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Second Chance Car Loans

Advantages of a second chance car loans:

So, you want to get car finance, but, have bad credit, and, have no idea how to improve your credit score. Well, there is no need to feel hopeless; you can buy a car no matter how bad your credit records are. Generally, if you have a bad credit record, you won’t get any loans from a bank or credit agency, but, you can get an option to redeem your credit score and buying a car by opting for a second chance car finance. As the name suggests, this type of a loan gives you a second chance and increases your credit score while financing your car.

How can a second chance car loan help?

Second chance car loans are great for you if you do not have a good credit history, or, have been bankrupt recently. Under these circumstances, it is very difficult for any lending party to give you a loan; as, there is no surety that you can afford to repay the debt. The risks are very high. Now, if you are given a second chance loan, you will need to pay quite high car loan rates to compensate for the high risk and low security factors. You will have to pay quite high EMIs too, but, you will get car loan credit, and, this will boost your score.

Switching to better car loans options:

The best thing about second chance loans is that they are generally not long term. These might have long time periods, but, are actually meant to be short term. The interest is really high, but, you do not need to pay such high rates for the entire term. Once your credit score has improved, you can easily shift to a refinance option that involves much lesser car loan interest rates.

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Representive APR 1.99% *See representative example For illustrative purposes only, depending on your circumstances
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