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.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow 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