Tag Archives: Edmunds

Know Your Credit Score: First Rule of Auto Purchasing

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What’s the first thing you do before you head into the dealership to purchase a vehicle?

That’s the question that Gerri Detweiler wrote on a post for Credit.com.  She found herself in a position many car buyers have been in of late.  Due to the recession, car owners are holding onto their used vehicles for longer thus driving up the price of pre-owned due to scarcity.  She was forced to look into the new market and wasn’t entirely certain how to start.  Thankfully, her husband had the experience and guided her into the process.

She has provided some solid advice on what to do when new to the market and the questions you should ask yourself before even setting foot in the dealership.  The very first one you should ask is the one that’s not the most obvious.  While certainly things you should know, such as knowing what you can afford, checking with Kelley Blue Book to estimate your trade-in value, or going through Edmunds and other report sites to see the best car for you, the one that you should know first is your credit score.

For whatever reason, this one gets lost in the mix.  Not knowing your credit score is the first step to disaster when shopping for a new vehicle.  Gerri Detweiler found a great quote from Phil Reed who used to work for Edmunds in which he said, “So what happens is they go directly to the dealership without checking their credit scores – which is not a good thing to do – and their attitude is “get me done.”

Knowledge is always power when it comes to negotiating with interest rates.  By knowing your credit score, you’re already one step ahead of the bunch.

Looking for an auto loan?  Check out Bayside Chrysler Jeep Dodge in the Queens New York area.  We offer quality customer service to all who come through the door.  Works with us and you’ll see why our slogan is “We love to say yes!”  Follow us on Facebook and on Twitter for more tips and advice and our monthly specials!

Decrease in Car Buying Among Youth

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The economic downturn hit everyone hard, the car industry was not recession-proof. The subject has been talked about at length, mainly due to the turn around that has been happening lately with the resurgence of sales after the bailout. During those terrible times, Edmunds estimates that about 11 million vehicle sales were lost. The times may have gotten better, but of that 11 million that delayed their purchase, 4 million still haven’t gotten to buying a car.

Autonetfinancial.com shows that the age group that is leading to a sales slump is the younger buyers. New car purchases by 18-34 year-old has gone down by 30 percent in the last five years. A prediction for this is that this age group is out of the market because they are moving to bigger cities where having a car is usually a determent.

It’s been a tough question that many in the industry have pondered, how do you get the youngest buyers into the dealerships? It’s not like there isn’t already enough of financial problems that the new generation have to deal with, with unemployment still high and college tuition still increasing. That doesn’t even bring up the fact that new buyers are usually having credit problems from lack of experience.

If you’re one of the people that I just described, but need yourself a car, we here at Bayside Chrysler Jeep Dodge aim to help you. Have bad credit? Read our previous article for advice. Come on into the dealership and we’ll give you a hand in getting the car you want. Like our Facebook page and follow us on Twitter for more tips for the prospective car-buyer.

Lenders, Chrysler Give Poor Credit Consumers Another Chance

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The average American consumer’s credit might not be stellar right now, but lenders are overlooking that and offering better rates on auto loans.

According to a report from Experian Automotive, it is a great time to get an auto loan, especially for consumers with poor credit. Banks and lending institutions have loosened restrictions on auto loans, and in return, they have seen fewer consumers defaulting on their auto loans.

Interestingly enough, Chrysler has been cited as a car company that wants to help consumers with low credit score or no credit at all to get a vehicle. Edmonds.com’s Michelle Krebs mentioned the Chrysler family, specifically Dodge, as willing to work with poor credit consumers, stating, “We’ve noticed that people…for example, the Dodge brand selling to that group – has been part of Chrysler’s history they’ve gone after that buyer so that is helping to boost their sales.”

Perhaps it is because of Chrysler’s recent history that they are willing to give American car buyers another chance. Chrysler has gone through tough times, but they are having an incredible year from getting ranked as a top 10 car brand to having one of the year’s most anticipated car launches with the Dodge Dart and winning award for the Dodge Durango, Jeep Grand Cherokee and Chrysler 300. Maybe by giving more car shoppers the chance to get into a car, they can give back a little bit to the people who stuck by them and believed in Chrysler.

At Bayside Chrysler Jeep Dodge Ram, you can get into a new or used vehicle today! Good credit, bad credit, we love to say yes! Click here to browse Bayside’s online inventory and stop by Bayside Chrysler Jeep Dodge at 21219 Northern Blvd. in Bayside, New York. Also, keep up with the latest news and deals from Bayside by liking Bayside on Facebook, following Bayside on Twitter, and subscribing to Bayside on YouTube!

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