Does this Mean a Car Loan for You?

With the big three automakers getting their auto loan from the government, it leaves them able to relax some of their policies regarding the auto loans that they are allowing to write. The $6 billion in aid is going to help them be able to write more auto loans because they don’t have to be as stringent with the terms. The deal is that now they have more financing, they have more to offer others as well.

In the case of GMAC, which is General Motors’ auto loan company, they will be able to ease up on the auto loans that they write which will make it easier for you to get a loan through the company. However, there are still other options for you before you settle on an auto loan financier.

Since last October, when the company stopped offering auto loans to consumers with credit scores that were under 700, only those with sparkling credit were able to get car loans. However, with the new bailout, now those with scores slightly worse than 700 – even as low as 621 are now eligible for auto loans as well. Those that have credit scores lower than that are considered subprime.

They are also now offering a 0% financing option for some of their cars and SUVs to their “qualified buyers.” Unfortunately it is on the cars that are not popular right now, so they may not find a lot of people willing to take them up on it. They are offering lower interest rate auto loans in addition to these, and they are on the more popular choices – but only for those that are qualified.






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