Tag Archives: Bayside

Auto Loans: Where Will I Find the Best Rates?

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Car buyers looking for the best financing deal on their next vehicle might have the answer right under their noses.

According to the National Automobile Dealers Association, dealerships across the country are meeting or beating auto loan offers from competing banks or credit unions. Today, more customers are walking into a dealership with pre-approved financing, thinking they already have the best deal.

The truth is that dealerships can almost always find a better financing deal because they send applicants’ credit applications to multiple lending institutions. By financing through the dealership, consumers can also get additional incentives like cash-back rebates or zero-percent loan offers, and since the dealership is hoping to get parts and service business from their customers in the years to come, they will work harder to get their customers a competitive deal.

For more information on how to obtain a loan, contact a sales rep at Bayside Chrysler Jeep Dodge.  We have a wide selection of new and used vehicles to look at with competitive financing offered.  Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.

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What to Consider Before Refinancing

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One topic that doesn’t get touched on often is refinancing. So much effort is put into simply receiving the necessary loans for acquiring the car that the next step is seen as so far away so little planning is put into it. Refinancing is something that should be ever present in the mind of a autobuyer, especially one that has bad credit and is using their auto loan to help improve their situation.

Now does seem like a good time to look into refinancing. Auto loans are at record lows. However, there are things that should be considered before jumping in. Ready yourself for refinancing by asking these useful questions, courtesy of Mariniji.com.

How is the interest compounded on your latest loan? As the article states, “If the old loan is based on precomputed interest, most of your payments are applied toward interest during the first half of the term of the loan with little effect to the principal balance. Namely, the amount you still owe the lender.”

Does the new loan lender charge processing fees?

Has your credit improved to get the advertised low rate from the lender?

There’s plenty more questions to consider when you’re looking to refinance a loan. Take a look at the full article for more information. If when you’re done looking over the numbers and find yourself able to refinance your loan, it’s a great time to do it.

If you’re looking for help getting an auto loan, contact a sales rep at Bayside Chrysler Jeep Dodge. We operate in the Bayside Queens area of New York and work with customers to find the right new or used car to suit their lifestyle. Like us on Facebook and follow us on Twitter for more tips and auto news.

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Auto Buying Tips for First Time Buyers

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ID-10034421There’s a lot of life skills that are not taught to people. It tends to involve first time buyers of any major investment. There’s no high school class to understand what to look for in buying a new TV, in apartment hunting, and there’s not really much out there to help a first time car buyer outside of a family member who went through the same thing. It certainly doesn’t help when SB Wire puts out an article aimed to help those same individuals that commits an ungodly amount of grammar errors. Yet, beneath the atrocious way it’s written, there are good take aways from the article.

A typical scenario for a new car buyer would be a student who needs a set of wheels to transport him to college. It can be difficult for this person to get a loan, but they need to bear in mind that they are better off at the moment than someone who has poor credit.

There are steps to take to make sure you have the best chance at the dealership. One is preparation. Take the time to access your finances and see what your limit is on being able to spend monthly on a loan. Make sure to take into account other monetary factors involving the vehicle. You’ll have to pay for gas, any maintenance, the insurance, etc. Don’t put yourself into a situation where the car you bought is making it so you fall behind in other bills.

Next, think about putting a larger sum of money down. This will help you get the auto loan and also get a lower APR rate on the loan. Dealerships like to see this because it’s a form of reassurance that the y are good for the loan.

It’s never fun being new to something that requires this much homework and consideration. That doesn’t mean there aren’t options available to help or information to help deal with the frustration.