There are dealerships and car lots that specialize in helping people who need a second chance at credit. At these second chance dealerships and car lots, you can always expect the auto financing discussion to take precedence. This is in stark contrast to your typical run-of-the-mill dealerships, in which the shopper and salesperson tend to discuss the advantages, features, and options of an array of vehicles first. The sales staff may inquire as to how the purchaser intends to pay for his or her purchase, but the brass tacks of auto lending are typically addressed after a car is selected.
At second chance car dealerships, however, the shopper’s credit score, finances, and income are paramount. After all, he or she has most likely been turned down at least once for an auto loan. Since the dealer is taking on a great risk by handing out second chance car loans to people with poor credit, they want to get a good picture of a buyer’s ability to pay first and foremost. With information on earnings and existing debts on the table, the dealer can then calculate which vehicles on the car lot a buyer can afford to buy, based on monthly payment and other factors.
In some ways, it might be smart if more dealerships adopted this process, as buyers – those with good credit and bad – are all-too-often tempted by vehicles which are above their price range. This leads to upside down car loans, loan defaults, repossessions, and the other kinds of issues that take a person’s credit score from good to bad.
If you have been turned down before, Second Chance Auto Loans can help you connect with a dealer or lender who is willing to work with you, no matter credit. Click here to Apply Today!