - video |
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