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.
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).
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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