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.
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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
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