Tag Archives: credit

Do You Have Bad Credit and Want a New Car? Here is Some Tips to Help

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Everyone falls on hard times. When this happens, it can be a struggle to dig something out of it and in the meantime your credit score may take a hit. If you’re starting to rebuild and need to get a car but have damaged credit due to recent events with the economy, there is still steps you can take to getting a new vehicle with bad credit.

Begin Early:

If you know you’re going to be getting a new vehicle, then it is best to start ASAP. That means taking advantage of the fact that you get one free credit report each year from the major credit reporting companies of Equifax, TransUnion, and Experian. Using this, you can see where your credit score is and if you fall into the subprime for each reporting company. Another piece of info to look for is risk factors. These are caused by old debts and if a fine when to a collection agency that had to be paid in court. This isn’t a derailment on your steps to bettering your credit, but you should look at these as guidelines for fixing what you need to get that credit score back up.

Bring in Documents Proving You are a Good Credit Risk:

When you head into the dealership, include a list of documents on your checklist of things to bring in. The reason for this is that when you sit down to look at financing, you can have these in your corner. What you are looking to do with these papers is to prove that you have a job and a history of making monthly payments. The items that you should bring then are anything you pay monthly, such as water bills, electric bills, and phone bills. Bring in your most recent pay stub from your employer showing your job. If you can get personal references to vouch for you, they won’t hurt to try to get.

Stay in You Price Range:

This is where knowing what you can and can’t afford on a monthly basis plays into. While this may hurt the car that you want, it is time to be sensible and go with the one that you know you can pay every month. This is especially important because you should know if you can cut back on certain features, this can help you with regards to saving for gas money and other car related bills.

As we usually state in these tips, there is an endless amount of things you can do to ensure that if you have bad credit and need a car to get the best deal possible. These are a few of those examples and ones that can help you get a great rate and a great car.

If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department. We’ll sit you down and help you through the process.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

Source: Edmunds

Bad Credit Auto Loan Advice: First Steps

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Car shopping with bad credit can be a taxing endeavor.  The worst is that no one is ever really brought up with the idea of what to do when it comes to shopping for a car.  The best way to approach getting ready to getting an auto loan is the same as with any other major purchase, doing early leg work.

The best way to start is to begin months in advance.  The process is a lengthy one, not one that someone should expect to have finished in the weekend they start.  Begin with looking into your credit report.  Knowing what your credit score is is what will give you an advantage with dealing with auto loans.

Knowing what your credit score will let you know what credit tier you fall into to.  Anything less than a 619 score is considered subprime.

Another thing to make note of in the credit report is the risk factors.  Risk factors are described as anything from an old debt that went to a collection agency.

Edmunds views risk factors not as inherently negative or a road block to getting an auto loan.  If you take the steps in fixing these issues, it can be seen a positive in the fact that you are taking steps to improve your credit.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.

3 Credit Myths Debunked

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The hardest problem for anyone looking to purchase a vehicle is knowing where to start. It typically begins long before stepping foot in the dealership. One of the most difficult things to understand is credit. There are many myths that are thought of concerning credit. With the help of a piece on UsNews, though, we’ll try to break down some of those myths to make the process a little easier.

The first myth is only having one credit score. It certainly would be nice if that was true. Having only one credit score to worry about would make things much easier. However, the sad truth of reality is that it is more complicated than that.

A person’s credit score is based on the credit report between the three credit bureaus- Experian, Equifax, and TransUnion. Each of these bureaus uses different methods of determining credit scores to complicate the matter even more. Other various credit scoring models also have an impact, each one using slightly different modeling than the next.

The danger of this myth, according to Us News, is that you can be scared into paying for unnecessary services. You may subscribe to credit monitoring programs that do not give you the information you really need. What you see is not necessarily what the creditors see. Be wary of paying for information concerning your credit score.

The second myth is having a balance in order to have a good credit score. The balance that is reported to the bureaus tends to be the previous statement’s balance. The bad implication believing in this myth may have is that you may be keeping on unnecessary debt by not paying off bills in order to have a higher balance. Don’t let yourself fall behind in order to buy into this myth.

The final myth is one that should definitely be challenged. The idea that the credit bureaus are always right. This couldn’t be a more wrong idea to believe. It would be a magical and great world if it were the case, but as many can attribute, it simply isn’t. According to the Federal Trade Commission, one in five people have errors on at least one of the major three credit reports.

Thinking the reports are accurate encourage complacency. It means doing nothing when action should be taken. Having a lower credit score than you could have is going to hinder approvals and interest rates. Knowing what is on a credit report can be the difference of thousands of dollars.

As Us News says, and we agree, it is not fun but it is necessary to scan through credit reports to find and dispute any and all errors. It is tedious, it is annoying, but it the reward is plentiful. Having healthy credit is important and everything should be done in order to achieve it.

If you have any more questions regarding credit issues or are looking to start the process in getting approval for an auto loan, contact us at Bayside Chrysler Jeep Dodge. Be sure to like us on Facebook and to follow us on Twitter.