Get A Piece Of The Bailout Action When Buying Your New Car
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Now may be your opportunity for low-cost auto financing. Want a piece of the government bailout action? GMAC is making auto loans easier to get by loosening up the credit standard on auto 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 automakers and gave cash to GM and Chrysler. Some say it's money down the drain, but regardless of the effectiveness of these measures, one thing is certain: getting a automobile loan just got simpler!
Minimum credit score demands are reduced by GMAC. Earlier, if you had bad credit, it was tough to get a car loan. These days, things are much easier. It's even possible to get a car loan with a credit score below 700 now.
GMAC is trying to find a balance between responsible credit standards while selling as many cars as possible. They do not 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 campaigns in the coming months. Zero percent interest loans will not be an exception, because they have to get car sales up fast. If you had problems before getting a car loan, your position just got better. See if you can snatch a piece of the bailout action when buying your new car.
Article Source: Articlelogy.com
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