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Incentives for Toyota Owners Help Bad Credit Car Loan Buyers

General Motors Ford Chrysler and for the moment Hyundai offer incentives to current Toyota owners

Helping our customers

At Auto Credit Express we’ve spent close to 20 years working with consumers with bad credit and helping these same customers raise their FICO scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. Along the way, we try to educate our applicants on the bad credit loan process, since it differs so much from the way a traditional auto loan is handled.

And although financial considerations usually dictate that a majority of vehicles purchased with these types of loans are used cars, there are a number of affordable new cars that also qualify for many of these bad credit car loan programs and General Motors, Ford, Chrysler and Hyundai are among the manufacturers who sell new cars that fit the bill in two important respects: many of their models are affordably priced and, since they are new vehicles, they all come with a comprehensive new car warranty.

The Toyota recall

Late last week, as the Toyota gas pedal recall reached full steam, General Motors and Ford Motor Company announced new car incentives aimed squarely at current Toyota Owners. On Friday, these two companies were joined by Hyundai and, later in the day, by Chrysler.

It should also be noted that even bad credit auto loan buyers can qualify for these new car incentives.

General Motors

For bad credit car loan buyers who currently own a Toyota and plan on trading it in, General Motors is currently offering an additional $1,000 toward the purchase of a GMC, Buick, Cadillac or Chevrolet vehicle with the program due to expire on March 1st, 2010.

Ford

For credit challenged customers who currently own a Toyota and will be trading it in, Ford is currently offering an additional $1,000 toward the purchase of any Ford vehicle, except the following models: F-150 Raptor, new Taurus SE sedan, Edge all wheel drive models and the Shelby GT500 and KR variations of the Mustang. The Ford program runs through March 1st of 2010.

Chrysler

For current bad credit customers hoping to buy a new Chrysler, the company is offering current Toyota Sienna, Tacoma and Tundra owners the opportunity to receive an additional $1,000 trade-in bonus if they purchase any new Chrysler, Jeep, Dodge car or Ram truck.

Hyundai

If bad credit car loan buyers want to take advantage of Hyundai’s bonus offer, they’d better be quick about it. The program was announced on Friday and it runs through the end of today (February 1st).

Hyundai is offering current Toyota owners a $1,000 trade-in bonus if they purchase any new Hyundai Elantra, Elantra Touring or Sonata model.

As we see it

At Auto Credit Express, 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 one of the manufacturers listed above, with the additional $1,000 in customer cash, will make a bad credit car loan more affordable, while keeping interest costs down.

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