Buy Now, Pay Later: Better Than Ever
You can get your car fixed today—and spread out payments over months or even up to a year.
That’s because of the increasing popularity of the Buy Now, Pay Later (BNPL) system.
A reliable, secure, and trusted technology company called Sunbit partners with retailers and service providers in-store and online at 11,000 locations throughout the United States, including 1 in 3 auto dealership service centers. The service provider gets paid immediately, after a small processing fee.
In today’s uncertain economy, it gives consumers the flexibility needed to get what they need—whether it be car repairs or dental treatment—when they need it.
Here are some common questions and answers about the system from personal finance expert Laura Adams, host of the top-rated Money Girl podcast:
Q. How is this different from other online payment systems?
A. Sunbit is the only provider I’ve seen that really works in-store. Not only is it fast and easy—and you see all the costs upfront without hidden fees—but it also has the highest approval rates—about 9 out of 10—so it can be used by nearly everyone.
Q. Is the application reported to the Credit Bureaus?
A. Yes, as with any kind of credit, buy now, pay later companies to report your payments to consumer reporting agencies.
Q. How do I pay?
A. Your payments are automatically debited or withdrawn on the due date you’re assigned when completing your purchase and processed with the debit card you used for your down payment or with the account and routing number you provided. There’s no fee for early or additional payments.
