Wednesday, 9 May 2012

Buy Here, Pay Here and Build Your Credit

Many people suffer from poor credit, and rebuilding your credit score can be difficult and frustrating. But one possibility of improving your credit that you may not be aware of is buy here, pay here car dealerships. And it's easy!

Buy here, pay here is a type of financing available in the automotive industry. Some dealerships might offer it, but others specialize in it. Instead of getting a car loan from a bank, you can get car financing at a buy here, pay here dealership. So you get the car and the financing for the car from the dealership.

Buy here, pay here is meant for people who have little or no credit. Since poor credit may prevent you from getting a car loan from a bank, a buy here, pay here dealership may arrange the car financing despite your credit score. So if your credit keeps you from getting a car, buy here, pay here could be right for you.

In addition to offering vehicle financing to people with poor credit, certain buy here, pay here dealerships also give you the chance to rebuild your credit score. As long as you consistently make your payments, pay on time, or pay your vehicle off early, you have the opportunity to rebuild your credit. At a buy here, pay here dealership every time you accomplish one of these things, you are proving to the dealership that they can trust you and that you are financially responsible. As a result, they will report your on-time payments to the credit bureaus and your credit may improve. If you make enough on-time payments, your credit could be as good as new!

There is one thing to be cautious of. Not every buy here, pay here dealership reports to credit bureaus. And if the credit bureau doesn't hear that you are responsible, then your credit score may not improve. So it is important to make sure the dealership you are shopping at does not only report people when they've missed payments, but also reports people when they've made their payments on-time. Otherwise, you won't have a shot at better credit.

If you would like a good way to improve your financial situation and escape the stress that goes along with having poor credit, buy a car at a buy here, pay here dealership. Just make sure they report your on-time payments to credit bureaus and you can begin looking forward to a life of better credit.

CarHop has store locations in twelve states across the U.S. and specializes in helping car buyers with poor or no credit get approved for financing to get them driving again fast. Every CarHop vehicle includes an 18-month, 18,000 mile limited warranty at no extra charge. CarHop is now in its 15th year of pursuing its mission of "Helping People Drive®." For more information, please visit http://www.carhop.com/.


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