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When you have credit problems, you might be considering "buy here pay here" as a solution. Though it might be tempting, you may find that upon learning several facts, that this type of establishment does not fit within a positive financial outlook. This short article will explain a few key points to consider when considering the prospect of using dealerships that finance their particular cars.

Buy here pay this 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, of course, 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 deposit.

Hold it right there, cowboy.

Down payments are always required at buy here pay here charlotte these kinds of car lots. Autos sold at buy here pay here lots are usually cars that cannot be sold by normal dealerships. They've been purchased at car auctions inexpensive, and usually the amount requested for a deposit equals a good percentage of what the dealer covered the car. That which you pay in car payments and interest, is primarily profit.