Tag Archives: financing

Things to Know About Auto Loans

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Getting an auto loan isn’t the easiest thing in the world. There is a lot of things to know that most people would never know unless someone told them. Here is a few tips that we recommend you understand before you go out to get a loan.

Figure out what you can afford. Keep your finances in mind when looking for a car. You may have to make cutbacks and settle for a lower priced car in order to ensure you make the monthly amount. Make sure that you get a loan with a monthly rate that is easily affordable to you. If the amount owed is something you’d be stretched to make, then it might not be the right car for you.

Know your credit score. That number goes miles in the car loan world. By knowing what it is, you’ll potentially be able to get better rates. A credit score is important and is something a person should be constantly aware of.

The score can be effected by negative reports. This is why it is recommended that you search through your credit report on a regular basis to remove any wrong information. Even the slightest detail can make a large impact on the overall credit score.

There’s plenty more tips that we will be recommending in the future. Use whatever online resources you can find to help make the auto loan process easier on you. Until next time.

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.

Understanding Auto Loans

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Auto loans are not something that people are familiar with in terms of the process.  Most people come in and cross fingers hoping that the stars will align for a fantastic auto loan rate.  Most of the factors that go into determining a person’s auto loan are an unknown quantity to most people.  Here is a list of just some of the things to take into consideration when wondering what your auto loan rate may be.

Your credit score is at the top of the list.  Understanding the score and knowing it are vital to the process.  A high credit score opens a lot of doors and enables you to possibly qualify for a great auto loan rate.  Getting that high score can be tricky, but paying off monthly bills and loans on time is a major part of helping that work.

Another way to raise a credit score is to be vigilant about the information present on the score.  This is why it is recommend on going through your credit score on a regular basis.  Look it over and see if anything is being misreported or just shouldn’t be there.  Any and all harmful information present on a credit score is most likely going to negatively affect you.  So get it off of there.

Down payments can be a major impact on getting that better auto loan rate.  While there’s no magic number, the higher the cash you can put up front towards a vehicle, the better.

There’s plenty more factors to consider with regards to auto loans, but these are two very important ones to be aware of.  Educate yourself and be ever mindful of your credit score, and the car buying experience will be that much better.

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.

Why a Shorter Loan Term is Better

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A dilemma that comes over any buyer is the idea of how long they should pay off an auto loan.  A longer loan can lead to smaller payments made off a longer time, making it less stressful on a slim budget.  On the flip side, a shorter loan period is harder on a monthly budget, but can free up a great deal of funds in a shorter amount of time by having the car fully paid off.

Edmunds looked at their data and saw that the average car loan term is about 5 and a half years now.  Some are even in excess of 7 years!  The reason many consumers are choosing a deal like this is because of how much money they can afford a month.  Even though a deal like that might be tempting, it is best to try and get a shorter car loan term.

A reason for this is because of interest rates.  Basically, the longer the payment, the more interest being paid.  Even though the monthly payment one is making a month on a shorter term may look cheaper, it is actually more money due to the adding up of the interest rate by the time the loan is finished.  You’d be very surprised to see just how much money that can be.

Another reason why such a longer term is a bad idea is because of the life of the vehicle.  These days, newer cars are seemingly announced every month.  There is a point in a car’s life where a driver wants to get a better deal on a newer car.  Those who opt for the shorter term can find themselves able to get into a newer vehicle while the longer term people are stuck.

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.