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If you have credit problems, you may well be considering "buy here pay here" as a solution. Even though it may be tempting, you may find that upon learning several facts, that this kind of establishment does not fit in just a positive financial outlook. This article will explain a few key points to take into account when looking at the outlook of using dealerships that finance their own cars.

Buy here pay listed 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 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 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 types of car lots. Autos sold at buy here pay here lots are typically cars that can not be sold by normal dealerships. They've been purchased at car auctions low priced, and often the quantity requested for a advance payment equals a good percentage of what the dealer taken care of the car. What you pay in car payments and interest, is primarily profit.