Buy Here Pay Here in Rhode Island
A car can be one of the biggest investments you ever make besides your house. If you don’t have good credit, you may find it very difficult to buy a new car, either because you can’t get the financing you need or because you can’t get loan terms that fit your budget. Without a car, you may find it very difficult to hold down a job, to get your children where they need to be, or to even run basic errands, like buying groceries or going to the doctor.
Buy Here Pay Here is an Auto Financing Alternative
Trying to get traditional financing for your car loan may not be the best choice for you. It can be an arduous process without offering the payoff you want, and it can just cause you a lot of stress.
For many buyers, going to a dealership that is Buy Here Pay Here in Rhode Island may be the answer. Buy Here Pay Here is just what it sounds like: The place where you buy your car is the same place that lends you the money for it. There are many benefits to using the financing offered by these dealerships.
Primarily, Buy Here Pay Here financing is available for lenders who do not have a good credit history or score. It can even be offered to lenders who have no credit or who have very bad credit. Overall, the approval process is a lot simpler than that of traditional financing because the requirements to qualify are not as strict.
Get Approved and Increase Your Credit Score
In some cases, the interest rates on loans from buy here pay here dealers is a little higher than that of traditional auto financing. However, when you are having a hard time getting financing for a car that you really need, the slightly higher interest rate seems like a small price to pay. If the higher interest rate is really concerning, you can look into refinancing the loan after a year or so. You will have built up some positive payment history on the loan, which can help you improve your credit score and qualify for better loan terms.
If you are having trouble getting approved for a traditional auto loan, it may be time to consider Buy Here Pay Here in Rhode Island. Shannon Motors is ready to help you get the financing you need so you can get back on track and get on the road with your new car.