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How an Auto Loan Can Help After a Bankruptcy

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ID-100142021Bankruptcy is an ugly thing.  Just the word alone makes people shutter.  Even in this economy, as that word gets flung around left and right, people still have a lot of misunderstandings concerning it.  One of those places where people have confusion about it is when it comes to acquiring an auto loan even after having a bankruptcy occur.

Auto Credit Express shows how bankruptcy can affect an application for an auto loan. When the two common types of bankruptcy, a Chapter 7 or a Chapter 13, are completed, it ends with either a discharge or dismissed.

Having the bankruptcy dismissed is what leads to problems.  This is common during a Chapter 13.  Dismissal means that the court-ordered payment schedule wasn’t met.  You missed a payment and this will lead to a lender or any kind of loan, auto-loan included, being denied.

On the other hand, a discharge on the bankruptcy means that it was completed successfully.  This is what allows a person to properly start reestablishing credit afterwards.

Now that you’ve entered the healing portion of the process, a good question is what to do afterwards.  The most obvious answer is to start mending your credit.  A great way of doing is by looking for different types of credit, such as an auto loan.  This is a form of installment credit that can go a long way in aiding you get back on the right track.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Increase of Auto Loans Tied to Employment

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ID-100144096A recent study done by loans.org has pleasant news for the auto industry.

The website ran a study that combined both employments records from the Bureau of Labor Statistics and the Quarterly Report on Household Debt from the Federal Reserve. They looked for a correlation between auto loan debt and employment rate. Here’s what they found: between the third quarter of 2009 and the first quarter of 2013, auto loan borrowing rose as unemployment went down.

I can’t say I’m too surprised by that finding. Less people unemployed means more people have income. More income means that people are going to buy more things. That’s not a terribly conclusion to come to without doing a lick of research. Still, it’s nice to have numbers to prove something that should most definitely be true.

Another thing to note about the correlation between employment and auto loans is that there could be a number of people that were on long-term unemployment. If the people in question were subjected to those harsh conditions, they may have had to stretch to make their lively hoods work. That means ignoring the need to purchase a new car and relay on a broken down model frankenstein-ed to survive as long as possible. Now that they have reliable income again, it’s time to replace such a vehicle.

The economy has been shown to be improving and families have found themselves needing financing to replace aging vehicles. Thankfully as the market has bounced back along with the buyers, so have the auto loans. They are easier to obtain today than ever. Business is booming for the industry.

If you need a car, now is the perfect time to stop in to Bayside Chrysler Jeep Dodge and sit down with us as we work to put you in the vehicle you need.  We provide the Queens area with top quality customer service and want to work with you to satisfy your car-purchasing needs. We love to say yes! Like us on Facebook and follow us on Twitter for more financial advice and monthly parts and service specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

What to Do With Your Tax Refund

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ID-100111818That time of the year has finally come and gone for the majority of Americans. I hope you weren’t one of the people rushing to get to the post office on April 15th because you waited till the last possible second to file that return. Luckily, it’s done for another year. Now a hefty tax return could be heading your way and a new problem comes with it. What do you spend it on?

Ebay conducted a survey to find out just what people were going to be using that tax refund money on. About a third of the people polled plan on using putting their check towards purchasing a vehicle. 25 percent plan on purchasing a vehicle. Thirty-one percent plant to use the money to add a second vehicle to their household or buy it for a child.

More people were planning on using the money for something auto-related that wasn’t necessarily a new or pre-owned vehicle. 57 percent were going to use it for service and maintenance of a current vehicle. 36 percent are going to buy tires. 13 percent plan on using the refund to pay off a car loan they already have.

What are you planning to do if you’re receiving a refund? If you’re interested in a vehicle, the amount of money you’re potentially getting can make a good down-payment to help with your rates and monthly payments. There’s a reason why you see a number of auto-finance blogs write about how fantastic tax refunds are at this time of the year.

Getting a tax refund and need a new vehicle, contact us at Bayside Chrysler Jeep Dodge. We provide the Queens area with top quality customer service and want to work with you to satisfy your car-purchasing needs. We love to say yes! Like us on Facebook and follow us on Twitter for more financial advice and monthly parts and service specials.