Tag Archives: financing

What Auto Buyers Should Know

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We provide plenty of tips for people looking to get an auto loan and the bulk of the tips are preemptive ones. The kind of things that a person should understand before even stepping foot into the dealership. Forewarned is forearmed in the loan world. However, there are other things to bear in mind after it is all said and done, when the driver gets out with the car and the auto loan. In an interview with Millionaire Corner, personal finance expert Liz Weston gave some tips on getting the most from an auto loan.

One of the biggest aspects she takes umbridge with is that owners are wasting a lot of money by getting a new vehicle while still owing on an older one. “Falling in and out love with cars and exchanging them is one of the most expensive things you can do,” Liz Weston says. “(The reason) people having trouble making ends meet often is that they’ve spend too much on their housing or what is sitting in their driveway. Get a good deal and hang.”

This idea does play against the way we think of buying cars. It is easier said than done to try and ignore this notion of getting a new vehicle when each year the auto industry is plastering ads of the brand-new models.

Liz Weston advice falls more on the side of being ready. Someone who is constantly getting a new car while owing isn’t doing a good job of planning ahead and being aware of what they can afford. Her other advice is things that we have mentioned before.

Know your credit score. The repetition of this piece of advice is there for a reason, because this score has such a huge impact on an auto loan.

Read the full interview for more tips from Liz Weston.

If you need help with an auto loan, then contact us at Bayside Chrysler Jeep Dodge. We’ll work with you to find the right new or used vehicle for your lifestyle. Be sure to like us on Facebook and follow us on Twitter for our monthly specials and more tips.

 

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

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!”

The Benefits of No Credit Auto Loans

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One of the biggest problems that car buyers have are credit issues.  Maybe they fell behind on a payment because of a lost job or a sick family member, there are numerous ways to find a mark on a credit report.  There is, however, another issue with credit and that is some people don’t even have it.

This is typical with newer buyers, say students or newly weds, who are entering the world and discovering that weird catch twenty-two of needing credit get a loan but having no credit history.  Thankfully, there is a way around this.  The recent uptick in financing after the recession has caused dealerships to offer more deals for people, and that includes those with no credit.  It is entirely possible to apply for a no credit auto loan.

Now, the next question (and the right one to ask) is ‘what is the catch?’  Since the person asking for this loan doesn’t have any credit history to determine if they are good for the payments, the dealership is taking a much larger risk in issuing a loan to this individual.  For that reason, the dealership typically asks for a larger down payment on the car.  Another stipulation is that the fee for any late payments is larger.

For these reasons, when entering into a no credit auto loan, be sure to be aware of the deal and your own finances.  This loans can be a real blessing for people starting out and needing to build stronger credit as keeping up with the payments will help with gaining positive credit.  There are certainly risks, but for the responsible person, there’s genuine benefit.

Need an auto loan?  Contact a sales person at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the perfect new or used car to fit your life-style.