Helping the bad credit buyer

If you have a score below 640 or your credit history is fairly new (and no co-signer), then you will probably have to finance your car with a bad credit car loan. The good news is that Auto Credit Express has helped thousands of applicants just like you reestablish their auto credit. You can begin the process simply by filling out our online car loans with bad credit auto loan application. By avoiding a tote the note dealer and qualifying for a second chance auto loan at one of our affiliate dealers. You will not only establish auto credit, you will actually raise your credit scores at the same time.

But you need to be careful. A car that’s too expensive can stretch your budget and result in repossession. If this happens, the only remaining choice for most car loans with bad credit buyers is a Tote the Note, We Finance Everyone car dealer. It also means that rebuilding your car credit has to be put on hold for at least a year, since lenders who originate bad credit car loans will only consider applicants with a repossession that’s more than a year old.

After you’ve filled out our secure online bad credit auto loan application and been approved at one of our affiliate dealers, the next step is to match up your payment call with either a new or used car in that dealer’s inventory. But even if you think you want a new car, hear us out first.

Used Cars – a smart alternative

Buying a used car is no longer just for those buyers who can’t afford or can’t qualify for a new car loan. There are a number of reasons why buying a used car with a bad credit auto loan makes sense:

•    Depreciation – New cars depreciate a lot. Buying a 2 year old car will save you from 20% to 35% off the price of a comparable new model.
•    Warranties – New cars often come with transferable warranties that cover 5 years and up to 100,000 miles. If you buy a used car that is still under new car warranty, you can usually save money on an extended service contract when you purchase one from the vehicle manufacturer.
•    Certified Vehicles – Most manufacturers offer certified used cars that are more expensive than regular used cars but with extended service contracts that offer peace of mind and may be worth the difference in cost.
•    Quality – Today’s used cars offer the highest quality in history.

Carfax used car buying tips

Carfax recently came out with a number of used car buying tips for all buyers that can be especially helpful to bad credit auto loan buyers:

Look for:

Curbstoners. Illegal dealers posing as private sellers sell lots of cars either on the side of the road or through classified ads. Many of the cars have hidden problems and the seller typically disappears after the sale.

Apply at Auto Credit Express for a bad credit car loan

If your FICO score is below 640, you will probably need to apply for a bad credit auto loan. The good news is that we have helped thousands of people with bad, blemished, bruised and tarnished credit buy cars and reestablish their auto credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans. Our web site, www.autocreditexpress.com, 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.

So why not begin the process right now by filling out our secure online bad credit car loan application to see what we can do for you.

General Motors Ford Chrysler and for the moment Hyundai offer incentives to current Toyota owners

Helping our customers

At Auto Credit Express we’ve spent close to 20 years working with consumers with bad credit and helping these same customers raise their FICO scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. Along the way, we try to educate our applicants on the bad credit loan process, since it differs so much from the way a traditional auto loan is handled.

And although financial considerations usually dictate that a majority of vehicles purchased with these types of loans are used cars, there are a number of affordable new cars that also qualify for many of these bad credit car loan programs and General Motors, Ford, Chrysler and Hyundai are among the manufacturers who sell new cars that fit the bill in two important respects: many of their models are affordably priced and, since they are new vehicles, they all come with a comprehensive new car warranty.

The Toyota recall

Late last week, as the Toyota gas pedal recall reached full steam, General Motors and Ford Motor Company announced new car incentives aimed squarely at current Toyota Owners. On Friday, these two companies were joined by Hyundai and, later in the day, by Chrysler.

It should also be noted that even bad credit auto loan buyers can qualify for these new car incentives.

General Motors

For bad credit car loan buyers who currently own a Toyota and plan on trading it in, General Motors is currently offering an additional $1,000 toward the purchase of a GMC, Buick, Cadillac or Chevrolet vehicle with the program due to expire on March 1^st, 2010.

Ford

For credit challenged customers who currently own a Toyota and will be trading it in, Ford is currently offering an additional $1,000 toward the purchase of any Ford vehicle, except the following models: F-150 Raptor, new Taurus SE sedan, Edge all wheel drive models and the Shelby GT500 and KR variations of the Mustang. The Ford program runs through March 1^st of 2010.

Chrysler

For current bad credit customers hoping to buy a new Chrysler, the company is offering current Toyota Sienna, Tacoma and Tundra owners the opportunity to receive an additional $1,000 trade-in bonus if they purchase any new Chrysler, Jeep, Dodge car or Ram truck.

Hyundai

If bad credit car loan buyers want to take advantage of Hyundai’s bonus offer, they’d better be quick about it. The program was announced on Friday and it runs through the end of today (February 1^st).

Hyundai is offering current Toyota owners a $1,000 trade-in bonus if they purchase any new Hyundai Elantra, Elantra Touring or Sonata model.

As we see it

At Auto Credit Express, we feel it’s important that you make the right choices when it comes to a bad credit car loan buying decision. Those choices include finding the right dealer and the right car to help you reestablish your auto credit. Any of the affordable models from one of the manufacturers listed above, with the additional $1,000 in customer cash, will make a bad credit car loan more affordable, while keeping interest costs down.

For more information on the bad credit auto loan process, please visit our web site at www.autocreditexpress.com.

New cars and bad credit car loans

At Auto Credit Express, we realize that most bad credit car loan shoppers will end up purchasing a used car. But at the same time, 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 many used cars. That being said, NADAguides.com recently took the time to review a number of new car promotions from four different manufacturers and nine different nameplates that offer cash back rebate programs that bad credit auto loan shoppers can take advantage of now that the government “cash for clunkers” program has ended.

“There is no doubt the Cash for Clunkers program sparked great interest with both consumers and auto dealers. Since the conclusion of the program, consumers have been left searching for the next best deal,” said Mike Caudill, NADAguides.com auto expert and spokesperson. “Our Incentives & Rebates are updated daily and this is something no other research site is doing. We want consumers to know there are still great deals out there on new vehicles and with a simple click, they can identify a host of programs that fit their budget and open up their options.”

Vehicle incentive list

Here is the current monthly list of rebates and incentives from low to high with those vehicles that may fall into bad credit car loan shopper’s budgets shown in bold:

1. 2009 Ford Focus S ($3,500 Total Cash)

The “S” is the most affordable Focus model with an MSRP, including destination, of just $17,030 when equipped with the optional automatic transmission (deduct an additional $815 for the manual). This is certainly a model that would fit into the budget of most bad credit car loan shoppers.

2. 2010 Jeep Commander ($3,000 Total Cash)

3. 2010 Lincoln MKX ($3,000 Total Cash)

4. Mitsubishi Endeavor ($3,500 Total Cash)

5. Chrysler 300 ($4,000 Total Cash)

With an MSRP of $27,415 for the base model (2009), the 300 won’t fit into the budgets of too many consumers with bad credit. But for those with a large car budget looking for a sedan with tons of interior space, the 300 certainly fits the bill. The 300 also gets decent gas mileage when equipped with the base 2.7-liter V6.

6. Ford Edge ($4,000 Total Cash)

The base Edge comes in at $5 less than the Chrysler 300 and offers the advantages of an SUV.

7. Chevy Avalanche ($4,000 Total Cash)

8. Mercury Grand Marquis ($4,000 Total Cash)

9. 2009 Dodge Ram 1500 ($6,000 Total Cash)

With the base price for a regular cab starting at $22,420, those bad credit buyers looking for a bargain in a full size truck can’t go wrong when it comes to the re-styled Dodge Ram.

10. Cadillac Escalade/EXT ($6,000 Total Cash)

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, Dodge and Ford vehicles, which will help lower the monthly payment and the overall finance costs of a bad credit auto loan. Many thanks to NADAguides.com for compiling this list.

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.

Program extended

Here at Auto Credit Express we see that General Motors has announced that it will be extending its 60 day return policy on most GM vehicles (neither the Saturn nor the Pontiac division are included).

The original program kicked off in September and was scheduled to end on November 30th. According to a blog article written by Bob Lutz just before the program began and entitled “May the Best Car Win”, he stated that “We will be highlighting our quality, design, performance, road manners, fuel efficiency, 100,000-mile/5-year warranty, and our new 60-day satisfaction guarantee. We will directly compare our attributes to the competition and “may the best car win.”

Lutz went on to state, “In short, we’re going to take away every last excuse not to consider a vehicle from Cadillac, Chevrolet, Buick and GMC. We have confidence in our products. This campaign is designed to encourage the consumer to share in that confidence.”

It appears that the program has worked. According to an Automotive News article, “”Since the program began, GM has sold about 142,000 new vehicles.” Of those transactions, only 449 elected to participate in the return program. The rest took a $500 cash-back rebate instead. While 4, to date, have been returned under the program, Automotive News also reports that “49 people have filed paperwork to return their vehicles but have not yet done so.”

Advantages of the program

For all customers, the new campaign will enable them to effectively “test drive” a new car for up to 60 days to determine if it really fulfills their transportation needs – both in terms of utility and performance. Customers also have the choice of a $500 dollar rebate, in lieu of participating in the program.

For bad credit car loan buyers in particular, it allows customers nearly two months to decide if the vehicle they’ve chosen also fits into their budget in terms of monthly payment as well as insurance and fuel costs. If they’ve already decided that the car will work, they can take advantage of an extra $500 towards their down payment, which will lower the monthly payment and reduce interest expenses.

Vehicles included

The program continues to cover new 2009 and 2010 model Buicks, Chevrolets, Cadillacs and GMCs. As was the case in the original program, customers who choose to participate will be allowed to return their vehicles from 31 to 60 days after delivery with a maximum of 4,000 miles.

The program is not available for leased vehicles and the new extension means it will be extended through January 4th of 2010.

The Bottom Line

General Motor’s latest program gives bad credit auto loan buyers a chance to both “test drive” a car and decide whether or not they have chosen the correct vehicle for their budgets – certainly a big advantage over a normal buying situation. At Auto Credit Express, we think it’s a great idea. It’s also a great idea to extend the program through the 4th of January, months that include both November and December that are notorious for being slow in the retail auto industry and just may drum up extra traffic for GM dealers.

So if you do have bad credit and you’re thinking of reestablishing your credit with a bad credit car loan, it would be a great idea if you visited our web site at www.autocreditexpress.com, which can help you find a GM dealer that specializes in bad credit car loans. Our Resources section is the place to visit if you have any more questions about the process and, unlike other sites, our toll free number is listed on every page in case you have any additional questions.

Plan to include Buick, Cadillac, Chevrolet and GMC

Here at Auto Credit Express, we see that General Motors has announced that it will offer a 60 day money-back guarantee on most of its vehicles (neither the Saturn nor the Pontiac division are mentioned).

The new ad campaign will kick off this weekend. According to a blog article written by Bob Lutz, and entitled “May the Best Car Win”, “Every ad is going to give the consumer a reason to consider our vehicles. We will be highlighting our quality, design, performance, road manners, fuel efficiency, 100,000-mile/5-year warranty, and our new 60-day satisfaction guarantee. We will directly compare our attributes to the competition and “may the best car win.”

Lutz goes on to state, “In short, we’re going to take away every last excuse not to consider a vehicle from Cadillac, Chevrolet, Buick and GMC. We have confidence in our products. This campaign is designed to encourage the consumer to share in that confidence.”

A break for bad credit car loan customers

For all customers, the new campaign will enable them to effectively “test drive” a new car for up to 60 days to determine if it really fulfills their transportation needs – both in terms of utility and performance.

For bad credit car loan buyers in particular, it will also give them nearly two months to decide if the vehicle they’ve chosen also fits into their budget in terms of monthly payment as well as insurance and fuel costs.

Program particulars

Although Mr. Lutz did not mention any program specifics in his article, Automotive News has stated that the program will begin on September 14th and run through November of this year and will follow these guidelines:

• The program will cover new 2009 and 2010 model Buicks, Chevrolets, Cadillacs and GMCs.
• The customer will be allowed to return the vehicle from 31 to 60 days after delivery with a maximum of 4,000 miles.
• The program not be available for leased vehicles

The Bottom Line

General Motor’s latest program designed to win back customers’ trust will also give bad credit car loan buyers a chance to both “test drive” a car and decide whether or not they have chosen the correct vehicle for their budgets – certainly a big advantage over a normal buying situation. At Auto Credit Express, we think it’s a great idea.

We also think that, if you do have bad credit and you’re thinking of reestablishing your credit with a bad credit car loan, it would be a great idea if you visited our web site at www.autocreditexpress.com. Our Resources section is the place to visit if you have any more questions about the process and, unlike other sites, our toll free number is listed on every page in case you have any additional questions.