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3 Cars To Consider For Bad Credit Consumers

Not surprisingly, more Americans are struggling with low credit ratings than ever before. That doesn't mean, however, that our needs have decreased. One of those needs is reliable transportation with affordable car insurance rates. Too often, however, those with lower credit scores believe a new car purchase is simply out of the question and that the only type of bad credit car loan they can receive is for a used car. Believe it or not, purchasing a new car with bad credit is not as hard as one might think.

Lenders – both prime and sub-prime – who take a chance on those with less-than-perfect credit scores sometimes believe it's a better investment to loan on a new car than a used car. The facts that a new car comes with a manufacturer's guarantee, no miles on it and no previous owners who could have sold it with unreported problems all play a role in this reasoning. Add to it that manufacturer rebates can double as a down payment, and it quickly becomes a win-win for all parties. Still, there are some considerations to keep in mind. Most importantly, which new vehicle can someone with bad credit get approved for?

One of the best deals on the market that's priced at under $15,000 is the Kia Spectra. With a $3,000 rebate, odds are, you can easily qualify for a bad credit car loan on this model. The rebate serves as the down payment, the car insurance is affordable and you can expect monthly payments to be quite affordable. Another great Kia option is the Rio. This gem is priced at under $12,000 and offers up to $1,500 in rebates. Both Kia models offer incredible warranties, including a five-year, 60,000-mile limited warranty and a 10-year or 10,000-mile drive train warranty. Are you a Chevy fan? Then consider the Chevrolet Aveo. Expect to pay around $13,000 for this fuel-efficient model. The rebate is a bit lower than what you might find with Kia, but it's still at around $1,000. Its warranty is three years or 36,000 miles. Finally, the Ford Escape offers national incentives and rebates. Most popular is the cash incentives that vary from $1000 to $1500. Although there's a financing incentive, if your credit scores are low, you most likely won't be able to take advantage of it.

With just a little homework and preparation, you should be able to discover a car loan that's both affordable and relatively pain-free. Remember to get a car insurance quote before signing on the dotted line so that you have an accurate idea of how much money you'll spend each month. It can be your first step to improving your credit rating.

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