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If you have credit problems, maybe you are considering "buy here pay here" as a solution. Even though it may be tempting, you may find that upon learning several facts, that kind of establishment does not fit in just a positive financial outlook. This article will explain a few tips to think about when taking a look at the chance of using dealerships that finance their own cars.

Buy here pay here is a form of auto financing that requires the dealer holding the title to the vehicle until it is paid for. Payment arrangements are made between you and the dealer, and if you default, the vehicle is quickly repossessed. Generally speaking, you can find no credit checks involved and it's simple to get buy here, pay here financing with a down payment.

Hold it right there, cowboy.

Down payments are always required at buy here pay here charlotte these types of car lots. Autos sold at buy here pay here lots are usually cars that can't be sold by normal dealerships. They truly are purchased at car auctions low priced, and usually the amount requested for a down payment equals an excellent percentage of what the dealer paid for the car. That which you pay in car payments and interest, is primarily profit.