In auto loan lingo, we often hear about 1st, 2nd, 3rd chance auto financing or even in-house financing. You’ve probably figured out that 2nd and 3rd chance are for those who are having trouble getting a loan. But what about in-house financing? What is special about it compared to other loans?
L’Ami Auto Crédit, your credit bureau in Chicoutimi, La Malbaie, Baie-Comeau, Alma and Sept-Îles, tells you more about this form of financing. Obtain car credit easily thanks to the good advice of our dedicated team.
An Advantageous Method of Financing
Generally, car loans are made through financial institutions, often banks. However, some rare institutions like L’Ami Auto Crédit are able to offer in-house financing. This means that our credit bureau lends the amount of the car to the client itself.
The financing plan is then much more flexible, since everything is determined between you and your advisor. It also allows us to not turn anyone away! In-house financing is often referred to as the third chance at credit. The main advantage is that the interest rate is often no higher than with a 2nd chance credit loan!
An initial deposit will often be required before proceeding with this type of advantageous loan, to provide us with a guarantee. Your advisor will be able to help you do the calculations so you can get behind the wheel of the car you’ve been dreaming of.
Along the way, while your credit file is being rebuilt, it will be possible to change your plan for a “first chance” financing, which offers the lowest interest rates.
Don’t hesitate to ask your L’Ami Auto Crédit advisor for more details to choose the right financing plan!