General Motors has spent $3.5 billion to purchase AmeriCredit, a subprime lender that specializes in providing financing for late-model used cars. The move restores a financial services arm to the automaker, who split from its in-house lender, GMAC, in 2006.

According to CNN, the deal is expected to greatly improve GM’s ability to move its wide variety of cars for sale. An in-house lender allows GM greater financial flexibility in offering financing and auto loans on its vehicles. It also gives those shopping for used cars another option in finding the money to do so.

GMAC, now known as Ally Financial, was GM’s in-house lender for a number of years, but GM sold its stake in the company in 2006. Both companies were later bailed out by the federal government. GMAC, which also offers mortgages, is trying to improve its lending business by only offering loans to consumers with near-perfect credit. While GMAC currently provides loans for GM customers, GM wanted a lender who would be able to offer loans to buyers with poor credit as well.

Some analysts have speculated that GM’s lack of a financial arm, which can be quite profitable, is one of the reasons it is lagging behind rivals like Toyota and Ford in recovering from the downturn.