FAQ About Financing A Vehicle With Poor Credit

March 29 2023 -

When you think about second chance credit or specialized credit financing, chances are you don’t think too highly of it. Experts everywhere say that it should be avoided, and many people will likely tell you that it is not a good solution. But the fact of the matter is that for many consumers in the New Minas region that need a vehicle and have poor credit or no credit, it is the only option available. The good news is that when you do business with a reputable dealership like Steele Valley Chevrolet, 2nd chance financing can actually be beneficial.

Here are some frequently asked questions about 2nd chance financing.

What Is 2nd Chance Credit Financing?

Second-chance financing is available for buyers in and around New Minas, Nova Scotia who need a vehicle, but don’t have very good credit. A bad credit score can come from a wide range of situations, including a sudden job loss, sudden illness, or a divorce. It may also be that you simply don’t have any credit because this is your first major loan.

How Does It Work?

Second-chance credit financing is offered through specialists like Steele Valley Chevrolet. The first step is understanding your needs and your specific situation. Once we have a better understanding of your needs, we contact our many financial partners to craft a tailored financing plan. In doing so, we find a financing plan that you can afford and that will work with your budget.

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 Steele Valley Chevrolet is able to negotiate a favourable rate with our financial partners. In addition, this rate is explained in detail to you before your purchase so that you can make an informed decision. More importantly, we will work to lower your payment over time

Come learn more about our 2nd chance financing offers today!

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