Thursday, December 27, 2012

The Best Used Cars For Subprime Auto Loans

A subprime auto loan is hard enough to get if the car has enough value to carry the loan. Unfortunately, cars lose an average 47% of their value by the end of their third year. The value is gone, but that does not stop some dealers from trying to sell them for more than their value. That makes it even harder to get a used car loan with subprime credit. Here are a few cars for which it is easier to get a low credit score auto loan approved. This list also takes into account Consumer Reports list of most reliable cars.

Compact/Subcompacts

Honda Fit
Toyota Echo
Scion xB
Pontiac Vibe
Mazda3
Subaru Impreza

Family Cars

Ford Fusion (FWD)
Mercury Milan (FWD)
Mazda6 (4-cyl.)
Nissan's Altima

The list from Consumer Reports included several other models as well, but, you have to remember, with subprime auto loans, you are not going to be approved for the more expensive models. The sacrifice of buying a smaller car than you might prefer is a modest concession to rebuilding your credit.

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