2nd chance credit financing isn’t very well understood, and it is fair to say that it does not have the best reputation. However, for many consumers, second-chance credit financing helped restore their credit while allowing them to purchase a vehicle. If your credit is not good, but you need a vehicle, it's not fair to just say "2nd chance credit financing should be avoided". This is a generalization that is wrong for many buyers.
Here are some frequently asked questions about 2nd chance financing.
What is 2nd Chance Credit Financing?
A 2nd chance credit loan is a purchasing solution for those who need a vehicle but who have less than average credit. For many buyers with a poor credit score, this is the only way to access auto financing for the purchase of a vehicle.
How Does it Work?
2nd chance credit financing is offered through specialists like our team here at Capital Auto Centre. We start by making sure we understand your situation and needs. Once we have a better understanding of your needs, we contact our many financial partners to craft a tailored financing plan. It is these many partners that enable us to obtain the best possible financing for you.
Is it True That the Interest Rate is Higher?
Yes, the interest rate on 2nd chance credit auto financing will be higher than traditional financing. That said, the team at Capital Auto Centre can negotiate a favourable rate with our financial partners. In addition, everything will be explained in detail and there are never any secrets. Our goal is to find a financing plan that you can respect to improve your credit and, eventually, reduce the cost of borrowing.
Come learn more about Auto Credit financing offers today!
