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LaToya Irby

GM Makes it Easier to Get a Car Loan

By January 6, 2009

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GMAC, the financing-arm of GM, recently announced it would be lowering the minimum credit score requirement for an auto loan to 621. The decision comes after the company was approved for a $5 billion bailout from the government. Just a few months ago, GMAC's minimum credit score was 700. A score that high made it impossible for many consumers to buy cars. Maybe banks will be next to ease lending restrictions on loans and credit cards.

Before you buy a new car, first take some time to figure out how much you can afford to pay for a new car. Aaron Gold, About.com Guide to Cars recommends figuring out what you can afford to pay on a monthly car payment then multiplying that amount by 36, 48, or 60. Add in your down payment and that's how much car you can afford.

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Comments
July 28, 2009 at 2:37 am
(1) acruz says:

Hi i am Acruz i really feel very happy after knowing that we can get car loan very easily
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Alexander Cruz
Debt management plan

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