Who Can Benefit from Buy Here Pay Here

December 12th, 2014 by

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One of the advantages of shopping at used car dealers in RI is that many of them offer what is known as “buy here pay here” financing. This is financing that is offered by the dealership itself. Instead of sending out an application through the dealership and sorting through the offers from as many as a dozen other lenders, you just work with the dealership directly.

Just about any person can benefit from buy here pay here financing. However, these people are the most likely to benefit:

Those with Poor Credit

A lot of people have problems with credit at some time in their lives. They might get too spendy with

credit cards, or they might fall behind on bills because of an illness. Others might have troubles after they lose their jobs or get a divorce. Whatever the reason, poor credit can be a major impediment to getting a car loan. However, when you shop used car dealers in RI that offer buy here pay here financing, you can get the money you need to buy a quality used car.

Those Recovering from Bankruptcy

Bankruptcy can be the biggest blow to a credit report. However, bad things can happen to good people. All the same scenarios that can contribute to a poor credit report can create the conditions leading up to filing for bankruptcy. After you file bankruptcy, you may find it next to impossible to get approved for any kind of credit for several years. A buy here pay here dealership gives you the second chance you need to get a new car and start re-building your credit.

Teenagers and College Students

Teenagers and college students are just getting their start in life, and they don’t typically have any credit history, let alone good credit history. Buy here pay here financing gives them the chance they need to start building their credit while also getting a great car to providing reliable transportation for class and work.

No matter what your circumstances, buy here pay here offers you another financing option for your next car. Consider shopping used car dealers in RI that offer buy here pay here financing, like Shannon Motors, to see how this line of credit might benefit you.