What is a Second Chance Car Loan?
A second chance car loan is when the car loan lender decides even though you have had bad credit or credit issues in the past, they are looking to forgive you for that and will offer you a second chance car loan.
If you do have bad credit due to a past car loan itself, then your chances of a positive car loan approval are minimal. Car loan lenders really do not like to when you have been previously bad with a car loan, they simply do not wish to entertain taking the risk again the second time with you.
Think about it a little further, if you were a car loan lender, and you had a customer who never paid their previous car loan on time and defaulted or the car was repossessed, would you really want to be lending that person money for a car loan?
It is a tough situation, however, we still may be able to help you get a second chance car loan.
You really do need to show us what you have done since your credit defaults or credit issues to improve your overall situation, whether that be you have paid them off, or are under a repayment arrangement, more secure in your employment, whatever you can show to improve your overall position is important.
Again, if you can put in some form of deposit, this always helps to get your car loan approved.