Tag Archives: auto financing

Questions to Ask to Get the Right Car

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The part of buying something major is the idea that I might get it wrong.  Be it a smartphone or a TV, I look at consumer reports and reviews constantly to prep myself so that I make the right decision the first time.

This cycle can get maddening, this idea that a purchase is so important that I can’t afford to screw it up.  Now put that pressure onto a car purchase and it is a wonder someone can come in and drive off the lot without checking into a nearby hospital with suspected ulcers from the stress.

Jalopnik seems to understand the stress that goes into wanting to not make the wrong decision which is why they have pointed out how to avoid getting the “wrong” car.

The difficulty of carbuying advice is there is no “one size fits all” approach.  For example, their first episode of Car Matchmaker had a person wanting a convertible.  After test-driving a Mustang GT drop-top, he decided against his original desire and went with a Challenger instead because of how the car felt to him.

This happens often to many people when it is time to make the actual decision.  Jalopnik compiled a list of what to keep in mind so that you do not buy the “wrong” car when that time comes in including:

“How much do you drive?”

“What do you need your car to do?”

“What are your must have features?”

“What kind of driving/ownership experience do you want?”

“Actually drive the darn thing.”

Check out the full article to get the full details on each segment but each of these questions are incredibly important ones to have an answer for.  By knowing what you expect from a car, you can at least gauge and narrow a search on which car suits your and your budget.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.
Image courtesy of bplanet at FreeDigitalPhotos.net

Getting an Auto Loan While on Unemployment

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If there is one thing I don’t need to remind people of, it is that the economy is still not the best.  Yes, we are in recovery, but it is a slow one.  Because of that, many people are still struggling to find employment.  Those same people also still need vehicles.  So, is it possible to get an auto loan while on unemployment?

There’s really no easy answer to that broad question I just so happened to ask.  An easy answer is yes, you can get an auto loan with the only source of income being unemployment.  However, as with all things, some nuance is needed to be completely honest.

Unemployment is not the kiss of death to someone’s credit.  It is very possible to be receiving benefits while still maintaining a high credit score.  With a high credit score factored into the credit check, it does raise the possibility of being accepted for an auto loan.

The best way to ensure you can get an auto loan, regardless of being on benefits, is being able to show the ability to pay back a loan.  That’s really what dealerships are looking for, knowledge that you’re good for it.  So ask yourself a question, are you only receiving income from unemployment benefits?  How about social security or child support?  Any alternative source of income can help your chances in proving that you’re capable of maintaining monthly payments.

It is more than possible to get an auto loan while on unemployment; it just means that you need to be acutely aware of your finances.  Granted anyone looking to apply for an auto loan should be aware of these things, it just becomes that much more of a necessity to increase your chance of getting an auto loan.

Have any more questions about the subject?  Contact a sales rep at Bayside Chrysler Jeep Dodge and they will work you through the process to acquiring an auto loan for the right new or used car.  Be sure to like us on Facebook and to follow us on Twitter for more tips and special monthly offers.

Image courtesy of Gualberto107 @ FreeDigitalPhotos.net

The Benefits of No Credit Auto Loans

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One of the biggest problems that car buyers have are credit issues.  Maybe they fell behind on a payment because of a lost job or a sick family member, there are numerous ways to find a mark on a credit report.  There is, however, another issue with credit and that is some people don’t even have it.

This is typical with newer buyers, say students or newly weds, who are entering the world and discovering that weird catch twenty-two of needing credit get a loan but having no credit history.  Thankfully, there is a way around this.  The recent uptick in financing after the recession has caused dealerships to offer more deals for people, and that includes those with no credit.  It is entirely possible to apply for a no credit auto loan.

Now, the next question (and the right one to ask) is ‘what is the catch?’  Since the person asking for this loan doesn’t have any credit history to determine if they are good for the payments, the dealership is taking a much larger risk in issuing a loan to this individual.  For that reason, the dealership typically asks for a larger down payment on the car.  Another stipulation is that the fee for any late payments is larger.

For these reasons, when entering into a no credit auto loan, be sure to be aware of the deal and your own finances.  This loans can be a real blessing for people starting out and needing to build stronger credit as keeping up with the payments will help with gaining positive credit.  There are certainly risks, but for the responsible person, there’s genuine benefit.

Need an auto loan?  Contact a sales person at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the perfect new or used car to fit your life-style.