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Car sales reached their lowest point in American history in 2021 and only made a post-pandemic rebound in 2023, as demonstrated by data from the National Automobile Dealers Association.
Unfortunately, dealers aim to lock you into long-term car loans to make that price appear lower. But what it does is increase the total cost of the car, leaving you in debt for longer.
Retail floor planning (also referred to as floorplanning or inventory financing) is a type of short term loan used by retailers to purchase high-cost inventory such as automobiles. These loans are often secured by the inventory purchased as collateral. [1] Floor planning is commonly used in new and used car dealerships. [2]
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
Car dealerships: You can finance through a dealership if you cannot secure a loan from another lender. However, dealerships often mark up the rates they offer to make more money off the deal ...
Black Book collects data from wholesale auctions it attends in person or online, applies adjustments and compares them against dealer advertised prices. Access is restricted because it requires subscriptions, but public access to its price search features are accessible through third party sites such as Newcars.com. [4] Assessing car value is dependent on several factors including make, model ...
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