Buy here pay here dealers are known to require a down payment. In many cases, the down payment covers the amount that the dealer paid for the car and the rest, that you make in payments, is profit. Not all dealers operate this way, however it's a common practice.
As dealers that offer in house financing determine how much they will loan on a vehicle, you can expect that the price they charge you is much higher than what they would be able to get for the vehicle if they were to sell it cash. The reason is simple. Most customers at a buy here/pay here car lot are buying based on payments, not price.
These types of car lots are a last resort for people that have credit problems and have been turned down by other car dealerships. What many of these customers don't know is that if they had done their homework, they would have realized they could get financed easily through a company that specializes in helping people with bad credit, get car loans. They could have saved their money they used for the down payment, also.
If you want a no down payment car loan... you can get it, so long as you have a job. You must be 18 years or older and be a U.S. Citizen. A valid drivers license is required, of course.
Regardless of past credit problems, bankruptcies, repossessions, foreclosures and the like, you can get approved online for a bad credit car loan. There are a couple companies that offer this service. The benefits of getting a car loan online are tremendous. It frees you from having to put down a down payment and you can choose to buy your car anywhere you want to.
Buy here pay here car dealers are like everything else in life, some are good and some should be avoided. Your best bet is to seek out your own financing with a company that specializes in helping people like you. It's easy, it will save you a lot of money both by avoiding a down payment and by avoiding the tremendous finance charges you would pay.
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