CTP Show Blog

How Does Buy Here Pay Here Finance Work?

I’ve always wondered how buy here pay here finance worked. Do they just buy cars from new car dealers that are old trade in’s or how does that work?

They always seem to have old cars on their car lots and when they ever have something that looks like it might be decent, they always want an arm and a leg for it. They put the down payments on the windshields and sometimes the down payments that they want are more than what the cars look like they should be sold for.

I’m just curious what the deal is with these types of places?

Seems like I might have to use one if I can’t get approved here soon because I need a car and need it bad. I’m just scared that I might end up getting taken.