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

Buy here pay here is a form of auto financing that involves the dealer holding the title to the vehicle until it is covered. Payment arrangements are made between you and the dealer, and if you default, the car is quickly repossessed. Broadly speaking, you will 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 typically cars that cannot be sold by normal dealerships. They've been purchased at car auctions low priced, and often the total amount requested for a advance payment equals a good portion of what the dealer taken care of the vehicle. What you pay in car payments and interest, is primarily profit.