Author Archives: baysideadmin

Auto Loans: Where Will I Find the Best Rates?

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Car buyers looking for the best financing deal on their next vehicle might have the answer right under their noses.

According to the National Automobile Dealers Association, dealerships across the country are meeting or beating auto loan offers from competing banks or credit unions. Today, more customers are walking into a dealership with pre-approved financing, thinking they already have the best deal.

The truth is that dealerships can almost always find a better financing deal because they send applicants’ credit applications to multiple lending institutions. By financing through the dealership, consumers can also get additional incentives like cash-back rebates or zero-percent loan offers, and since the dealership is hoping to get parts and service business from their customers in the years to come, they will work harder to get their customers a competitive deal.

For more information on how to obtain a loan, contact a sales rep at Bayside Chrysler Jeep Dodge.  We have a wide selection of new and used vehicles to look at with competitive financing offered.  Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.

Image courtesy of renjith krishnan / FreeDigitalPhotos.net

Late Payments Rise as More Consumers Enter Market

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Typically when we report on the state of finance in the auto industry, it is to highlight how much something has decreased since the collapse a few short years ago.  We look at the reports that the credit unions put out and have seen a consistent trend in the lower of overdue loans.  However, a recent report from Transunion has shown growth in that very area.  While this may seem like terrible news to see, there is a silver lining underneath it all.

TransUnion is reporting that late payments on loans have grown about 1.1 percent in the last three months of 2013.  Still, the late payment rate is below 1.3 percent overall, a good sign.

The reason I don’t see an issue with the rise in payment delinquency is because it is showing that more people are back in the market.  Some have been forced in, due to an aging vehicle, but many more are coming back into because of the availability of financing and due to a stream of high quality new vehicles.

If anything, it is a sign that people need to step extra carefully when getting a loan.  We’ve provided tips before on how to best prepare to get an auto loan so that you will not end up a statistic on the delinquency rates.

For more information on how to obtain a loan, contact a sales rep at Bayside Chrysler Jeep Dodge.  We have a wide selection of new and used vehicles to look at with competitive financing offered.  Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.

Getting an Auto Loan With No Credit History

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We have spoken at length in past articles about the importance of a credit history. So much rides on what is and isn’t on that list. What about the people who do not have a robust credit history? These individuals need cars too, so what are they to do when it comes time to buy but the credit history is lacking. Here are a few tips to help people who find themselves in that situation.

First, simply acknowledge that obtaining a car loan without a credit history is achievable but somewhat difficult. It will mean going the extra mile where someone else may not have to. Do not let yourself get discouraged.

Now that the pep talk is over, it’s time to do what needs to be done to get that auto loan. The first way to make life easier is to accumulate a larger down payment. The more money one can have to put towards the purchase of a vehicle, the easier the process is. It’s the best way to get the necessary loan as well as a better interest rate. Having a larger down payment tells the dealership that you are capable of producing the funding to pay back a loan.

If that is not an option, keep in mind that dealerships will go beyond a credit history when looking at applicants. The lender needs to know if the applicant is able to pay back the loan they are about to give. If they can’t get that information from a credit history, then they’ll look in other places. What needs to be brought in to help is documents such as a bank statement or recurring bills such as utility or phone bills. These show that you have monthly payment obligations that are being paid off. Another piece of information that can really help is proof of employment. Showing that you have steady work is an indicator of someone able to pay off a monthly loan.

Obtaining an auto loan without a credit history is tough, but it is achievable. Contact a sales person at Bayside Chrysler Jeep Dodge and find a time to come in so we can work with you to find the proper loan. We’ll get you driving away in the new or pre-owned vehicle best suited for your lifestyle. Be sure to like us on Facebook and to follow us on Twitter to see our monthly specials.

 

Image courtesy of renjith / FreeDigitalPhotos.net