Have you been declined for an auto loan, looking for a second chance?



Getting declined for an auto loan can be frustrating, but doesn’t have to stop you in your tracks.

Often, a rejection decision may be because of bad credit* yet there are many lenders who will loan to people with poor credit scores, so it makes sense to look for a second chance.

A lender like RoadLoans, for example, accepts applications from consumers with all types of credit and has years of experience helping customers move forward in the vehicles they want.

Here’s how to go about getting that second chance at an auto loan:

Check your credit report – There might be errors on your credit history reports hindering your chances of getting approved. Request a free copy from the three major reporting agencies and dispute any mistakes if necessary.

Calculate what may work – If you haven’t already done so, use auto finance calculators to estimate how much you can afford to spend on a car in total and what an affordable monthly payment may be.

Put more money downMoney down (which may be added to a trade in) is one of a number of factors auto lenders will evaluate. Increasing what you can pay for a car up front, and reducing the loan amount, may help your case.

Go in with a cosigner or co-borrower – A creditworthy cosigner agrees to make any missed payments or repay the loan if the borrower fails to do so. A co-borrower is a joint applicant with equal rights and responsibilities to the car and the loan. Adding either of these to an application shows the potential lender there’s less risk ahead.

Consider building credit – Establishing or restoring a good credit history before you apply again will likely improve your second chance at a loan approval. As consumers with poor credit generally pay more for the money they borrow than those with better credit, if approved, a good track record may also improve the loan terms, such as a lower APR.

Compare optionsApply for financing with a number of lenders to see what they may offer. Main options include credit unions, dealers, banks and other finance companies, like online lender RoadLoans. If you get some green lights, pick the loan with the most favorable terms for you.

Apply for a second chance in minutes

Not only does RoadLoans accept car loan applications from consumers with all credit types – including bad credit, no credit, and people who have been through bankruptcy and repossession – we make the process quick and easy.

Our secure online application takes a few minutes to complete from your desktop or mobile device, and we’ll give you an instant loan decision.

If approved, you’ll receive multiple offers for your unique car-buying needs, and you can shop the same day. Select an offer, download the loan documents and visit your preferred dealer listed inside the packet. Alternatively, use the dealer locator to find another auto dealership in our national network.

With preapproval under your belt, you can arrive at the dealership ready to negotiate a great deal on a vehicle. As a trusted lender and part of global banking group Banco Santander, RoadLoans only works with dealers who are able to show you select cars meeting our standards for age, mileage and financing, so you can shop with confidence.

Need a second chance? Apply for an auto loan.


* “Bad” or “poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by RoadLoans.com and Santander Consumer USA.


Written by:

Competitive Rates

Lower your monthly car payments by applying for a car loan with RoadLoans.com.

Apply for a Loan

*View disclosures & offer information
Dodge Charger