Consumer Car Buying Advice Blog

Just like the stock market, there are bargains out there, especially if you’re looking for a new vehicle. And while most of the larger rebates are for trucks and SUV’s, savvy shoppers can also find good deals on vans, mid-size cars and even small cars.

Have you done your homework?

As I’ve stated in previous articles at Auto Credit Express, it’s vital that you know your credit score (sometimes called a FICO score) and your credit history. Once you have this information, you’ll have a general idea if you qualify for a regular car loan or if you have to go the subprime route.

In either case, the more equity you can show the bank, the better off you’ll be – especially in today’s lending climate. Rebates and dealer cash serve a dual purpose when it comes to car loans. Dealer cash can be shown as a down payment to the bank, and both rebates and dealer cash reduce the price of the car and the amount of interest you’ll pay over the life of the loan. That being said, here are some of the better deals out there:

Honda Odyssey

Vans

Even though SUV’s have been the vehicle of choice for many households during the past few years, the minivan is still a great choice if you have a family and want to get better gas mileage. Of the many deals out there, three stand out: The 2008 Toyota Sienna has a $2,000 rebate, the 2008 Honda Odyssey has $3,500 in dealer cash and the 2008 Kia Sedona has $4,000 cash back on the base model and a whopping $5,000 cash back on LX and EX models.

Chevy Malibu

Mid-Sized Sedans

If your family is smaller, or you are simply looking for a more economical vehicle to drive, the mid-size car (called a D-segment vehicle in Europe) is a good choice. While not as economical as smaller cars, they are more comfortable on long trips and offer more passenger space and cargo room.

Here are a few of the good deals: The 2008 Mitsubishi Lancer has a $1,000 rebate, the 2008 Chevy Malibu has a $500 dealer rebate and $500 in dealer cash. But wait, there’s more: The 2008 Mazda Mazda6 comes with a $2750 rebate, the 2008 Ford Fusion has a $3,500 rebate, and the Mercury Milan has a $3,000 rebate while the Lincoln MKZ has a $4,500 rebate.

Ford Focus

Compact Sedans

With the slowdown in the economy and the adjustments that most manufacturers made to their model mix this summer, there are many more of these small cars on dealer lots. So if you were discouraged this summer by a lack of inventory and choice, now might be a good time to make another trip to your local dealer.

Not only will you find cars there, you’ll probably find some pretty good prices that include these rebates: The 2008 Chevy Cobalt has a $1,000 rebate plus $500 in dealer cash, the smaller and more fuel-efficient 2009 Chevy Aveo has $500 in dealer cash and a $500 rebate, the 2009 Dodge Caliber has a $1,000 rebate and the 2008 Ford Focus has a $2,000 rebate while even the Toyota Corolla has a $500 rebate.

The Bottom Line

While this is by no means a complete list of all the rebates and incentives, it does point out the fact that there are good deals to be had at this time on some very nice vehicles. It also means that if you are in the market for a new car, you can save from 5% to 15% (or more) plus interest expenses. And as we all know, in the current economy, every little bit helps.

Tags: auto loan

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