Category Archives: Used Car News

Getting Approved After a Denial

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The downside to trying to get an auto credit loan is that they can be denied. It’s extremely discouraging for both sides, the customers who want it and the lenders who want to provide the loan. Not every application that comes in will find itself approved but just because it happens doesn’t make it the end of the line. There are things that you can do, even if denied, to still get an approval.

Auto Credit Express breaks down the factors that can lead into getting denied in the first place. Being turned down due to poor credit doesn’t mean it’s all over, denials typically mean that the loan can’t be approved in the form it was submitted. While the following list is not the sign of death for an application, many of these elements are considered when a lender views the loan.

Is the applicant in credit counseling? Do they have a dismissed bankruptcy? Does the person have multiple repossession on their credit history? What about multiple bankruptcies? Does the credit report show past due child support or excessive tax liens?

The question is what can someone do to turn a denial around and get themselves approved for a auto credit loan? There are four steps that can lead to a reversal of fate.

Step one is to take a look at your credit report. Make sure there is no misinformation that is dragging down your score. Always make sure it is up to date, and most importantly, completely correct.

Step two is think about taking a less expensive vehicle. If the lender reviews your application, they may determine that the car is too expensive even if it fits their parameters. Make sure to inquire with the lender if another cheaper vehicle could help.

Step three is to give more for a down payment. Having more money up front can go a long way in putting you in the vehicle you want.

Step four is to have a co-signer. If you have someone you know that has a credit history as good if not better than your own, it can really help the process.

A denial is not a stop sign, it’s a sign that you should re-evaluate and identify the reason why. If you’re careful and follow some of these tips, you’ll find yourself in a much better position when at the dealership.

Apply online with Bayside Chrysler Jeep Dodge to help get in that car you’ve been wanting. Make sure to follow us on Facebook and Twitter for more financial tips and news.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Used Car Buying Tips

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Purchasing a used car always feels very daunting. Most car-buyers have limited experience in heading into a dealership as people are starting to hold onto their automobiles for longer periods of time now. Another reason is because of the price tag attached, making people see buying a car in a much different light. If you’re going to be spending that much time, or making the commitment to an auto-loan, then you want to make sure you get it right the first time around. You even have to research the history of the car before buying used. If you’re someone who is thinking about finally purchasing that used car, here are some valuable tips from the Proctor Journal to keep in mind as you start the process.

You need to know what you want. It doesn’t matter that you’re buying pre-owned, you still want to have an idea of what style of car you’re looking for. Are you wanting a sports car to show off, or are you in need of a larger SUV for traveling with the family? Make sure to determine what style of vehicle matches your need based on life-style. Once you know that, start look at the makes and models and see which one you like the most.

Next, determine your budget. You going to need to know your financing limit. If you’re not going to pay the full price for the vehicle, look into getting an auto loan. Make sure before you do that, though, that you know how you’re going to be paying it back. That means knowing what you can afford as far as monthly payments are involved. Speak to the dealership you’re planning on purchasing from about the different options that they have for financing.

After that, plan on taking test drives. It’s a good way to determine if this car has what you’re looking for. You can research and evaluate a car all you want online, but it’s a much different experience once you get behind the wheel. It’ll help give it a feel and may even lead to you discovering an issue that you might not have thought to look for.

There’s plenty of things that you can do, as a car-buyer, before you head in for purchasing. These are simply a foundation to build off of. Go through and make a check-list to make sure that you have the proper preparedness so that you’re not caught off guard. It may seem like a giant commitment to make, especially financially, but with the right amount of leg-work, you’ll find that it’s not so overwhelming.

Bayside Chrysler Jeep Dodge is the dealership that will help you find the car you need. Give us a try and we’ll make sure to help make the process as easy and as unstressful as possible. You can even start the research by viewing our pre-owned inventory online. Like us on Facebook and follow us on Twitter for more tips on buying a car.

Decrease in Car Buying Among Youth

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The economic downturn hit everyone hard, the car industry was not recession-proof. The subject has been talked about at length, mainly due to the turn around that has been happening lately with the resurgence of sales after the bailout. During those terrible times, Edmunds estimates that about 11 million vehicle sales were lost. The times may have gotten better, but of that 11 million that delayed their purchase, 4 million still haven’t gotten to buying a car.

Autonetfinancial.com shows that the age group that is leading to a sales slump is the younger buyers. New car purchases by 18-34 year-old has gone down by 30 percent in the last five years. A prediction for this is that this age group is out of the market because they are moving to bigger cities where having a car is usually a determent.

It’s been a tough question that many in the industry have pondered, how do you get the youngest buyers into the dealerships? It’s not like there isn’t already enough of financial problems that the new generation have to deal with, with unemployment still high and college tuition still increasing. That doesn’t even bring up the fact that new buyers are usually having credit problems from lack of experience.

If you’re one of the people that I just described, but need yourself a car, we here at Bayside Chrysler Jeep Dodge aim to help you. Have bad credit? Read our previous article for advice. Come on into the dealership and we’ll give you a hand in getting the car you want. Like our Facebook page and follow us on Twitter for more tips for the prospective car-buyer.