A Second Chance to Buy Your Next Car

If you're in the market for a new car, your credit score is absolutely crucial. These days, fewer than 10% of bad credit auto loans are approved (for new cars). That's a far cry from the glory days of early 2008, when upwards of one-third of these loans were approved. So what's the problem? 

The economy, that's what.  Creditors just aren't giving out lines of credit or loans like they used to. Everyone is just trying to endure this period of economic hardship, and lending funds to individuals with high risk credit doesn't fit into that financial paradigm.

So what can you do if you've been denied the vehicle loan you need? For one, you can look go to companies who specialize in lending to individuals with the lowest 25% of credit scores. These companies - some of them lenders, some actual dealerships - are fewer and more far between than your run-of-the-mill bank or credit union which offers auto loans. However, they are focused on the subprime market category.

To find them more easily, you might want to enlist the services of specialized loan-matching agency such as Second Chance Auto Loans. Such a service utilizes sophisticated software to match your credit profile, income, and vehicle needs to the most suitable subprime auto lender in your area. There are no risks, fees, or hassles for this service.

Ultimately, you be able to get a second chance to finance the vehicle you need, at a rate you can afford. Whether you work with a subprime auto finance company, a buy here pay here dealer, or a credit union that's willing to overlook your credit score, you will be putting yourself behind the wheel of your financial future.