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Saturday, February 28, 2009

Buying Your New Car On Bailout Money

By James Drake

Now may be your chance for affordable auto financing. Want a piece of the federal bailout action? GMAC is making auto loans simpler to get by loosening up the credit standard on car loans.

We all know the US automobile industry is in trouble. Huge labor costs, bad cars and millions of dollars wasted every day. Now, add to that a difficult credit environment for automobile financing and what you get is the current situation.

The situation got so severe that the government interposed. They bailed out the incompetent auto manufacturers and provided cash to GM and Chrysler. Some say it's money wasted, but regardless of the effectiveness of these measures, one thing is certain: getting a car loan just got easier!

Minimum credit score requirements are lowered by GMAC. Before, if you had bad credit, it was difficult to get a car loan. These days, things are much easier. It's even possible to get a car loan with a credit score under 700 now.

GMAC is trying to find a balance between responsible credit standards while selling as many automobiles as possible. They don't want to make the same mistake that caused the subprime mortgage crisis. This way, the money they get from the federal government flows back to the US citizens.

General Motors will practice aggressive auto financing promotions in the coming months. Zero percent interest financing will not be an exception, because they have to make up a lot of ground. If you had problems before getting a car loan, your position just got much better. Check to see if you can snatch a piece of the bailout action when buying your new car.

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