Tips on Buying Cars: Financing, qualifing, cab pickup


Question
Hello Clark,
I am looking at a 2006 Chevy Ext. Cab pickup, band new. I got GMS pricing with a total of $5500 in rebates and incentives. I am trading in a vehicle with negative equity of $6500. All in all, I am financing a new vehicle for less than sticker $29,435...but...the interest is 12.75% due to my credit. I am going through sub-prime lending and they said its all they can do. Any suggestions or pointers? Should I try and find another lender to give me a loan or would you say that this is the best I can get? Thanks in advance.

Answer
GMAC has just started a promotion....0% apr for 72 months.  GMAC has also loosened up on who qualifies for this, meaning if you credit score is a little messed up you still have a good chance of qualifing for this promotion.  I would try this first.  Second, ask the finance manager to see your approval from the bank.  Most bank approvals have the interest rate on them.  Third, always check with your lending institution to see if they will approve you.