Why Do Buy Here, Pay Here Dealers Require Down Payments?

April 30, 2010 8:56 am admin Travel and Leisure

I was shopping for a car (actually, I’ve been shopping for weeks) trying to find financing (I have bad credit) and pretty much come to the conclusion that I’m going to have to use buy here pay here dealer financing. Yeah, I read that article at the link and I just can’t qualify for anything being that I only make $1000.00 a month income at my job. I’ve been to at least 10 of these places all over Chicago.

So what gives?

Every place that I went to, the salesman told me that I have to have a down payment. Most of these car lots told me that I have to put down a grand or more. I know I have bad credit, but my gosh… what do they expect? How many people have that kind of cash lying around to put down on a car? I know I sure don’t.

So, why do these places always ask for money down?

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