Second Chance Car Loans

Second Chance Loans and “Guaranteed Financing” for Columbus, GA Drivers

You’ve heard of getting a second chance, and that applies to auto financing too; getting a second chance auto loan can be your ticket to a great vehicle and better credit. A second chance loan is another name for a bad credit loan, and if you’ve been turned away by a different lender (or lenders) because you have bad credit, we want to give you a second chance at financing. Second chance loans can be categorized as either dealership-financed or bank-financed loans.

Many second chance loans are given in the form of a dealership-financed loan. These loans can also be called “buy here pay here” financing, because your monthly payments are made directly to the dealership that sold you your car. If you’re looking to purchase an early-model vehicle with high mileage, a dealership-financed loan is a good option. In order to guarantee your financing, a dealership will ask for a relatively high down payment in relation to the car’s value, but the dealership can usually offer you a lower interest rate (a point or two, at least).

A bank-financed loan is a better choice if you’re planning on buying a late-model or even a brand new car or truck. Bank-financed second chance loans are also called indirect lending because you’ll make your payments to a bank or credit union that holds your vehicle title over the course of your loan. Bank-financed loans offer better rates for newer vehicles because the lenders know most buyers are more likely to make payments reliably for a vehicle that is more reliable.

No matter what type of second chance loan you’re looking for, keep these tips in mind and shop smart:

  • Know your credit score and the information in your credit profile
  • Buying a car with a sub-prime loan is different than buying a car with a traditional loan, your income and current debts will be perused by your lender and you will be budgeted for a monthly payment
  • Research insurance prices on comparable cars in the price-range you’re approved for, insurance rates can differ greatly between various makes and models.
  • If you’re buying a used vehicle, have it inspected by an ASE certified mechanic before buying
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