U.S. military veterans and their spouses can take advantage of an expanded military discount program on a new Chevrolet, Buick or GMC vehicle through May 31, 2016, a few of which would work even if they have bad credit.
Veterans with bad credit
While most borrowers facing credit problems typically finance used car, given the latest news from GM, many U.S. military veterans may discover that a new car is more affordable than they may have thought.
According to the automaker, more than 40,000 active and veteran service members took advantage of the GM Military Discount in 2014, so the program was re-instituted in 2015 during Military Appreciation Month and again in November of that year.
The response to those programs was so successful that once again this year, the manufacturer has re-introduced an expanded program that began on April 6th and will be in effect through May 31, 2016.
How the GM Military Discount program works
The latest GM Military Discount program features an invoice cost for the model and options (less than the MSRP) plus destination fees and a $150 program fee for eligible vehicles. In most cases the discount can be combined with current incentives – including bonus cash, consumer cash, GM Card and any trade-in allowance.
The program is usually available only to active duty, reserves, veterans and military retirees and their spouses within one year of their discharge date. But from now through the end of May, the program has been extended to include retired and veteran military and their spouses – regardless of separation date.
Credit-challenged veterans and retirees
For veteran and retired members of the military with credit issues, the expanded program means that the military discount, plus any added cash incentives, can be used regardless of the borrower's credit scores – saving them money on a new car and reducing the overall interest expenses of a car loan. There are, in fact, a number of Chevrolet vehicles that are affordable for many buyers with bad credit including:
But not all of these borrowers will able to take advantage of the program.
For one, these veterans and retirees have to be working with a GM dealer that has a special finance department and participates in the Military Discount Program (it's voluntary). Secondly, the borrower has to qualify for a new car with the subprime lender that approved them. Even then, a new car eligible for a military discount may or may not meet the lender's requirements.
The Bottom Line
The expanded Military Discount Program from GM gives credit-challenged military retirees and veterans an opportunity to save even more money on a new car while reducing the interest expenses on their car loan. The only issue is that in order to take advantage of the program, these borrowers must first qualify for a new car through a subprime lender at a participating GM dealer.
Here's where we come in: Auto Credit Express helps car buyers with tarnished credit, many of them veterans and military retirees, find dealers that work with a wide range of credit issues and can offer them their best chances for an auto loan approval.
So if you're ready to reestablish your credit, you can begin the process now by filling out our online car loan application.