A financing decline for auto repair shops and auto parts retailers can mean the customer leaves without completing necessary repairs or buying the parts they need. Delaying these fixes due to cost concerns can impact the safety and reliability of their vehicle.
When a customer has a vehicle in the shop and receives a service recommendation, they’re ready to move forward and get back on the road. But when financing is denied, the repair gets postponed—or worse, canceled.
Now imagine being able to help more customers get the repairs or parts they need, with minimal changes to your process and no extra risk. That’s the power of second look financing. With our deep understanding of the less-than-prime consumer, Fortiva Retail Credit has helped businesses across the country make that possible.
We believe financing should be accessible, not just for consumers with excellent credit, but also for hardworking individuals who deserve a second opportunity. Offering second look financing isn’t just a nice-to-have. It’s a competitive edge that helps you serve more customers and close more sales.
Meet the Carters: A Family in Need of Critical Auto Repairs
Let’s start with a real-world example.
The Carters are a young family managing busy lives—school drop-offs, commutes to work, grocery runs, and weekend activities. One morning, their vehicle wouldn’t start. The auto repair shop diagnosed a major issue requiring a new alternator, battery, and additional repairs to keep their car running reliably.
They had a steady income and some savings, but the unexpected expense was more than they could cover upfront.
A medical emergency two years ago caused them to fall behind on bills. Though they’ve gotten back on track, their credit profile is still recovering. When the Carters applied for financing through a prime lender at the shop, they were declined. They left discouraged, and the repair shop lost a sale and a chance to help a loyal customer.
Now, picture this instead: after the initial decline, their application was automatically reviewed through Fortiva Retail Credit’s second look platform. Our proprietary underwriting looked at more than just their FICO score and considered other factors such as their income, employment history, and signs of credit recovery.
This time, they were approved.
The Carters were able to move forward with the essential repairs, and the shop retained the sale and earned a customer who will return for future services and recommend the business to others.
That’s the second look difference.
What Is Second Look Financing?
Second look financing gives your customers another opportunity to get approved after being declined by a primary lender. At Fortiva Retail Credit, our proprietary, technology-enabled underwriting platform considers alternative data and credit behavior, not just credit scores.
Supported through seamless integration, Fortiva Retail Credit evaluates customers without the need for another application. There’s no need to resubmit paperwork or reprocess deals; it simply allows you to recover lost opportunities and help more people afford the repairs or parts they urgently need.
With our experience, we’ve seen firsthand how powerful it is when repair shops and parts retailers can offer flexible financing options without adding complexity to their operations.
Why Second Look Financing Matters More Than Ever in Auto Service and Parts Retail
Today’s customers are feeling financial pressure from multiple directions: inflation, unexpected life events, mounting debt, and unpredictable life events. Even those consumers who once had strong credit are now seeing their scores drop under financial pressure.
Here’s why this matters for your business:
- Average vehicle repair costs are nearing $400-$500 or more per visit.
- Major repairs like fuel pumps, alternators, or engine work can cost $900+.
- Nearly 37% of Americans would struggle to cover a $400 emergency without financing options.
- American consumers are driving their cars longer, approximately 12.6 years, requiring more regular maintenance.
- Customers expect flexible payment solutions, otherwise, they’ll find another shop that offers them.
Without financing alternatives, customers may delay critical repairs or opt for cheaper, temporary fixes, hurting their vehicles and your bottom line. Second look financing helps you save the sale while providing a positive customer experience.
How It Works in Your Shop
Fortiva Retail Credit’s second look process seamlessly integrates into your everyday operations:
- The customer applies for financing.
- The primary lender reviews the application. If approved, great. If declined, it’s automatically sent to Fortiva Retail Credit.
- We evaluate the application using our proprietary underwriting platform and alternative data insights.
- If approved, we present financing terms to the customer. They accept, sign, and proceed with their purchase or service.
- You get funded quickly, often as soon as the next business day.
There’s no disruption, no delay, and no extra work for you. It’s designed to help you turn a potential loss into a win.
What Second Look Financing Means for Your Bottom Line
Let’s break down the business benefits:
- More Approvals = More Sales. Second look financing helps you close the deal when prime lenders say no.
- Higher Average Ticket Size. Customers with financing can afford larger repairs or get additional parts to make other needed repairs they’d otherwise delay or forgo.
- Customer Loyalty. Families like the Carters remember when a shop helped them during a tough time. They’ll come back for oil changes, inspections, and future service needs. They tell friends, leave positive reviews, and become repeat customers. One “yes” can lead to future deals.
- Competitive Advantage. Offering flexible financing options differentiates your shop from competitors who can’t accommodate declined credit customers.
Why Automotive Retailers Choose Fortiva Retail Credit For Second Look Financing
Fortiva Retail Credit is the trusted second look financing provider for automotive retailers nationwide.
What sets us apart:
- Omnichannel support for in-store and digital financing
- Technology-enabled underwriting that expands your approval pool
- Flexible terms that meet your customers where they are
- Fast, responsive service with a dedicated account team
Our platform is easy to integrate and built for speed. From day one, you’ll have the tools and support needed to drive performance.
Let’s Help More Families Stay Safe on the Road
When families like the Carters need urgent repairs, it’s an important event for them and your business. By helping them get back on the road, you’re supporting their safety, peace of mind, and ability to keep up with everyday life.
Second look financing isn’t only about numbers; it’s about people—meeting them where they are, offering a hand when others say no, and turning a rejection into a relationship.
Contact us today to tell us about your company and learn more about how second look financing can help you approve and retain more customers. Our team will review your information and reach out to discuss our customized solutions and partnership opportunities.