Consumer Car Buying Advice Blog

Looking to boost sales in the month of November Chrysler announced a number of new incentive programs this week that also apply to bad credit car loan buyers.

New versus used

At Auto Credit Express, we’ve spent the past twenty years helping consumers with bad credit raise their FICO scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. Along the way, we’ve tried to educate consumers on the loan process, since these very same consumers begin with a distinct disadvantage due to the high interest rates charged by these loans.

And while we realize that while most bad credit car loan shoppers will end up purchasing a used car, there are a number of affordable new cars on the market that, given the right incentives, can make a new vehicle nearly as affordable as may used cars. Chrysler Corporation recently unveiled its November new car promotions that not only include low APR incentives for the best qualified customers, but also alternative cash-back programs that bad credit auto loan shoppers can take advantage of.

Good through November 30th

Chrysler began the announcement of its latest round of incentives by stating that it would be furthering its “Invest in America” partnership with more than 2,000 credit unions in the U.S. by offering “preferred pricing” on eligible Chrysler, Jeep, Dodge and Ram Truck vehicles through the end of the month to the more than 90 million credit union members.

Although this program may not help too many consumers with FICO scores below 640, we’ve always felt that anyone with bad credit should first check with their credit union before they apply online for a bad credit car loan.

In addition, Chrysler announced the following incentives that are valid through November 30th, 2009:

On Chrysler and Jeep vehicles, Chrysler is offering 0 percent interest rates up to 48 months and a no-cost service/maintenance program for 3 years/36,000 miles. Customers whose credit does not qualify them for the 0 percent rate can choose customer cash of up to $2,500 on Chrysler models and $3,000 on Jeep models. All current Jeep owners are eligible for an additional $500 in customer loyalty bonus cash.

On Dodge cars and Ram trucks, Chrysler is offering interest rates of up to 0 percent and consumer cash of up to $1,000 for the most qualified buyers, while those bad credit car loan buyers who don’t qualify for financing can receive up to $2,000 on a Dodge car or $3,500 on a Ram truck.

The Bottom Line

Even if your credit score falls into the subprime range, bad credit car loan buyers can still qualify for the no-cost service/maintenance program offered on Chrysler models as well as the consumer cash offered on all Chrysler, Jeep and Dodge vehicles, which will help lower the monthly payment and the overall finance costs of a bad credit auto loan.

For more information on bad credit car loans as well as the bad credit auto loan buying process, visit our web site at www.autocreditexpress.com.

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