How long are buy here pay here loans, and are payments weekly or monthly?

Terms are shorter than a bank's — commonly two to three and a half years rather than the five to seven a new-car loan runs — and payments are often weekly or every two weeks instead of monthly.

The short term is deliberate. The lot wants the loan finished before an older car reaches the end of its useful life, because a car that dies mid-loan usually means payments stop. That's also why you rarely see a six-year term on a ten-year-old vehicle.

The payment frequency is about collection, not convenience. Many lots time payments to your paydays, so if you're paid every other Friday that's when the payment falls. Some people find this genuinely easier to manage than one large monthly bill; others find it relentless. Either way, work out what it comes to per month before you agree, because a weekly figure sounds smaller than it is — there are more than four weeks in most months.

Ask two things before signing: whether the due date can move if your pay schedule changes, and whether they take payments online or only in person. In-person-only means you're driving to the lot fifty-odd times a year, and that's worth knowing when you compare one lot against another.