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Auto 101: Working on your credit? 4 tips for second-chance financing

Dealerships offer programs for re-establishing credit for a new vehicle purchase


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SAN ANTONIO – Are you in the market to purchase a new vehicle and you don’t have the greatest credit?

Hope is not lost -- if you’ve been in a difficult situation, whether its job loss, bankruptcy, personal injury or divorce, there are options to help you purchase a vehicle at your local dealership.

“Dealerships understand that unfortunate things happen to good people every day,” said David Cole, general sales manager at North Park Toyota of San Antonio.

Here are tips on second-chance financing and how you can re-establish your credit for a new vehicle purchase.

Focus on paying on time.

Your credit will drop drastically if you forget to make a payment.

Try to avoid using your full credit limit.

Even though the temptation is always there to buy more things you don’t need, try to make a budget for each month.

Get a secured credit card.

Make sure you have a legitimate credit card and check to see if there are monthly fees.

Purchase a vehicle you can afford with your income level.

Stick to what you can afford with your income level. It’s better to be modest with a vehicle purchase than to be risky and not make your payments.

Tip: Ask your local dealership what second-chance financing programs are offered. Each dealership may offer different rates and coverages.

For more information, visit northparktoyota.com or call 210-635-5000.


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