Bad Credit Auto Loan – Save on a New Toyota or Mazda Today

Getting a bad credit auto loan is something that could be necessary for many Americans at the end of 2009 and the beginning of 2010. If you are looking to take advantage of the end of year sales that Toyota and Mazda have created then it would be a good idea to find financing before you start your search. If you have very bad credit with a credit score below 650 you are going to find it very difficult to qualify for financing through a dealership.


The two major automakers Toyota and Mazda have created some great end of year sales to help you get into a new car before 2010. It is a good idea to take advantage of these now instead of waiting until later when car prices could go back to normal. At the present time you could find a brand-new vehicle for just above the invoice price with very attractive financing if you have good credit.

Unfortunately, there many Americans who have seen their credit score drop over the last year. The recession has hit most Americans very hard and it has been a struggle for them to make all of their bill payments on time. This has caused the average credit score to drop and has also forced lenders to apply a higher interest rate than most loans.

If you have a truly bad credit score and you are looking for an auto loan there are options for you. By doing some searches online you are likely to find that there are many lenders out there who are willing to help you with their services. It is important to understand that with your bad credit score you are not going to get an interest rate as low as you are seeing advertised on television.

Many automakers are currently advertising interest rates as low as 2.9% for their end of year sales. This is a very attractive interest rate but as stated earlier it is important to understand that not everyone has access to these rates. If you cannot get an interest rate this low it does not mean you should not buy a car at the present time. The prices of cars are so low right now that it might be worth it to buy a car even with a high interest rate on your auto loan.

Author: Alan Lake