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Car Loans Much Easier to Get Now

February 25, 2010

Car FinancingThanks to the economic downturn, it had been difficult to try and secure financing for a new car lease or purchase as requirements were tightened and some dealerships simply couldn't find the money.

These days, getting car financing is more likely, although it isn't quite as easy as in years past. If you can manage to put down a fair amount of the purchase price as a down payment, and have decent credit, you have a good chance at qualifying for a loan.

That's especially true at GMAC Financial Services, which is General Motors' in-house lending agency. Not only has the company chosen to raise billions in bonds to offer more loans, but the company also allows buyers to use trade-in money to contribute to their down payment.

Other lenders have also loosened their requirements, such as Chase, who does financing for Subaru as well as individual buyers who wish to obtain financing outside of dealerships. Some are also offering loans to those who have had foreclosures, something that wasn't possible previously.

If you'll be financing your new car, we recommend you read our Car Financing Tips.

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My Recommendation for Car Shoppers

TrueCar No-Haggle, Edmunds Price Promise, and 1-800 Car Show are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.

California Residents - Important:

There is a new online car buying service called Roadster, available only to California residents, which I highly recommend you try - especially if you hate the stress of haggling with a car salesman. They provide an expert concierge who negotiates the price of the car and delivers it to your home with zero hassle - you never have to interact with a dealership. Here is my in-depth review of Roadster and why I recommend it.

- Gregg Fidan

Gregg Fidan

About: Gregg Fidan


Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

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