If you have bad credit, you've probably tempted by one of those "we finance" car dealer offers. Dealerships that finance their own cars may seem like the only way to get financing for a car if you have bad credit. But, what is the real story about these types of car lots?
You may be thinking that there's no harm in these types of car lots. The truth is, that these types of car lots don't really offer auto financing that is legitimate. All they do is keep the title to the vehicle and once you've paid all your payments, hand it over. There's more to this story though.
When you go to one of these "tote the note" places, you quickly find out that they will work you for the largest down payment that they can. It's not unheard of for one of these types of dealers to take you to a pawn shop to pawn your personal valuables, to pay the dealer a down payment. Does that sound like real financing to you?
It's not real financing and truth be known, if more people that have bad credit were aware of what's available to help them, buy here pay here car lots would be out of business. There's just no reason that you should have to settle for that type of financing.
Did you know that buy here pay here places charge thousands and thousands more for cars than regular dealerships? This is primarily because they can get away with it due to people not knowing they have better options. It's not unheard of for these types of car lots to charge as much as 3 times the actual retail price of a car.
If you have a low credit score, perhaps you should take a look at lending services on the internet. Regardless of your credit history, lending services online can provide you with auto financing based on what you make each month. Getting a good auto loan is one of the first steps to rebuilding your credit history. The last thing that you need is to get ripped off at an unscrupulous car dealership.
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