Bad Credit Car Deals: October 2020

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Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

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, Senior Pricing Analyst - October 29, 2020

If you have a credit score under 660, you may be classified as a subprime borrower and find it more challenging to get an auto loan this fall. Fortunately, some automakers are actually offering special financing rates as well as cash incentives to make it more affordable to buy a car.

Whether your aim is to lower your monthly payments or to cut your overall purchase costs, there are deals to be had on a variety of vehicles. Here's a look at some bad credit car deals in October based on the latest manufacturer incentives that you may not necessarily see advertised.

Updated October 29

2020 Chevrolet Trax

Twofold deal. The 2020 Chevy Trax offers subprime borrowers as much as a $2,000 Down Payment Assistance Bonus. In addition, GM Financial is offering 9.9% APR for up to 72 months. If your alternative consists of vastly subprime loan rates through a local bank, GM's offer could end up being a compelling choice.

That said, a downside is that Chevy isn't allowing buyers to combine these incentives with most other offers. Those with above-average credit should know that Chevy is offering a hidden deal this month involving 0.9% APR financing for up to 72 months plus a $3,100 cash incentive. Current Chevy offers end November 2.

Check 2020 Trax Prices Near You »

2020 Jeep Renegade

Making a great deal better. The 2020 Renegade is one of the most deeply-discounted SUVs. Here in California, Jeep is offering up to $6,250 in rebates on the Renegade Altitude. However, you can boost that to as much as $7,000 off MSRP by taking advantage of a $750 bonus for subprime buyers.

To get the deal, you'll have to have a FICO score under 620 and finance through Chrysler Capital. In some cases, dealer discounts may be able to increase your savings even further. Current Jeep offers are due to end on November 2 and could get better ahead of Black Friday next month.

Check 2020 Renegade Prices Near You »

2020 Nissan Altima

Save with standard rates. Nissan's best deals favor those with great credit. However, standard rates on vehicles like the 2020 Altima can be as low as 4.52% for 60 months for those with subprime credit. That said, dealer mark-ups and differing rates for various credit tiers mean your results could vary.

Here in Los Angeles, Nissan is offering a $2,250 rebate on Altimas. Now that 2021 Altimas are starting to arrive, buyers this fall could find it a great time to buy. Other Nissans with big rebates include the 2020 Murano, Pathfinder, and others. Current Nissan offers are set to expire on November 2.

Check 2020 Altima Prices Near You »

Certified Used Kia Optimas

Discounted used car financing. Don't assume new cars are your only option. For example, Kia is offering rates as low as 5.45% APR for 60 months to buyers with a FICO score between 640 and 659. Kia Motor Finance is even offering 72 and 75-month options as a way to lower your monthly payments.

Used Optimas can be a great deal because Kia sold them with large rebates when they were new. The downside is that dealers can mark-up these rates by as much as 2%. Other brands are offering certified used car deals but mostly benefit those with good credit. Current Kia offers expire on November 2.

Search Used Optima Listings Near You »

2020 RAM 1500

Double-digit savings. Trucks aren't cheap, but RAM is offering an extra $750 off its flagship 1500 Quad or Crew Cab. Available on all 2020 trims, the discount is available to buyers with a FICO score under 620. Even better, you can combine the incentive with up to $10,000 in rebates, one of the best deals on a full-size truck.

The offer in question is called Non-Prime Retail Bonus Cash and is geared exclusively for buying rather than leasing through November 2. If you have trouble getting financed, CarsDirect's network of dealers specializes in helping those with bad credit. Explore all your options before making a decision.

Check 2020 1500 Prices Near You »

, Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter

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