Second Chance Auto Loan in North Bay, Ontario

Second Chance Auto Loan

Second Chance Auto Loan in North Bay, Ontario

Having a bad credit score may feel like the end of the world, especially if you need financing for a new vehicle. While your options may be limited, the good news is that there is financing available. With a subprime auto loan, car dealerships are often willing to help you finance your new vehicle. Keep reading to find out more and how North Bay Mitsubishi can help.

What Is a Subprime Auto Loan?

A subprime auto loan, or second chance auto loan, is a type of auto loan offered to people with less than ideal credit. These loans usually carry higher interest rates and may have penalties if paid off early. While these second chance, or even third chance, loans are less than desirable, they have their advantages. Borrowers with credit scores below 650 and above 450 are prime for a second chance loan. Customers looking to get a vehicle may also need to provide income tax forms or alternative proof of income. While the rates for a second chance loan may be higher, making payments on them is a great way to improve your credit. While you may pay more out of pocket, you're taking the first steps to improve your credit.

Contact Us Today

If you're in the market for a new vehicle but don't have the best credit, North Bay Mitsubishi can help. We know how important it is to have access to reliable transportation. That's why our dealership is ready to set you up with a second chance auto loan. If you need auto financing, give us a visit today. Better yet, why not fill out a credit application in our Finance Centre and see which financing options are available. If you already have a vehicle, we can also help with a trade-in appraisal. You'd be surprised by how much you can get for your old vehicle. To find out more, contact us today.

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