How Down Payments Are Determined At A Buy Here Pay Here?
I have noticed how all buy here pay here car dealerships tend to request down payments from their customers. I was wondering the reason behind this and found that they actually do not do the actual financing for the car in which you are purchasing. In fact, they are only financing the profit on the car in which you are purchasing.
Learn more about buy here pay here car lots.
For instance, is a car bought for $2000 is sold at a buy here pay here dealership, then it may be sold for up to $7000. As a result, a $2000 down payment will be collected to go toward the cost of the car.
