FAQ About Second Chance Credit Financing
When you think about second chance credit, 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, it is the only option available and when you do business with a reputable dealership like JD Occasion, 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 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 JD Occasion. 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 JD Occasion 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