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

Buy here pay here is a kind of auto financing that requires the dealer holding the title to the vehicle until it really is paid for. Payment arrangements are manufactured between you and the dealer, of course, if you default, the car is quickly repossessed. Generally, there are no credit checks involved and it's an easy task 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 typically cars that cannot be sold by normal dealerships. They are purchased at car auctions inexpensive, and frequently the total amount requested for a down payment equals a good portion of what the dealer covered the car. What you pay in car payments and interest, is primarily profit.