Chrysler has announced that Ally Financial will provide the financing for the automaker’s new Fiat initiative, as the Italian automaker prepares for its return to the U.S. Nearly all automakers pair with lender in order to offer their customers car loans.
A wider range of loans means more customers who are able to purchase vehicles, so securing a lender for Fiat’s American debut was a critical step. Chrysler is currently in the process of reviewing applications from its dealers to head up Fiat franchises. It hopes to have 165 dealers up and running by 2011. Ally, once part of General Motors and formerly known as GMAC, provides much of the financing for Chrysler’s car loans.
Ally specializes in providing loans to people with less-than-stellar and bad credit, meaning some consumers could have expanded options for what types of cars they can choose from.
The upcoming Fiat 500 is expected to be priced around $15,000 which could make it a realistic choice for drivers with bad credit car loans.Chrysler has said that it hopes to sell 50,000 of the vehicle during its first year of sales, so it may offer generous loans in order to hit that number.