Second Chance Financing

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Second Chance Financing

Second chance loans allow clients with bad credit scores to rebuild their credit. They provide borrowers with vehicle financing to repair their credit, allowing them to refinance into more favourable terms of loans in the future. The borrower has to pay higher interest rates to compensate the lender for the high risk they are taking on by lending to them. If you have had past issues making you a high credit risk, a second chance auto loan helps you get a new chance to rebuild your credit.

Second Chance Auto Loan Financing Benefits

A Finance Centre may be willing to give clients with bad credit a second chance to finance a car. If the said client pays their auto loan on time, their credit score may improve, increasing the chances of getting finances from other lenders. Most of these lending sources often opt to offer their services through franchised car dealers, compared to providing them to the public. The franchised dealers offer their clients new and low mileage certified used vehicles, and they sometimes do not require upfront fees. The main focus of the dealers is on the client's current situation, as they can access if you are capable of raising the monthly payment required. Receiving a bad credit car loan may go a long way in reinventing your financial record over time.

Rebuild Credit

Second chance auto loans can help you rebuild your reputation as a reliable payer. If you have a regular source of income, and you are sure you can make all the payments on time, you can seek the loan. As you seek a bad credit loan, you should ensure your dealer offers second chance loans. Applying for an auto loan with a dealer that doesn't provide high-risk loans may put you at the risk of poor credit ratings from the credit bureau.

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Contact us for more information. Straitway Kia offers reliable auto loans and access to all our new inventory in New Glasgow, Nova Scotia.

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