Tag Archives: down payment

Bad Credit Auto Loan Advice

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If you have a low credit score, getting an auto loan for a used car can be difficult.  It seems impossible to get an affordable rate and terms.  What people don’t know is that they can improve their chances at landing a better rate by working for it.  Here’s some steps to follow to achieve just that:

  1. Evaluate your personal finances and ask yourself how much money you have to spend.  This leads into figuring out what kind of car you are going to be looking for.  Are you better off sticking with a used vehicle or can you afford to get something new?  Do you have money for repairs?  This is incredibly important to know.
  2. Do some research before going in to buy.  Take a look at a dealerships website and see the costs associated with different levels of vehicles.  Know how reliable they are so you can have preparation for knowing how much repairs cost may be. Know the in’s and out’s and get some idea of what you’re in the range to buy.
  3. Have a down payment.  If you have a down payment, use it.  Any amount that you can put towards the purchase of a vehicle on the spot is going to help.  It might seems small, but this can be a major difference depending on the amount of money you can put down.
  4. Try to get a shorter loan length.  This may lead to a higher monthly rate, but if you can afford it, it’ll be cheaper in the long run.  The shorter the length, the less interest has built up and the better off you’ll be.  So if you can afford it, best to keep it as short as possible.

If you’re looking to talk to someone about an auto loan, but have bad credit, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right new or used vehicle to suit your needs.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

What Should You Know Before Going Into a Dealership?

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Car buying is incredibly intimidating.  There is a lot of unknown factors at play about what one should or shouldn’t know or have done before setting foot inside of a dealership.  Here is some advice that we have on what someone should do before they come into purchase a vehicle.

  • Know your credit score:

It is important to know what that number is, because that number is the determinate of many things.  You need to know if that score is low or not, don’t just guess about it.  This is also a good time to go through that credit report to find out if there is any misreporting that you can take action in correcting.  By getting this information removed, you may be able to get your credit score up at a vital moment before buying.

  • Have a Down Payment Ready:

Being able to put money down is going to benefit you.  If you have the money to put down, it increases your chances of approval and may get you a better interest rate.

  • Know your options:

Research the dealership and know the price range of the vehicle type you are looking for.  Many, like Bayside Chrysler Jeep Dodge, have websites that let you browse their new and used selection.  As long as you have an idea of what kind of vehicle you need, you can see the price range of options.  Bear in mind that while you might have the perfect vehicle picked out online, it may be different once you see it and take it for a test drive.  Have an idea of what you want, but be ready to change it.

At Bayside Chrysler Jeep Dodge, we want to help you make your dream of owning a great car a reality, and we will work with you to find the right car to fit your needs. You can get pre-approval, check out our monthly specials, and shop our online inventory by make, model, and year. Click here to visit our website today, or stop by and visit us in person at 21219 Northern Blvd in Bayside, NY. You can also get our latest deals and news by following Bayside on Twitter and Facebook and subscribing to our YouTube channel!

Understanding Auto Loans

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Auto loans are not something that people are familiar with in terms of the process.  Most people come in and cross fingers hoping that the stars will align for a fantastic auto loan rate.  Most of the factors that go into determining a person’s auto loan are an unknown quantity to most people.  Here is a list of just some of the things to take into consideration when wondering what your auto loan rate may be.

Your credit score is at the top of the list.  Understanding the score and knowing it are vital to the process.  A high credit score opens a lot of doors and enables you to possibly qualify for a great auto loan rate.  Getting that high score can be tricky, but paying off monthly bills and loans on time is a major part of helping that work.

Another way to raise a credit score is to be vigilant about the information present on the score.  This is why it is recommend on going through your credit score on a regular basis.  Look it over and see if anything is being misreported or just shouldn’t be there.  Any and all harmful information present on a credit score is most likely going to negatively affect you.  So get it off of there.

Down payments can be a major impact on getting that better auto loan rate.  While there’s no magic number, the higher the cash you can put up front towards a vehicle, the better.

There’s plenty more factors to consider with regards to auto loans, but these are two very important ones to be aware of.  Educate yourself and be ever mindful of your credit score, and the car buying experience will be that much better.

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.