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Memorial Day Auto Buying Advice

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Memorial Day is seen by many as the real start of the summer. The warmer, rainier weather is here and it is the beginning of many planned trips and vacations. It is also when many dealerships offer many great deals on their vehicles. That makes it an excellent time to think about getting into a dealership and driving off with that needed vehicle. However, Auto Credit Express is offering some advice on how to make the most on the savings during Memorial Day.

One such piece of advice is knowing what you can afford. Having a firm understanding of one’s finances is what can lead to the best possible outcome when purchasing a vehicle. It will allow you to narrow your search on which cars are within your budget. It also helps to know what you can spend each month on a vehicle. This goes hand-in-hand with being realistic about what you can get. We all dream of driving that brand-new Viper, but not all of us can manage that. For now, know what you can afford.

A big way to make the purchasing of a vehicle easier is to have a down-payment or a trade-in. A down-payment is capable of greatly reducing the monthly payments for a vehicle. The more that you can put down, the better off you will be.

Bayside Chrysler Jeep Dodge is offering some amazing deals this Memorial Day. Follow this advice and you will find yourself having the best possible car buying experience. Contact us at the dealership and we’ll walk you through the process. Be sure to like us on Facebook and to follow us on Twitter to see our monthly deals and holiday specials.

Down-Payments and How They Help

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One of the biggest problems that auto buyers are facing at the moment is aging vehicles. The average age of an American vehicle is currently 11.4 years. That is just insane. I’m not saying it doesn’t make sense though as the economy and the job market has been hard on people needing new cars. Many people have had to get by on what they could. This meant that they were holding onto a vehicle longer than they wanted to. Now that the market has improved and financing is easier than ever to obtain, many are finally in a position to get rid of their old vehicle in exchange for a new one.

However, there is another problem. Many people in this position also have bad credit. This is a major hit against someone needing that new vehicle and is no longer able to rely on the aging current one. So how can someone get a new vehicle while still being able to afford a monthly payment? One of the best courses of options is a down-payment.

A down-payment is a huge game-changer. Having any amount can go a long way towards decreasing a monthly payment and make purchasing a vehicle much easier on the pocketbook. Just $500 down towards a vehicle can provide benefits such as a lower interest rate or a lower monthly payment.

Check your finances and see if this is possible because it is definitely worth it. Down-payments are a positive thing to have on a vehicle so if you can manage it, do it.

Contact us at the Bayside Chrysler Jeep Dodge and we’ll walk you through the process. Be sure to like us on Facebook and to follow us on Twitter to see our monthly deals and holiday specials.

3 Credit Myths Debunked

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The hardest problem for anyone looking to purchase a vehicle is knowing where to start. It typically begins long before stepping foot in the dealership. One of the most difficult things to understand is credit. There are many myths that are thought of concerning credit. With the help of a piece on UsNews, though, we’ll try to break down some of those myths to make the process a little easier.

The first myth is only having one credit score. It certainly would be nice if that was true. Having only one credit score to worry about would make things much easier. However, the sad truth of reality is that it is more complicated than that.

A person’s credit score is based on the credit report between the three credit bureaus- Experian, Equifax, and TransUnion. Each of these bureaus uses different methods of determining credit scores to complicate the matter even more. Other various credit scoring models also have an impact, each one using slightly different modeling than the next.

The danger of this myth, according to Us News, is that you can be scared into paying for unnecessary services. You may subscribe to credit monitoring programs that do not give you the information you really need. What you see is not necessarily what the creditors see. Be wary of paying for information concerning your credit score.

The second myth is having a balance in order to have a good credit score. The balance that is reported to the bureaus tends to be the previous statement’s balance. The bad implication believing in this myth may have is that you may be keeping on unnecessary debt by not paying off bills in order to have a higher balance. Don’t let yourself fall behind in order to buy into this myth.

The final myth is one that should definitely be challenged. The idea that the credit bureaus are always right. This couldn’t be a more wrong idea to believe. It would be a magical and great world if it were the case, but as many can attribute, it simply isn’t. According to the Federal Trade Commission, one in five people have errors on at least one of the major three credit reports.

Thinking the reports are accurate encourage complacency. It means doing nothing when action should be taken. Having a lower credit score than you could have is going to hinder approvals and interest rates. Knowing what is on a credit report can be the difference of thousands of dollars.

As Us News says, and we agree, it is not fun but it is necessary to scan through credit reports to find and dispute any and all errors. It is tedious, it is annoying, but it the reward is plentiful. Having healthy credit is important and everything should be done in order to achieve it.

If you have any more questions regarding credit issues or are looking to start the process in getting approval for an auto loan, contact us at Bayside Chrysler Jeep Dodge. Be sure to like us on Facebook and to follow us on Twitter.