Toyotas recall troubles lead to a new round of new car incentives that can help lower the monthly payments and interest charges for bad credit car loan consumers.
Bad credit car loans
At Auto Net Financial we realize that after they fill out our online bad credit auto loan application, most bad credit car loan consumers will end up purchasing a used car. For the most part, this is due to the fact that they are less expensive than most new vehicles.
New and used cars
The process of reestablishing your auto credit can be an expensive one – especially if, as a credit-challenged consumer, you choose the wrong kind of vehicle. Although new cars are considerably more reliable than most used cars, often the added expense puts them out of reach for many bad credit car loan customers.
Fortunately, discounts such as new car incentives, usually in the form of customer cash-style rebates, can not only lower the price of a new vehicle; this same money can also contribute, at least in part, to the down payment requirements of many subprime lenders. This “cash on the hood” can be especially important given the current economic situations of many cash-strapped car buyers.
Toyota’s new car incentives
Earlier this month, Toyota Financial Services unveiled a new and aggressive finance and lease program designed to lure buyers away from new programs offered by both General Motors and Chrysler and highlighted by 0% financing and special leases on some of their best-selling models. Unfortunately, both the finance and lease offers are reserved only for those “most qualified” customers, a category that doesn’t include consumers with bad credit.
But by looking more closely at Toyota’s incentive programs for March, we can see that bad credit customers hoping for a good deal and interested in a Toyota can save anywhere from $750 to $1,000 of some of the most affordable models the company makes. And although these rebates cover most of Toyota’s lineup of new vehicles, we are going to concentrate on those models that have an entry level price (after rebates) of under $20,000.
And while most of Toyota’s vehicles surpass the $20,000 price that makes them too expensive for the majority of bad credit buyers, new car incentives on their three most affordable vehicles are available during the month of March for these 2010 models (these rebates are available to all buyers regardless of their credit score):
2010 Toyota Yaris - $1,000
2010 Toyota Corolla - $1,000
2010 Toyota Matrix - $750
Examples: 2010 Toyota Yaris and Corolla
The Yaris is a good example of a quality small car that is currently unaffected by any of the company’s recalls. With a base sticker price of $14,155 that includes an automatic transmission, the delivered price in most states would be about $15,300 – before deducting the $1,000 in customer cash.
The Corolla LE with an automatic transmission is $17,600 and a delivered price would be close to $19,000 in most states and very near the upper end of affordable cars for bad credit customers. Still, we feel that the resale value of the Corolla will rebound from the current market and continue to remain strong. Besides, the $1,000 in customer cash is something Toyota rarely offers Corolla buyers.
As we see it
New car rebates and customer cash are a great way to not only make a vehicle more affordable, but also contribute towards your down payment. There is also no better way to begin reestablishing your car credit than by filling out our secure online bad credit car loan application.
At Auto Net Financial, we feel it’s important that you make the right choices when it comes to a bad credit car loan buying decision. Those choices include finding the right dealer and the right car to help you reestablish your auto credit. Any of the affordable models from Toyota, with the additional $750 to $1,000 in customer cash, will make a bad credit car loan more affordable, while keeping your interest costs down.
For more information and to begin the bad credit auto loan process by filling out our secure bad credit car loan application, please visit our web site at www.autonetfinancial.com.
