Tag Archives: Bayside Chrysler Jeep Dodge

What Auto Buyers Should Know

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We provide plenty of tips for people looking to get an auto loan and the bulk of the tips are preemptive ones. The kind of things that a person should understand before even stepping foot into the dealership. Forewarned is forearmed in the loan world. However, there are other things to bear in mind after it is all said and done, when the driver gets out with the car and the auto loan. In an interview with Millionaire Corner, personal finance expert Liz Weston gave some tips on getting the most from an auto loan.

One of the biggest aspects she takes umbridge with is that owners are wasting a lot of money by getting a new vehicle while still owing on an older one. “Falling in and out love with cars and exchanging them is one of the most expensive things you can do,” Liz Weston says. “(The reason) people having trouble making ends meet often is that they’ve spend too much on their housing or what is sitting in their driveway. Get a good deal and hang.”

This idea does play against the way we think of buying cars. It is easier said than done to try and ignore this notion of getting a new vehicle when each year the auto industry is plastering ads of the brand-new models.

Liz Weston advice falls more on the side of being ready. Someone who is constantly getting a new car while owing isn’t doing a good job of planning ahead and being aware of what they can afford. Her other advice is things that we have mentioned before.

Know your credit score. The repetition of this piece of advice is there for a reason, because this score has such a huge impact on an auto loan.

Read the full interview for more tips from Liz Weston.

If you need help with an auto loan, then contact us at Bayside Chrysler Jeep Dodge. We’ll work with you to find the right new or used vehicle for your lifestyle. Be sure to like us on Facebook and follow us on Twitter for our monthly specials and more tips.

 

Image courtesy of Stuart Miles / 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

Auto Loans Are Easier Than Ever to Get!

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The auto loan market has turned around in just a few years.  The economy may be sluggishly making the crawl towards improvement, people with challenged credit are finding it easier and easier to come into a dealership and drive out in a car.

A few years ago, at the peak of the recession, this was nigh impossible to do.  As many dealerships will attest to, if you had bad credit the typical thought process was just don’t even bother coming in.  That attitude has changed.

Thanks to the Federal Reserve keeping interest rates down to near zero, the subprime loan market is thriving again.

The market has since been surging with people in the subprime credit category. These loans account for more than 27 percent of auto loans according to Experian.

That might seem like a red flag seeing as how all of us remember that it was this same situation with mortgages that lead to the collapse not that long ago, but analysts are quick to remind these same people that auto loans and cars work much differently than homes.  Cars are much easier to appraise and put value on.  Plus, vehicles are essential for people’s lives with work commutes, so a paying off a car typically takes priority.

Auto loan lending for subprime customers is easier to do than ever.  If you were turned down for a loan a few years ago, now is the time to take advantage of the improved market.  Contact a representative at Bayside Chrysler Jeep Dodge and find out how we can help you find that right new or used car for your lifestyle.