Tag Archives: down payment

Tips for Buying a Used Vehicle With Bad Credit

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One of the hardest things to do in the auto world is to get a vehicle with bad credit.  The hardest part about it is that no one really ever teaches anyone what to do.  There’s no classes that are required speaking about how to get a used car if you have bad credit.  Luckily, there are websites and resources out there hoping to instruct the consumer in the best possible way to get a vehicle under the worst circumstances.

Cartrade.com has a few steps on how to help those with bad credit still get a used vehicle.

One of the steps is to get the credit score up.  This isn’t a simple magic trick but a longer process.  It is about getting a hold of your own credit score and ridding yourself of the excess baggage that is false reporting.  If you see something on there that doesn’t belong, contact the agencies and inform them it needs to be removed.  Once it is removed, you should see the score increase.

Another step is to make a budget range.  A hard truth in getting a vehicle with bad credit is that you will be needing a larger down payment.  That down payment can have a massive influence on the monthly rate you can get.  So aim for a vehicle that will cost you less and give you more time to improve your credit as you pay if off.

Take a look at their full list and hopefully you’ll find some helpful advice in dealing with shopping for a vehicle even with bad 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.

Used Car Down Payments: How Much Should You Put Down?

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A down payment is a strong thing to have when shopping for a vehicle.  For someone with bad credit, it can have a major influence on the deal and the rate offered to them.  The question is for many, however, how much they should prepare to put down when shopping for a vehicle.

Edmunds states that the conventional wisdom for down payments puts the amount at 20 percent.  The problem is that in their evaluation of car payments made in 2013, the average amount was only 12 percent.  Why is the number so much lower than the estimated amount?

One of the issues that a Jack Gillis with Consumer Federation of America is quoted as saying is due to the increase of the cost of a vehicle while the buyer’s income has stayed flat.  Another reason is that the minimal down payments required are much lower.  This would lead people to be putting lower amounts to the down payment as buyers are attempting to spend as little as possible.

Even with this struggle though, Edmunds recommends that the buyer should concentrate on achieving that 20 percent down.  It might be a lot up front, but that can really pay off further down.  Think of it as more of playing the long game.  A vehicle is a large investment and the sooner you can pay off the vehicle, the better your financial life will be.  A larger down payment helps speed that process along.

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.

Memorial Day Auto Buying Advice

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Memorial Day is seen by many as the real start of the summer. The warmer, rainier weather is here and it is the beginning of many planned trips and vacations. It is also when many dealerships offer many great deals on their vehicles. That makes it an excellent time to think about getting into a dealership and driving off with that needed vehicle. However, Auto Credit Express is offering some advice on how to make the most on the savings during Memorial Day.

One such piece of advice is knowing what you can afford. Having a firm understanding of one’s finances is what can lead to the best possible outcome when purchasing a vehicle. It will allow you to narrow your search on which cars are within your budget. It also helps to know what you can spend each month on a vehicle. This goes hand-in-hand with being realistic about what you can get. We all dream of driving that brand-new Viper, but not all of us can manage that. For now, know what you can afford.

A big way to make the purchasing of a vehicle easier is to have a down-payment or a trade-in. A down-payment is capable of greatly reducing the monthly payments for a vehicle. The more that you can put down, the better off you will be.

Bayside Chrysler Jeep Dodge is offering some amazing deals this Memorial Day. Follow this advice and you will find yourself having the best possible car buying experience. Contact us at the dealership and we’ll walk you through the process. Be sure to like us on Facebook and to follow us on Twitter to see our monthly deals and holiday specials.