Tag Archives: Bayside Chrysler Jeep Dodge

Why a Shorter Loan Term is Better

Posted on by
Reply

ID-10096069

A dilemma that comes over any buyer is the idea of how long they should pay off an auto loan.  A longer loan can lead to smaller payments made off a longer time, making it less stressful on a slim budget.  On the flip side, a shorter loan period is harder on a monthly budget, but can free up a great deal of funds in a shorter amount of time by having the car fully paid off.

Edmunds looked at their data and saw that the average car loan term is about 5 and a half years now.  Some are even in excess of 7 years!  The reason many consumers are choosing a deal like this is because of how much money they can afford a month.  Even though a deal like that might be tempting, it is best to try and get a shorter car loan term.

A reason for this is because of interest rates.  Basically, the longer the payment, the more interest being paid.  Even though the monthly payment one is making a month on a shorter term may look cheaper, it is actually more money due to the adding up of the interest rate by the time the loan is finished.  You’d be very surprised to see just how much money that can be.

Another reason why such a longer term is a bad idea is because of the life of the vehicle.  These days, newer cars are seemingly announced every month.  There is a point in a car’s life where a driver wants to get a better deal on a newer car.  Those who opt for the shorter term can find themselves able to get into a newer vehicle while the longer term people are stuck.

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.

Memorial Day Auto Buying Advice

Posted on by
Reply

Memorial Day 2014 - Header

Memorial Day is seen by many as the real start of the summer. The warmer, rainier weather is here and it is the beginning of many planned trips and vacations. It is also when many dealerships offer many great deals on their vehicles. That makes it an excellent time to think about getting into a dealership and driving off with that needed vehicle. However, Auto Credit Express is offering some advice on how to make the most on the savings during Memorial Day.

One such piece of advice is knowing what you can afford. Having a firm understanding of one’s finances is what can lead to the best possible outcome when purchasing a vehicle. It will allow you to narrow your search on which cars are within your budget. It also helps to know what you can spend each month on a vehicle. This goes hand-in-hand with being realistic about what you can get. We all dream of driving that brand-new Viper, but not all of us can manage that. For now, know what you can afford.

A big way to make the purchasing of a vehicle easier is to have a down-payment or a trade-in. A down-payment is capable of greatly reducing the monthly payments for a vehicle. The more that you can put down, the better off you will be.

Bayside Chrysler Jeep Dodge is offering some amazing deals this Memorial Day. Follow this advice and you will find yourself having the best possible car buying experience. Contact us at the dealership 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.

Down-Payments and How They Help

Posted on by
Reply

ID-100194325

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.