Often referred to as in-house financing, buy here pay here clayton, nc are car dealerships that offer their own lending. Rather than shopping for conventional auto loans at banks, buyers choose the dealer’s own financing and pay with cash or a personal check. They are also allowed to charge the maximum APR allowed by law, which could be higher than other lenders. In addition, they may add a credit service charge and require a down payment. Some dealers may even install tracking and disabling devices on cars to repossess them if you don’t make payments.

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Considering all of these factors, it’s important to understand if buy here pay here lots are worth the risk. Read on to learn more about how they work, and to discover some alternate ways you can get a car with bad credit. Also, find out whether the dealership reports your payment history to the major credit bureaus and how it might affect your credit score.