Tag Archives: credit score

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 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.

 

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Understanding How Bad Credit Affects Auto Loans

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One of the hardest parts of purchasing a vehicle is knowing where to even start.  It’s something that no one really ever teaches.  Education on getting a loan is something everyone should have to get consider that an auto loan is an important part of anyone’s life.  Here’s some advice on getting an auto loan and getting the best deal.

We’ve spoken about it before here, but knowing your credit score and what is on your credit report is vital.  Know your score and know if there is any bad credit dragging that score down. Look into getting it removed because if you can, it’ll help a great deal when it comes time to calculate a loan.

Make sure you understand the advantage of putting down a large down payment.  Down payments may not be necessary but there’s a lot of good that can come from being ready for one anyway.  A larger down payment at the time of purchase can lower the monthly payment.  It’s also helpful for people struggling with bad credit to obtain a loan.  Look over your finances and see what you could comfortably put down as a down payment.

Getting back to the bad credit, one aspect of an auto loan that is a great benefit to someone with bad credit is what it can do for your credit score.  So long as you pay your loan on time and with the proper amount, you’ll see a hasty turn around to the credit score.  Keep paying on time and when it comes time to trade in for a newer vehicle, you’ll have an easier time thanks to the improvement in credit score.

There’s still plenty of areas we didn’t cover.  Do time to research the subject and be aware of your personal finances, including credit score, and you’ll have a much easier time at the dealership.

If you need any aid in finding the right auto loan for you, then contact a sales rep at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right loan for the right new or pre-owned vehicle that suits your lifestyle.  We love to say yes!