Consumer Car Buying Advice Blog

Bad credit car loan shoppers and everyone else only have until Monday evening to take advantage of the CARS program.

The end of the line

At Auto Credit Express, we wanted our bad credit car loan customers to know that U.S. Transportation Secretary Ray LaHood announced yesterday that the Car Allowance Rebate System – more commonly known as the “Cash for Clunkers” program, will be ending at 8 p.m. Monday.

By the NHTSA’s estimate, nearly 700,000 customers will have taken advantage of the program, which gives consumers a credit of either $3,500 or $4,500 towards the purchase of a new, more fuel-efficient car or light truck (based on the approved vehicle list found on the CARS web site) when they trade in a “clunker” vehicle that averages 18 miles per gallon or less.

It’s still not too late

There are a number of advantages that the “Cash for Clunkers” program holds for bad credit car loan customers:

• The vouchers act as an additional money down towards the purchase price and can be added onto any existing rebates

• Many subprime lenders are treating the vouchers as customer trade down payments, reducing or even eliminating the amount of cash needed as compared to a traditional deal

• With the high interest rates lenders charge for bad credit car loans, the larger down payment means, ultimately, lower interest expenses over the life of the contract on these kinds of loans

• The better equity position that this additional down payment puts customers in means that many subprime car loan customers will have a better chance of getting a loan request approved.

The Bottom Line

At Auto Credit Express, our business is to help people with bad, blemished, bruised and tarnished credit buy cars and reestablish their credit at the same time. Our national network of affiliate dealers specialize in bad credit car loans. If you have any additional questions, our web site will help you determine how much car you can afford and, unlike other sites, our toll free number is listed on every page in case you have any additional questions.

When you decide to buy a car, our credit application can be filled out in the comfort and security of your own home. For more information, visit www.autocreditexpress.com.

Tags: auto loan, car loan quote, certified pre owned, credit bureau, credit card, Credit Repair, credit score, free car loan quote, nhtsa, repossession, transunion

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