Buy here pay here clayton are car dealerships that offer in-house financing rather than a lender such as a bank or credit union. These types of loans are sometimes the only way that people with poor credit can get a car. However, a purchase from a buy here pay here lot could cost more in the long run than one purchased through conventional means.
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This is because these dealers often charge high interest rates, up to the maximum rate allowed by law in their state, and may sell cars for more than they are worth after factoring in interest and fees. They also may require a tracking device or disable the car if you are late with payments. These added features can add up to a costly car loan.
Some buy here pay here dealers do report to the three major credit bureaus, which can help you build your credit score over time and make it easier to obtain conventional loans in the future. However, it is important to ask the dealer if they do this before making your purchase.