Buy Here Pay Here Dealer

The term refers to a car dealership that directly finances the cars that they sell. Also known as “in-house financing” or “tote “the note dealers, payments are usually made at the dealership on a weekly or bi-weekly basis. This small gap of time in between payments offers the dealer the ability to quickly repossess the car if payments aren't made. The advantage of Tote the Note car dealers is that they usually don’t check the credit of borrowers. The disadvantage of these dealers is that many of them don’t report loans or payments to the credit bureaus, so even if all payments on a loan are on time, the loan won’t improve a borrower’s credit.