Nissan doubles risky loans
Nissan is trying to make financing easier for consumers with bad credit by partnering with outside lenders. This decision could increase the chances of getting approved for a bad credit car loan and come with a hidden benefit.
According to a program bulletin sent to dealerships, Nissan’s captive finance company NMAC (Nissan Motor Acceptance Corp.) offers a confusing-sounding option called the SignatureAccess Sub-Prime Dual Pass-Through program.
As of March 16, the program has given buyers of cars with bad credit the option of obtaining financing in the event their initial application is denied by the NMAC by sending your information to a pair of external financing partners for review.
The two companies, Santander Consumer USA (SCUSA) and Global Lending Services (GLS), work with participating dealerships to help finance risky car buyers, whether they are considering purchasing a new or used vehicle.
Interestingly, the fine print indicates that buyers funded by any of these partners will continue to be eligible for incentives such as cash funding bonuses through the NMAC. But is it really a good deal for consumers?
Being eligible for the incentives is one thing, but the point is that subprime credit can disqualify consumers from a range of great offers like rates as low as 0% on new cars as well as specials on cars from. occasion certified.
CarsDirect data at the end of last year shows an average rate of around 13% for sub-prime borrowers. Risk financing is often defined as having a FICO score below 620 and may come with a number of special loan requirements.
Fortunately, some dealerships specialize in helping people with bad credit. If you’re a Nissan buyer with bad credit, the brand’s latest program could help increase your chances of getting approved in ways we’ve never seen in competitors like Honda and Toyota.
We recommend that you explore all of your options to make sure you get the best possible deal for your situation.
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