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If you have credit dilemmas, you might be considering "buy here pay here" as a solution. Although it may be tempting, you could find that upon learning several facts, this type of establishment does not fit within a positive financial outlook. This article will explain a couple of key points to think about when looking at 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 is paid for. Payment arrangements are created between you and the dealer, and if you default, the automobile is quickly repossessed. Generally speaking, you can find no credit checks involved and it's really 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 cannot be sold by normal dealerships. They're purchased at car auctions cheap, and frequently the total amount requested for a deposit equals a good portion of what the dealer paid for the car. What you pay in car payments and interest, is primarily profit.