December Used Sales Soar

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Edmunds is predicting that December of 2015 will be the fourth best-selling month on record.

A few years ago, auto sellers and makers were worried about sales as the economy dropped but it appears that things have really turned around of late.  Since having to be bailed out, Chrysler has really come back by storm.  The Jeep remains one of the best-selling and popular vehicles not just in the US but around the world.  The rest of the fleet, from the Dodge muscle cars to the Ram trucks have been steadily rising in their markets.

“It’s truly remarkable that the auto industry is finishing off its best year ever just six years after depths of the Great Recession” says the Director of Industry Analysis at Edmunds Jessica Caldwell.

The reason for this shift in sales?  The factors are varied, such as decreasing gas prices and rising fuel-efficiency in vehicles.  Lower income customers are getting more access to loans that were previously being held back and automakers are offering more varied in their prices and vehicles.  It’s easy to find a suitable vehicle in the appropriate price range.

Bayside Chrysler Jeep Dodge would like to help you get that car loan you’re wanting. Contact us and see what we can do to help you get that short-term or long-term loan. Like us on Facebook and follow us on Twitter of more information on the dealership and on car news!

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

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.