Tag Archives: car loan

Increase of Auto Loans Tied to Employment

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ID-100144096A recent study done by loans.org has pleasant news for the auto industry.

The website ran a study that combined both employments records from the Bureau of Labor Statistics and the Quarterly Report on Household Debt from the Federal Reserve. They looked for a correlation between auto loan debt and employment rate. Here’s what they found: between the third quarter of 2009 and the first quarter of 2013, auto loan borrowing rose as unemployment went down.

I can’t say I’m too surprised by that finding. Less people unemployed means more people have income. More income means that people are going to buy more things. That’s not a terribly conclusion to come to without doing a lick of research. Still, it’s nice to have numbers to prove something that should most definitely be true.

Another thing to note about the correlation between employment and auto loans is that there could be a number of people that were on long-term unemployment. If the people in question were subjected to those harsh conditions, they may have had to stretch to make their lively hoods work. That means ignoring the need to purchase a new car and relay on a broken down model frankenstein-ed to survive as long as possible. Now that they have reliable income again, it’s time to replace such a vehicle.

The economy has been shown to be improving and families have found themselves needing financing to replace aging vehicles. Thankfully as the market has bounced back along with the buyers, so have the auto loans. They are easier to obtain today than ever. Business is booming for the industry.

If you need a car, now is the perfect time to stop in to Bayside Chrysler Jeep Dodge and sit down with us as we work to put you in the vehicle you need.  We provide the Queens area with top quality customer service and want to work with you to satisfy your car-purchasing needs. We love to say yes! Like us on Facebook and follow us on Twitter for more financial advice and monthly parts and service specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Interest Rates Remain Low as Auto Sales Increase

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Comerica Bank releases a report every three months known as the “Auto Affordability Index.”  What the report does is take the median income for a family in the US and the average price of a new car and compares them to see how many weeks it would take to finance the purchase.  The most recent one brings good news to people who are having a difficult time due to having bad credit.

Auto Credit Express breaks down the report in their latest blog.  An averaged-priced new vehicle took 23.6 weeks of income to buy.  Buyer spent $900 more on new vehicles in the fourth quarter of 2012 than in the third of the same year.

Even though there was a rise of late in prices, sales continue to be very good.  Some of that is due to an up-tick because of Hurricane Sandy forcing many drivers back into dealership to replace destroyed cars.

What that means is that demand is rising and so will be interest rates.  As of right now, you can still get yourself a great deal.  If you’ve needed to purchase a vehicle but have been holding off, now is the time to take advantage of the affordability before it goes up.

Contact us at Bayside Chrysler Jeep Dodge and see why we love to say yes.  We’ll help you find the new or pre-owned vehicle that suits your life-style.  Follow us on Facebook and Twitter for all our monthly vehicle incentives.

How to Spot ID Theft on Your Credit Report

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ID-10060832An important aspect of qualifying for an auto loan, even with troubled credit, is your credit score.  One of the best ways an applicant can prepare for the process is to go over their report and ensure that everything listed is correct.  Any number of things can work against you, which is why everyone always recommends a look over before making any major financial decisions.  Be on the lookout for anything that doesn’t match up with your own records.  If you see something wrong, get it taken care of.  Another thing to be aware of if you see something unfamiliar on your credit report is that you may be a victim of identity theft.

TransUnion has some tips to help make sure you can avoid being a victim.  There are certain signs in your report that may point to fraud.  Here’s what you need to keep an eye out for:

  • If you see any accounts, payment histories, addresses, inquires, or Social Security Numbers that you don’t recognize.
  • If an unknown creditor tells you they got an application with your name and Social Security on it that you were unaware of.
  • If you’re getting calls or letters informing you of being approved or denied for credit but never applied.
  • If you have gotten credit card, utility, or telephone statements that are in your name but you never applied.
  • If you notice that your mail, including credit card statements, is not always being delivered to you.
  • If there are credit card purchases you don’t recognize.
  • If a collection agency contacts you about collecting on an account you never opened.

These are all important signs that someone has gotten ahold of your information and are using it for malicious purposes.  Make sure you are aware so that you can work to protect yourself.  Don’t let a thief drag down your credit and along with it the ability to apply for credit.

If you’re in the market for a vehicle then contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.