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
About The Author
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.Latest Weekly Car Buying Tips
April 2024
- Top 100 Cheapest Lease Deals Apr 18, 2024
- Worst Cars to Lease Right Now Apr 18, 2024
- Cars With the Largest Rebates Apr 18, 2024
- Real Prices of Midsize Cars Apr 18, 2024
- Best 0% Finance Deals April 2024 Apr 11, 2024
- Best Bang for Your Buck Lease Deals Apr 11, 2024
- Best Electric, Hybrid Lease Deals Apr 11, 2024
- Price Comparison of Subcompact SUVs Apr 11, 2024
- Biggest Discounts on New Cars Apr 04, 2024
- Real Prices of Large SUVs Apr 04, 2024
- New Cars You Should Wait to Buy Apr 04, 2024
- Largest Hidden Dealer Rebates Apr 04, 2024
March 2024
- Real Prices of Midsize SUVs Mar 28, 2024
- Which Cars Better to Lease or Buy Mar 28, 2024
- Nissan Rogue Special Deals Alert Mar 28, 2024
- Cheapest Luxury Lease Deals Mar 28, 2024
- New Cars with the Most Available Inventory Mar 21, 2024
- Best Car Deals by Category Mar 21, 2024
- Top 100 Cheapest New Cars for 2024 Mar 21, 2024
- Real Prices of Compact Cars Mar 21, 2024
- Best Car Deals Around the Country Mar 14, 2024
- Real Prices of Pickup Trucks Mar 14, 2024
- Real Prices of New Compact SUVs Mar 07, 2024