A U.S. government program designed to get people out of their old, gas-guzzling vehicles and into a fuel-efficient vehicle has gain a lot of attention. The government just came out with the final details of the “Car Allowance Rebate System” (CARS) or “cash for clunkers” program that was developed to stimulate weak auto sales and to eliminate gas guzzling vehicles.

But within a week the $1billion that was allocated to the program has already been used up. The program is said to be so successful that the congress is endeavoring to extend it with an addition $2 billion.

This program is for everyone, including those considering a car loan with bad credit history, as long as you own a clunker – old car – gas guzzler that get less than 18 mile a gallon you could be consider qualified. So whether you have bad credit with credit scores less than 500 or have no credit history at all, a great opportunity has presented itself for you to own a new car – a car of your dreams.

Auto buyers can receive a CARS incentive up to $4,500 for their trade in value. A car owner qualifies for either a $3,500 or $4,500 voucher, depending on the vehicle and the mileage. Participants have to have owned the vehicle they are trading in for at least one year and have had it continuously insured for that year or longer. Verification must be provided.

This is a win win situation for auto buyers, dealers and car manufacturers. Customer can take advantage of the CARS program as well as dealer and auto makers incentives – a double coupon. This is not only the right time to buy a car, but an opportunity to get a loan and diligently fix your credit. Find out if you qualify to get a loan from your local auto dealership today!