Best Used Cars for Horrible Credit Auto Loans

A new report shows the best and worst cars for everyone including people needing poor credit car loans

Go ahead and ask

Buyers with bad credit often ask us whether a new or used car is the better value for a bad credit auto loan.

We get asked this question because we’ve been involved in bad credit auto sales for almost twenty years here at Auto Credit Express. We usually know the answer because over the years we’ve helped hundreds of buyers get approved for terrible credit auto loans.

Our customers know that a tote the note dealer won’t improve their credit situations (outside our retail area car shoppers can use our online auto loans application to find the right dealer nearby). We also go over the loan process (showing them ways to avoid repossession).

Picking used cars

Financing with terrible credit auto loans means it’s time to consider a smaller car to save on interest, insurance and gas expenses. To do this, most credit-challenged customers will pick an affordable used car, which we think is a good idea.

Over the past two decades, build quality and corrosion resistance have both improved. Even more importantly, Consumer Reports notes that an average new car loses up to “47 percent of its value in the first three years” making buying used an even better value.

Best and worst used cars

Recently, Consumer Reports published the results from their Annual Auto Survey, which is based on subscriber responses covering 1.3 million vehicles, listing the “best of the best” and “worst of the worst” when it came to used car reliability.

We took this information, pulled out the most affordable vehicle types for bad credit buyers and here’s what we learned:

Consumer Reports Best of the Best

Small Cars

Honda Fit

According to CR, “The Fit has been an economical, reliable, and versatile hatchback ever since it went on sale in the U.S. in 2007. It packs a huge amount of usable space into a small package and has standard antilock braking and curtain air bags. But before 2011 electronic stability control (ESC) was available only on models with the optional navigation system.”

Other good small cars:

Toyota Echo, Honda Civic, Scion xB, Pontiac Vibe, Toyota Corolla, Toyota Matrix, Mazda3, Subaru Impreza (nonturbo), Honda Civic Hybrid, VW Rabbit, Suzuki SX4, Mazda Proteg?
Family Cars

Although CRs top pick is the Toyota Prius, even a used one might be too expensive for most bad credit buyers. Vehicles on the list that should be more affordable include the Ford Fusion (FWD), Mercury Milan (FWD), Mazda6 (4-cyl.) and Nissan Altima.

Worst of the worst

If you’re in the market for a reliable used car, Consumer Reports recommends that you stay away from the following affordable used cars: Chevrolet Aveo, Chevrolet Impala V8, Chrysler PT Cruiser and Pontiac G6 Coupe.

As we see it

Picking an unreliable used car defeats the purpose of buying a used car in the first place – to save money. To be safe, even if you pick a reliable used car it doesn’t hurt to consider purchasing an extended warranty.

At Auto Credit Express, we specialize in placing customers with bad credit with dealers that can help them. These dealers are experienced and work with a variety of lenders to ensure you have your best chance for approved auto loans.

So if you’re serious about getting your car credit back on track, you can begin by filling out our online auto loans application now.

Posted on June 28, 2011 by in Auto Loans, Bad Credit, Used Cars
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