In an exceptional instance of noticing an instant impact on customers from federal bailouts, GMAC, which is GM’s financing arm, is going to lower its requirements for credit from a credit score of 700 to 621 to get car loans.  GMAC did some restructuring last week to become a bank, and then secured aid of $6 billion from the government yesterday.

This will most definitely help the GM dealers that wanted to secure other ways of providing credit to car shoppers, including a large agreement with credit unions from the Midwest.  These new requirements will take effect immediately.

So, if you’ve been wanting to take advantage of GM’s Red Tag Sale, but have had credit scores under 700, now’s the time to test drive a vehicle and make a purchase complete with new car warranties.