Tag Archives: car loan

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.

Image courtesy of renjith krishnan / FreeDigitalPhotos.net

The Benefits of No Credit Auto Loans

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One of the biggest problems that car buyers have are credit issues.  Maybe they fell behind on a payment because of a lost job or a sick family member, there are numerous ways to find a mark on a credit report.  There is, however, another issue with credit and that is some people don’t even have it.

This is typical with newer buyers, say students or newly weds, who are entering the world and discovering that weird catch twenty-two of needing credit get a loan but having no credit history.  Thankfully, there is a way around this.  The recent uptick in financing after the recession has caused dealerships to offer more deals for people, and that includes those with no credit.  It is entirely possible to apply for a no credit auto loan.

Now, the next question (and the right one to ask) is ‘what is the catch?’  Since the person asking for this loan doesn’t have any credit history to determine if they are good for the payments, the dealership is taking a much larger risk in issuing a loan to this individual.  For that reason, the dealership typically asks for a larger down payment on the car.  Another stipulation is that the fee for any late payments is larger.

For these reasons, when entering into a no credit auto loan, be sure to be aware of the deal and your own finances.  This loans can be a real blessing for people starting out and needing to build stronger credit as keeping up with the payments will help with gaining positive credit.  There are certainly risks, but for the responsible person, there’s genuine benefit.

Need an auto loan?  Contact a sales person at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the perfect new or used car to fit your life-style.

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.