Move is announced that could even help some in the military with less than perfect credit
New Car Rebates for Servicemen
Here at Auto Credit Express we believe that any time a manufacturer extends a rebate program to more people, it's always good news for car buyers with credit issues. That's because rebates reduce the cost of a new vehicle which, in turn, reduces the interest expenses of a car loan – something that's especially important when you consider the higher interest rates of subprime auto loans.
A week ago, Toyota Financial Services and Lexus Financial Services announced an extension of their Military Rebate program, effective immediately.
Lexus and Toyota Military Rebate Programs
Both Toyota and Lexus have had a longstanding Military Rebate Program that offers a $500 rebate on all new Toyota and Scion vehicles, and a $750 rebate on all new and Certified Pre-Owned Lexus vehicles to eligible military personnel and inactive reserves.
The program's expansion now means that retirees and veterans within a year of their (honorable) discharge, as well as household members of eligible qualifying military personnel will now be able to take advantage of the program.
In order to take advantage of the rebate, individuals must:
- Provide verifiable proof of military status or active service at the time of purchase
- Receive a qualifying salary
- Receive credit approval by Toyota Financial Services or Lexus Financial Services through a Toyota, Scion, or Lexus dealer
Qualifying for the Military Rebate
The one glaring issue for many individuals in the military with bad credit is the fact that in order to take advantage of the rebate, the loan must be approved by Toyota Financial Services, a lender not particularly known for approving buyers with past credit issues, military auto loan or otherwise.
Be that as it may, it never hurts to give it a try, especially if your credit problems stemmed from a single incident. It also helps if you have a sizeable down payment in cash or real trade equity.
The Bottom Line
It may be stretching it a bit to say that this will help all members of the military and their families that have poor credit, since it probably won't. But the fact is that even if a few of these buyers can take advantage of the expanded program, it represents a step in the right direction.
One more step car shoppers can take: At Auto Credit Express we help credit-challenged buyers find those new car dealers that can offer them their best chances for car loan approvals.
So if you're ready, you can begin the process of rebuilding your credit by filling out our online auto loan application today.