Tag Archives: Experian

Bad Credit Auto Loan Advice

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Bad credit is a term that is has many different meanings and one thing that it doesn’t mean is that everything is over. Having the label of ‘bad’ attached to you doesn’t mean that you might as well stay at home rather than try to get an auto loan. Like I said earlier, just because you have ‘bad’ credit doesn’t mean that you have credit that will keep you from getting a good loan. Bad means many things and here is some advice on how to get an auto loan even with bad credit.

First tip is not to trust the people who tell you that your credit is bad. Find out your score for yourself. Get a hold of your credit score with Experian, Equifax, and TransUnion to see your credit score and to see how bad it really is. Keep in mind that there are a lot of variables that change the ability to get credit. Even bad credit with a long history can still work compared to someone with good credit and no credit history.

Another tip is that when you’re finally ready to go in for a loan, it’s better to take a longer look at the terms of the loan and not the monthly payments. Sure it would be nice to pay a lesser amount, but sometimes it’s a much more financially beneficial boon to get a vehicle paid off as early as possible. Plus, a loan is better overall if it requires more money each month but has the lowest APR.

The last tip for this piece is to have a cosigner available. The best choice is someone close, such as a relative. Be careful with this one though as cosigner on a vehicle is a sign of trust and one that you need to be careful about.

If you have any more question about find the right auto loan for your lifestyle, contact a sales rep at Bayside Chrysler Jeep Dodge and we’ll work with you. We have a wide variety of new and used vehicles to choose from. Be sure to like us on Facebook and to follow us on Twitter to see more tips and advice on auto loans.

Auto Loan Balances on the Rise, Delinquency on the Fall, Now is the Perfect Time for an Auto Loan

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Good news in the financial world, auto loan balances are high and delinquencies are down.

That might seem like an odd thing to spell out good times for the finance world but it makes sense when you break it down. Firstly, having the outstanding balances in regards to auto loans nation wide, that’s good because it shows that people are getting loans for vehicles. Experian is reporting that the balances are at an all time high even, the highest they’ve been at in seven years.

On the delinquency side of the auto loan equation, those are down. The rate on people behind on loans for 30 days has dropped off from 2.67 percent in the third quarter of 2012 to 2.58 percent in the same quarter of this year. It might not seem like much, but keep a perspective on how bad things were for a while and you’ll see why so many are invigorated to see this trend continue.

The reason these two side by side spell out such good news for the industry as a whole means that institutions will be better about lending. “The availability of credit, combined with consumers’ continued strong performance repaying their loans, has a positive spiral effect,” Melinda Zabritski, senior director of Automotive Lending at Experian, said. “It allows lenders to slowly but surely take on additional risk while providing more access to loans and paving the way for higher auto sales.”

Now is the best time to consider coming in for an auto loan. Bad credit, no credit, no problem. We here at Bayside Chrysler Jeep Dodge will work with you to find the suitable financing for the right new or used vehicle. Give us a chance and see why our slogan is ‘We Love to Say Yes, You’re Approved!”

Auto Loan Delinquency Rates Fall in Second Quarter

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ID-100144151There’s good news in the auto loans world courtesy of a new research from Experian. Turns out that car buyers in the US are doing a good job of paying back their loans.

The data collected by Experian Automotive is promising as it shows that in the second quarter of this year there were fewer vehicles repossessed for non-payment of an auto loan. Not only that, but it’s the fewest amount of vehicles since the company started keeping track in 2006.

Experian wasn’t planning on seeing such a decrease of this size. Melinda Zabritski, Experians senior director of Automotive credit put out a statement saying, “Repossession and delinquency rates seen this quarter were lower than expected. The seasonality of the market usually has the first quarter showing the lowest 30-day delinquency rates, but even with the total automotive loan portfolio growing, consumers in the second quarter have done an exceptional job of meeting their financial obligations to keep the market strong.”

The auto loan market has been booming of late thanks in part to a recovering economy and sales for Chrysler running on a consistent high. We here at Bayside Chrysler Jeep Dodge love to put everyone who walks in through our doors into the vehicle, new or used, that best suits their lifestyle. Stop on by and speak to a customer service representative and see what we can do to help you. We love to say yes!