Tag Archives: auto market

Subprime Auto Loans Are on the Rise.

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ID-100145306The US auto market has been enjoying good news of late.  Chrysler sales are getting back to the numbers they were before the recession.  A lot of that good sales news seems to be tied into how much easier obtaining a loan is today.

Subprime auto loans are on the rise.  In fact, they’re just one percent lower than they were in 2008, right before the recession and the auto crisis.  What that means for those looking for an auto loan is good news.  It makes it easier for an approval.

The reason for it seems to be simple, a car is necessary in life.  People have work and they need a way to get to work.  Not everyone has access to solid transportation and it’s for this reason that many people cut back in other aspects of expenses, but not with their car.  People were more willing to go behind on their home mortgage, risking default, and then they were in missing out on an auto loan payment.

If you’re one of the people needing a loan, now it’s the best time to stop into the dealership to try.  Come into Bayside Chrysler Jeep Dodge and work with one of our financial experts and we’ll get you back on the road with the vehicle you need.  We love to say yes! Like our Facebook page and follow us on Twitter for more news and monthly specials.

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Auto Loans Surge As Market Recovers

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ID-100130602What a difference four years can make.  Not that long ago, with the economy in the gutter due to the recent collapse, car buyers were unable to find banks to fund them the money needed to purchase.  Since then, the economy has bounced back and so has the lending.  What was a mere fantasy years ago is now a better reality with interest rates that are finally returning to where they were before the recession.

Bloomberg writes that lenders are very optimistic about the year to come.  In February, the U.S. light-vehicle sales had an up-tick of 3.7 percent.  “The availability of consumer credit is plentiful, “says Kurt McNeil, the VP of US sales operation for GM.

Low interest rates and the availability of credit are the biggest reasons that the US auto sales have gotten a boost.  It rose 13 percent just last year which marks that as the largest annual increase since 1984.  Another reason is that employment has increased, which has caused dealers to increase their leasing, knowing that buyers will be better on paying off loans.

The market is recovering and car buyers are finding the necessary loans readily available.  Interest rates are low and are coming down to the point of where they were before the recession took its toll.  All around the nation, banks and lenders are doing their best to grab attention to let buyers know that dealerships are open for business in the best way.

That includes Bayside Chrysler Jeep Dodge.  Serving the Queens, Bronx, Manhattan, and Long Island Area with quality customer care and experts that work diligently to get car buyers the loans they need.  We love to say yes.  Like us on Facebook and follow us on Twitter for tips on purchasing a vehicle and for special monthly offers.