Consumer Car Buying Advice Blog

Credit challenged consumers that work for the auto companies have a definite advantage when buying a new vehicle with a bad credit car loan

New or used

At Auto Credit Express we know that with the cost of new vehicles rising every year, most credit-challenged customers that fill out our bad credit car loan application and get approved by one of our dealers for a second chance car loan will choose a used car. We also try to provide our applicants with the information they need in order to make an educated decision about this type of loan, since a poor decision can trap them in a second chance car loan that they can’t afford. This could result in a repossession that could lower their FICO scores even further.

And while most of our applicants will conclude that it makes more sense to go with a 2 or 3-year-old used car, there is a group of people who may find that financing a new car with a bad credit car loan is even more affordable than they might have thought. Here’s why:

Location, location, location

Since our corporate headquarters is located in Michigan and we have relationships with a great number of consumers as well as retail car dealers in the area, one of the questions we often get at Auto Credit Express is whether or not an employee of one of the car companies can use their employee discount for a bad credit auto loan.

Yes you can

If you are a Chrysler employee, retiree or a friend of an employee or retiree (Employee Advantage), a Ford employee, retiree or a friend of a Ford employee or retiree (A-plan, S-plan, X-plan) or a GM employee, retiree or preferred supplier or a friend of a preferred supplier (GMO, GMS), you can use that particular manufacturer’s employee discount to lower the purchase price on any new eligible vehicle on the lot. Remember, the discount applies to the vehicle, not to the financing source.

It won’t always work

Even though you are eligible to apply the discount to any vehicle, the bad credit car loan process works differently that the regular car loan process. Once the lender determines how much car you budget for, the special finance department will then give you an idea of the kind of vehicle that will fit the bank’s program, and whether that budget includes a new car eligible for a ford employee discount, a GM employee discount or a Chrysler employee discount.

Apply online first

Just because the franchised dealer in your area happens to sell the type of vehicle that qualifies for your employee discount doesn’t necessarily mean that dealer works with customers who have bad credit. That’s why even though you currently might have a discount certificate; we still recommend that you fill out our online bad credit car loan application first.

Here at Auto Credit Express, we have helped thousands of customers with bad credit get financed. Our network of affiliate dealers has the experience and expertise to work with special situations such as yours to make sure you get the best opportunity to use your employee discount.

Tags: auto loan, Bad Credit, bad credit auto loan, bad credit car loan, car loan, chrysler, chrysler employee discount, credit, fico, FICO score, ford, ford employee discount, gm, gm employee discount, new car employee discount

This entry was posted and is filed under New Cars. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.