Tag Archives: credit history

Tips on Purchasing a Used Car

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Buying a used vehicle can sometimes be a hassle.  It all depends on how much knowledge you take into the dealership.  The best way to walk away with the best car and the best deal is to have as much information as you possible can.  The educated consumer walks away happy.  Here is some tips on what can help to provide an informed experience to the dealership.

*Investigate the car’s history

Be ready to do some checking into the background of the vehicle.  Run a history report on the car.  Be warned though, sometimes it is just impossible to tell the quality of the vehicle unless someone tears it apart and checks each part.  You are buying a used cars, complications can arise no matter how well checked and verified the vehicle is on the lot.

*Learning how to negotiate

This is easy said than learned.  Proper negotiation takes practice.  With cars, it is hard to get this practice due to the nature of buying a car doesn’t happen too often.  That means it is best to learn from others experience.  Speak with relatives and with friends who went through the process and see if they have any advice on what to do and what to avoid.

*Know your stuff

This is a general catch-all net of knowing where you stand on your credit.  Credit score and history is the king of being able to get a better rate.  It can never be said enough the importance of regular check-ups on credit scores to ensure everything is accurate.

If you’re looking to get a used car or need help with the process, contact a sales rep at Bayside Chrysler Jeep Dodge.  We work hard to provide the best customer service and help make the buying process easy. Like us on Facebook and follow us on Twitter to see our monthly news and special offers.

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.

 

Image courtesy of renjith / 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.