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If you have credit problems, you may be considering "buy here pay here" as a solution. Though it might be tempting, you may find that upon learning several facts, that type of establishment will not fit within a positive financial outlook. This informative article will explain several tips to think about when looking 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 manufactured between you and the dealer, of course, if you default, the automobile is quickly repossessed. Generally, there are no credit checks involved and it's easy 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 not be sold by normal dealerships. They're purchased at car auctions inexpensive, and usually the amount requested for a deposit equals a good portion of what the dealer paid for the car. That which you pay in car payments and interest, is primarily profit.