Bad Credit? Chrysler and GM Offering Loans
With car sales humming along, even buyers with dinged credit are welcome on dealers' lots nowadays.
If you're looking to buy a GM or Chrysler, you're in luck. Chrysler is teaming with Santander Consumer USA Inc. to expand availability of sub-prime financing, offering buyers with less-than-perfect credit loan rates as much as 30 percent lower than competitors.
Meanwhile, GM intends to expand its sub-prime business, looking beyond its relationship with Ally Financial (formerly GMAC Financial). Ally, still smarting from heavy losses in the sub-prime mortgage market, is taking a conservative approach to sub-prime auto loans.
A GM spokesman said that the company is not in discussions with Santander Consumer, but did not rule out other sub-prime lenders.
Needless to say, GM, like Chrysler, needs bodies in showrooms, so if you're looking for a deal, and your credit's not great, the coming months look to be a great time to shop.
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