Entries from March 2010 ↓

If you are a person with bad credit then you have probably been rejected for an Auto Loan if you have tried to do it without a co-signer.  A bad credit score can put a lot of stress on a person, and it isn’t fair.  Sometimes a person may want to make up for past mistakes which are still being reflected on him or her because of their credit score.  This bad credit score can make it difficult to get any kind of loan, but especially car loans.  Car loans are usually expensive because cars are expensive, and this can make it very difficult for someone with bad credit to get a car loan.

If you are a person with bad credit then, and if you are frustrated because you are having a hard time getting an auto loan, then you may be excited to learn that there are lenders out there who are willing to give you an auto loan.  These lenders give loans out specifically to people with bad credit.  These loans are often referred to as Bad Credit Car Loans.  These loans can do two great things.  First thing that this kind of loan can do for you is it can put you in a newer car, and the second thing this kind of loan can do for you is it can help you establish a better credit score.

There is obviously an application fee just like there would be for any other loan.  Do not worry though, these lenders give out loans to people with bad credit on a daily basis, and you are more likely to be accepted compared to a normal lender.  The application will determine many thing such as the loan amount and the down payment required from you.

Once you are granted a Bad Credit Car Loan, you may then begin to realize your dreams of owning a newer car have come true.  This lender has given you a chance to get into a newer car, and the lender has also given you a chance to bring your credit score up so that it will be easier for you to be accepted for other loans in the future.

Are you a college student or recent graduate who is thinking about a new car?  If so, you might not realize that a number of automakers student car deals such as price discounts, cash-back rebates, or deferred payments.  To qualify, you typically need to be within six months of graduation, or have graduated within the last two years.

By far the most well-known of these is GM’s program, called the GM College Discount Program.  This program, unlike the more common cash-back incentives, actually gives college students preferred, below MSRP pricing on the GM family of vehicles, which includes Chevy, GMC, Buick, and even Cadillac.  According to the examples on the official website, the preferred pricing often equates to about $1000 off sticker price. 

You can actually apply for the program online, and print your authorization number right off the internet. You then bring that number to your dealer salesperson.  It’s important to note that the program is voluntary for GM Dealers, so your discount may not work at all dealerships.

So you’re probably asking:  who is eligible?  One nice suprise is that students at 4-year colleges are not the only ones who can qualify.  Students with an RN degree, two-year associate’s degree, or graduate school degree can also benefit from the program, though your degree must not be more than 2 years old. 

If you have no credit or poor credit, as many students do, it’s best find yourself a cosigner for auto loan, as this will help you minimize financing rates, which means you’ll pay less for the car over time.