Emerging from a recession, many borrowers finds themselves with credit challenges. They often find themselves underserved by the lending industry. TruWest Credit Union is making loans available to this sector of the car buying public.
Right now, borrowers who finance or refinance with the cooperative will be eligible to receive $50 for direct auto loans in Phoenix over $10,000 with the option to not make a payment for the first three months. ”TruWest believes that even those who may have fallen on hard times deserve a great rate, which is why we are launching the new auto loan program that undoubtedly offers some of the lowest rates for them to take advantage of,” said Farid Farbod, TruWest’s chief lending officer.
TruWest is not the only credit union looking to offer second chance auto loans. A diverse group of credit unions across the nation have begun to offer great rates to borrowers with a few credit dings. These loans are not like those that drove the recession. They are being more tightly controlled and responsibly managed. Shop for the best rates in your area and second chance loans may soon turn your low credit score around.