Tag Archives: financing

Understanding How Bad Credit Affects Auto Loans

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One of the hardest parts of purchasing a vehicle is knowing where to even start.  It’s something that no one really ever teaches.  Education on getting a loan is something everyone should have to get consider that an auto loan is an important part of anyone’s life.  Here’s some advice on getting an auto loan and getting the best deal.

We’ve spoken about it before here, but knowing your credit score and what is on your credit report is vital.  Know your score and know if there is any bad credit dragging that score down. Look into getting it removed because if you can, it’ll help a great deal when it comes time to calculate a loan.

Make sure you understand the advantage of putting down a large down payment.  Down payments may not be necessary but there’s a lot of good that can come from being ready for one anyway.  A larger down payment at the time of purchase can lower the monthly payment.  It’s also helpful for people struggling with bad credit to obtain a loan.  Look over your finances and see what you could comfortably put down as a down payment.

Getting back to the bad credit, one aspect of an auto loan that is a great benefit to someone with bad credit is what it can do for your credit score.  So long as you pay your loan on time and with the proper amount, you’ll see a hasty turn around to the credit score.  Keep paying on time and when it comes time to trade in for a newer vehicle, you’ll have an easier time thanks to the improvement in credit score.

There’s still plenty of areas we didn’t cover.  Do time to research the subject and be aware of your personal finances, including credit score, and you’ll have a much easier time at the dealership.

If you need any aid in finding the right auto loan for you, then contact a sales rep at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right loan for the right new or pre-owned vehicle that suits your lifestyle.  We love to say yes!

Chrysler Capital Opens Strong as Auto Loans Remain Easily Available

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UntitledIt’s only been a month since Chrysler switched their preferred lender from Ally Financial Inc to their own Chrysler Capital and it already looks to be a success. The opening month for the new auto lending service is off to one strong start.

Back in May, Chrysler parted ways with Ally to focus on the creation of their own lending group, Chrysler Capital. Since then, Chrysler Capital has worked on about 21 percent of the loans given out at the 2,500 Chrysler dealerships across the nation. That makes them the top loan writer at Chrysler dealerships.

“”I consider that pretty strong right out of the chute,” said Reid Bigland, Chrysler Group’s head of US sales. “There’s a pretty thick Rolodex of financial providers that is now available to dealerships.”

Bigland went on to say that he thinks lenders are so aggressively pushing into auto loans because the value of a car has held up much stronger than homes during the recent economic downturn. Credit availability is now the best it’s been in the history of automotive financing.

Are you looking to get a vehicle? 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.

Be Ready For an Auto Loan to Avoid Delinquency

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ID-100111229There are some things that no one ever wants to see a rise in. Experian is reporting that the rate of auto loan delinquency and repossession is going up. This is due to the first quarter seeing an increase in subprime loans.

The increase is across the board. 60 days of delinquency rose 12 percent while 30 days increased 1 percent. The numbers certainly are troubling compared to the recent reports showing those same stats slowing and lowering as the economy comes back.

This has many meanings behind it, not all of them dire. The economy has been a slow slog back to being the best for everyone. It’s come back strong enough to allow people to enter back into the subprime market. That would be an easy explanation for why delinquencies could be up. More people in the market.

What it really says to me is that people are wanting and/or needing to get a car again and may be making the leap too soon or not evaluating their finances properly before coming into the dealership. We’ve posted plenty of aids to make sure that when you get financing for a vehicle that it won’t become a burden that may lead people to missing out on payments.

A large part of buying a car is more than just finding the right vehicle. It’s also about ensuring the vehicle you need is going to work with your finances. Read up and prepare so you’re not caught off guard.

Bayside Chrysler Jeep Dodge is here to make sure you’re ready for financing for the vehicle you need.  We work every day with people that have poor credit situations and help them get the loan they need that suits their life-style.  We love to say yes! We’ll work with you to put you in the car best suited for you. Don’t forget to like and follow us on Facebook as well as Twitter.