You may have heard of a high-risk auto loan, but if you haven’t, they can also sometimes be called special finance loans, credit reestablishment loans, or bad credit loans. High risk-type loans are designed for shoppers with a credit score below 620, poor credit history, or no credit history. Factors like these can keep you from getting a loan from a conventional lending source (a bank, credit union, or auto manufacturer’s lending company) and make it difficult for you to buy a car with credit. A high risk auto loan can help you rebuild your credit the right way, and make you eligible for conventional loans in the future by reporting your on-time payments to the major credit bureaus.
Getting a High Risk Auto Loan in Tulsa and Wagoner County
A high risk car loan usually has a higher base interest rate because it is designed specifically for shoppers with bad credit. Our Broken Arrow, OK dealership has relationships with many different high risk lenders throughout Oklahoma who will work to get you approved instead of turning your application down. Once you pay off your initial high risk loan on time, your next loan will have a lower interest rate. Every time you pay off a high risk loan, your credit score will improve and you’ll get approved for a lower interest rate the next time, until you can get approved for conventional financing through traditional lending institutions.
Our Dealership Specializes in getting High Risk Loans Approved for Broken Arrow and Tulsa, OK Drivers
Not all Oklahoma dealerships provide high risk financing, but you’ll find great high risk loan opportunities at our dealership in Broken Arrow, OK! If you have current or past credit damage or no credit history, our finance team will help you work out your financing options before finding you the perfect lender to service your loan. Most auto finance companies will make an inquiry for your loan but will turn you down without offering you any other opportunities for a financing because of your bad credit. Another inquiry will get put on your record but you still have no loan and no car, but not at our dealership in Broken Arrow, OK! Our finance office offers special finance loans and reports your on-time payments to the major credit bureaus, meaning you’ll get the reliable new or used vehicle you want and reestablish your credit all at once!