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A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
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]
Captives have a smaller share of the overall car financing market (new and used cars), along with banks, credit unions, and finance companies. A small number of cars are financed directly by the dealership at "Buy Here Pay Here" dealers, which cater to customers with subprime credit. Buy Here Pay Here financing accounts for 6% of the total ...
A car that’s only a year or two old may qualify for the same interest rates as a new one, but if you’re looking to finance a vehicle that’s five to 10 years old, prepare to pay a slightly ...
People with excellent credit qualified for rates around 5.61 percent, while people with bad credit had an average new car rate of 14.17 percent. Rates for used cars were higher — 11.35 percent ...
Also gas pedal. A throttle in the form of a foot-operated pedal, or sometimes a hand-operated lever or paddle, by which the flow of fuel to the engine (and thereby the engine speed) is controlled, with depression of the pedal causing the vehicle to accelerate. admission stroke See induction stroke. aftermarket air brake 1. A type of brake in which the force that actuates the brake mechanism is ...
Cons. Fees. Higher rates. May have short repayment terms. Potential risk to credit. How to use a business line of credit. A business line of credit is a flexible funding source that you can return ...
Most car dealerships use a floorplan facility to finance their inventory and factor the cost of the facility into the price presented to the consumer. The practice of using floorplan loans to finance inventory creates an incentive for the dealers to sell vehicles as quickly as possible in order to reduce the amount of interest that will accrue ...