Car Loans Much Easier to Get Now
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.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and Ryde Shopper 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.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid