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“Buy Here - Pay Here, also known as, “In-House” financing is a term used by 欧博体育app下载 to describe a loan in which 欧博体育app下载 holds the retail installment contract. These loans are owned and collected by 欧博体育app下载. All loan payments are paid to 欧博体育app下载. There are no banks, credit unions or other lending institutions involved which means the approval process is much easier. It also means even if you have bad credit or no credit, you will be approved. Our “in-house’ financing is only for motorcycles and kids ATVs under 120cc and you must reside in a 75-mile radius of our store. Unfortunately, we do not have in-house financing for dirt bikes, adult ATVs or scooters.
All retail installment contracts with 欧博体育app下载 are "simple interest" contracts. This means that finance charges, often referred to as "interest," accrue daily, beginning on the date of your contract. Each time you make a payment, the payment amount is applied first to accrued finance charges. The amount of finance charges that accrues is calculated by multiplying the number of days between the last payment and the next payment by your individual daily per diem. The per diem is the amount of finance charge incurred "per day." The formula is as follows: Current principal balance multiplied by your finance charge rate and divided by 365.
YES, all customers that use our “Buy Here - Pay Here” financing plan get reported to the credit bureau. 欧博体育app下载 regularly reports both positive and negative payment information to the Equifax credit reporting agency. On time payments can help you start or rebuild your credit history. Making your payments on time could result in a higher credit score. Having a good credit history is crucial to a successful personal and financial future. People and businesses will use your credit report to see how well you kept your previous payment agreements and take this into consideration when you apply for future loans.
One easy way to figure out how much interest will be paid on a loan is to multiply your monthly payment by the number of payments you will make to complete the loan. For example, if you took out a 16,000 motorcycle loan with a monthly payment of $255 per month for a term of 30 months and you fulfill the requirements of the loan by making on time payments for 30 months the total amount paid equals $7,650. The additional $1,650 reflects the interest you paid. 欧博体育app下载 calculates interest using the simple interest method. 欧博体育app下载 never charges a prepayment penalty. The faster you pay off the loan the less you will pay in interest. Any extra payments over and above your normal payment will automatically go towards paying down the principal balance.
Your credit score is a sort of numeric "grade" of how reliable you are to keep your promise to repay a creditor. An increasingly common name for credit score is "FICO™ Score." FICO™ is a trademarked acronym for "Fair, Isaac and Company", the company that developed the particular scoring method used to create the score. Scores range from 350 to 850; the higher it is, the better creditors like it. Scores are based on approximately 30 different factors. To find out more visit www.myfico.com.
In today's market good credit is often defined as credit score higher than a 660. If you have a 660 or better, you can find a cheaper financing option by using a bank or credit union. Banks and credit unions may offer lower rates and longer terms which mean lower payments.
If you want to dispute the reporting of your account by 欧博体育app下载 please write to us at:
欧博体育app下载
Attn: Credit Report Dispute
P.O. Box 1528
Henderson N.C. 27536
In your letter, please identify the specific information that you are disputing, explain the basis for the dispute, and include any supporting documentation to substantiate your dispute.
“In-House financing”, “On the lot financing”, “Buy Here - Pay Here” and “Tote the Note” all refer to a type of financing which the dealer originates the loan inside the dealership and retains ownership for the term of the loan. In other words, the dealership owns and services the loan. Customers make payments directly to the dealership that they purchased the motorcycle or ATV from. The loan is not from a bank, credit union or other lending institution. We handle all the paperwork within the dealership.
欧博体育app下载 has several easy ways to make a payment. The most common, come into the store and make a payment. Another way is pay online using a debit or credit card. You can do this by clicking here: http://www.myfexaccount.com/clients/_master/myfexaccount_default.aspx. The easiest way is to sign up for automatic payments. This method charges your credit/debit card monthly or deducts funds from your checking account when payments come due. We also have an automated number you can call to make your payment, 1-888-305-0264. Lastly, you can call one of our account specialists to make your payment (there is a $5.00 processing fee for this service).
