About this guide: All Star Car Sales is a car dealership, and we earn money when customers finance vehicles with us. We've written this guide to be accurate and useful whether or not you buy from us — including the parts that suggest waiting, saving more, or spending less. Written by All Star Car Sales
A VinFast EV vs. buy-here-pay-here schemes — which is your best option? For drivers with bad credit, buy-here-pay-here loans have their appeal. But what if better choices were available?
Key Takeaways
- Because of high interest rates and other fees, buy-here-pay-here offerings are a last resort for drivers with low credit scores.
- At VinFast, we’ve got financing options for everyone! We’ll help you drive home in an upscale EV without the hassle or expense of a buy-here-pay-here scheme.
- We help drivers with no credit or bad credit qualify for competitive loans well within their personal budgets!
What are the pros and cons of Buy-Here-Pay-Here?
When it comes to buy-here-pay-here loans, there may be more cons than pros. A buy-here-pay-here program is financed by the dealership itself, so you’ll be making payments directly to the dealership for your new vehicle. On the up side, almost anyone can obtain this type of loan. Often, dealerships don’t even perform a hard inquiry into your credit record. And since you’re already at the dealership, obtaining financing and shopping for a new car is a convenient, one-shot deal.
Then there are the potential downsides. As you can imagine, loans meant as a last resort tend to have high interest rates. Some dealerships will lend drivers more than a car is even worth, and drivers won’t be incentivized to negotiate a lower price. Then there are potential inconveniences baked into the offer. Dealers may ask that you make the payments in person, and often. Instead of one monthly payment, you may be asked to pay once or twice a week. There may even be additional fees you’re required to pay!
Pros of Buy-Here-Pay-Here
- Available for drivers with bad credit
- No hard inquiry on your credit report
- Convenient one-stop shopping
Cons of Buy-Here-Pay-Here
- Higher interest rates than other types of financing
- Possible hidden fees
- Without loan limitations, you may end up paying more than a vehicle is worth
- Making on-site payments at the dealership can be inconvenient
- Frequent payments, such as weekly or bi-weekly payments, may be required
Why is VinFast a good alternative to Buy-Here-Pay-Here?
At VinFast, we don’t treat your bad credit score (or lack of credit score) with the same contempt as a buy-here-pay-here program might. We want all of our customers — even those who are having a rough time financially — to be able to drive home in a vehicle they’ll love. Whatever your credit score, we’ll help you find competitive financing rates. You may even qualify to lease one of our VinFast electric SUVs! If so, you’re in luck, because we’re offering one of the most affordable EV leases in America right now (starting at $279 a month with $0 down).
Your Financial Benefits with VinFast
- Better interest rates
- Convenient repayment schedule
- VinFast EVs are all-electric, saving you money on fuel
- EVs require less maintenance than gas-powered vehicles
Overall Reliability
- With a brand new EV, you’ll spend less on repairs than you would with a used vehicle
- Incredible limited warranty, including battery coverage for 10 years/unlimited miles
VinFast’s Upscale Comfort and Cutting-Edge Tech Features
- Vegan leather upholstery
- Head-up display
- 15.6-inch infotainment touchscreen
- Wireless Apple CarPlay/Android Auto connectivity
- Sporty all-wheel drive
- All-electric powertrain, with a max range of 330 miles
- Up to 402 horsepower and 457 pound-feet of torque
- Available panoramic sunroof
Can I get a VinFast with no credit or bad credit?
As we mentioned, leasing a VinFast EV right now means driving home in a brand new EV at a very affordable rate. When you buy or lease one of our upscale electric crossovers, you can skip sketchy buy-here-pay-here schemes. Better yet, you’ll be trading in high interest rates and inconvenient cash payments for interior luxury, cutting-edge electric performance, and lower monthly payments! At VinFast of Sebring, we make sure everyone has options — come explore yours!
Financing information: Financing is provided by third-party lenders, not by All Star Car Sales or Alan Jay Automotive Group. Approval, annual percentage rate (APR), down payment, and loan terms are determined by the lender based on your credit history, income, the vehicle, and other factors. Not all applicants will qualify, and no approval is guaranteed. Rates and terms vary and are subject to change. Contact us for terms that may be available to you.
This article is general information, not legal, financial, or credit advice. Every situation is different, and nothing here is a recommendation about your specific circumstances. Rates, lender requirements, and regulations change frequently, and the information here may not reflect current terms. Verify details with the lender before making a financing decision, and consider speaking with a qualified financial or legal professional. Neither All Star Car Sales nor Alan Jay Automotive Group is a lender, credit counselor, or law firm.