Buyer's Credit. It is a financial arrangement by which a financial institution or an export credit agency (ECA) in the nation of the vendor extends a loan, either directly to the foreign buyer of the products or indirectly through a financial institution in the buyer's country acting on its behalf. The credit is meant to enable the buyer to make payments due to the vendor under the contract. It is normally a medium-to-long term loan. It can also be considered financing that is put in place by a buyer to purchase products or services or provided for its benefit by a third party, such as an ECA.