Tag Archives: Bayside Chrysler Jeep Dodge

Getting an Auto Loan With No Credit History

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We have spoken at length in past articles about the importance of a credit history. So much rides on what is and isn’t on that list. What about the people who do not have a robust credit history? These individuals need cars too, so what are they to do when it comes time to buy but the credit history is lacking. Here are a few tips to help people who find themselves in that situation.

First, simply acknowledge that obtaining a car loan without a credit history is achievable but somewhat difficult. It will mean going the extra mile where someone else may not have to. Do not let yourself get discouraged.

Now that the pep talk is over, it’s time to do what needs to be done to get that auto loan. The first way to make life easier is to accumulate a larger down payment. The more money one can have to put towards the purchase of a vehicle, the easier the process is. It’s the best way to get the necessary loan as well as a better interest rate. Having a larger down payment tells the dealership that you are capable of producing the funding to pay back a loan.

If that is not an option, keep in mind that dealerships will go beyond a credit history when looking at applicants. The lender needs to know if the applicant is able to pay back the loan they are about to give. If they can’t get that information from a credit history, then they’ll look in other places. What needs to be brought in to help is documents such as a bank statement or recurring bills such as utility or phone bills. These show that you have monthly payment obligations that are being paid off. Another piece of information that can really help is proof of employment. Showing that you have steady work is an indicator of someone able to pay off a monthly loan.

Obtaining an auto loan without a credit history is tough, but it is achievable. Contact a sales person at Bayside Chrysler Jeep Dodge and find a time to come in so we can work with you to find the proper loan. We’ll get you driving away in the new or pre-owned vehicle best suited for your lifestyle. Be sure to like us on Facebook and to follow us on Twitter to see our monthly specials.

 

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2014 Set to be Positive Year for Industry According to Dealers

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2014 is starting out with an optimistic outlook for dealerships. Many are looking to this year continuing an encouraging trend for the industry as sales and loans are expected to increase.

According to Ally Financial who did a survey at the 2014 NADA Convention and Expo in New Orleans of auto dealers showed that they had a positive outlook for the upcoming new year. The majority of those surveyed expected more than a 10 percent increase over the previous year.

When asked further as to why they are having such positive expectations, the reasoning is that the dealers believe that sales will be sustained through consumer confidence. Other key factors that were identified as to why is due to aging vehicles and fleets, economic policy, and incentives. 75 percent of the dealers believe that an increase sales of F&I products will lead to an increase of sales as well as vehicle service contracts, maintenance, and GAP products.

What the consumers can expect to see in 2014 is an increase in social media. 76 percent of the surveyed dealers indicated that they will be taking more advantage of social media and using it to reach out to new and existing customers.

We’re already doing that at Bayside Chrysler Jeep Dodge with our mobile app. You can download it to schedule a service appointment or to see the status of your vehicle already in the shop.

Be sure to contact a sales rep at the dealership to set up a time to come in and discuss getting financed for a new or pre-owned vehicle. Be sure to like us on Facebook and to follow us on Twitter for more specials and news.

 

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Bad Credit Auto Loan Advice

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Bad credit is a term that is has many different meanings and one thing that it doesn’t mean is that everything is over. Having the label of ‘bad’ attached to you doesn’t mean that you might as well stay at home rather than try to get an auto loan. Like I said earlier, just because you have ‘bad’ credit doesn’t mean that you have credit that will keep you from getting a good loan. Bad means many things and here is some advice on how to get an auto loan even with bad credit.

First tip is not to trust the people who tell you that your credit is bad. Find out your score for yourself. Get a hold of your credit score with Experian, Equifax, and TransUnion to see your credit score and to see how bad it really is. Keep in mind that there are a lot of variables that change the ability to get credit. Even bad credit with a long history can still work compared to someone with good credit and no credit history.

Another tip is that when you’re finally ready to go in for a loan, it’s better to take a longer look at the terms of the loan and not the monthly payments. Sure it would be nice to pay a lesser amount, but sometimes it’s a much more financially beneficial boon to get a vehicle paid off as early as possible. Plus, a loan is better overall if it requires more money each month but has the lowest APR.

The last tip for this piece is to have a cosigner available. The best choice is someone close, such as a relative. Be careful with this one though as cosigner on a vehicle is a sign of trust and one that you need to be careful about.

If you have any more question about find the right auto loan for your lifestyle, contact a sales rep at Bayside Chrysler Jeep Dodge and we’ll work with you. We have a wide variety of new and used vehicles to choose from. Be sure to like us on Facebook and to follow us on Twitter to see more tips and advice on auto loans.