Category Archives: Used Car News

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.

Consumer Credit Rises Higher than Expected

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February turned out to be a better month than expected in regards to credit. A report from the Federal Reserve shows that consumer credit increased by 16.49 billion to 3.13 trillion dollars. This figured caused them to revise their January numbers from $13.80 billion to 13.70 billion. Economists were expecting consumer credit in February to rise only by $14.09 billion.

The numbers consistently show that consumers are coming back into the auto market, a market that just a few short years ago was in freefall. Since the recovery, many drivers have been either forced to purchase a new vehicle to replace older ones or have finally gotten to a position where they are able to finance a new and necessary vehicle. There is also the fact that many lenders have eased up since the recession and have been lending more and more frequently to lower income consumers.

As these figures show, it is the best time to find good financing for a new or used vehicle. If you’re one such person who needs an auto loan, be sure to contact a sales rep at Bayside Chrysler Jeep Dodge. We’ll work with you to secure the right loan to suit your lifestyle. Be sure to like us on Facebook and to follow us on Twitter for more specials and offers.