Tag Archives: financing

The Cars That Sub-Prime Borrowers Are Buying

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Dodge AvengersQuick question: what cars are sub-prime borrowers buying? The answer may be surprising.

Carfinance.com wanted to know this very answer. Rather than following my example and randomly asking the internet, they put together data between October 2012 and March 2013. What the conclusion they found in that window of time was that the people who make their auto purchase as sub-prime borrowers are buying completely different cars than those in the top-selling slots.

The top three selling midsized sedans in the US is the Toyota Camry, Honda Accord, and the Nissan Altima. These three didn’t even break the top ten for sub-prime. So what was on the list then?

Topping it was the Dodge Avenger followed by the Kia Forte and Kia Optima in second and third respectfully. It’s clear from looking at the full list of the top ten that people suffering from credit issues and other financial complications are looking for small or midsized sedans. At least in the new category they are.

Used tells a different story. The top seller in that time period was the Ram 1500. The Dodge Charger came in at the fourth slot. A wide range of vehicles are on the list, but trucks were more numerous than on the new list.

Are you having credit issues and are looking to purchase a new or used vehicle, such as the Avenger or the 1500? Contact us at Bayside Chrysler Jeep Dodge. 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.

How to Spot ID Theft on Your Credit Report

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ID-10060832An important aspect of qualifying for an auto loan, even with troubled credit, is your credit score.  One of the best ways an applicant can prepare for the process is to go over their report and ensure that everything listed is correct.  Any number of things can work against you, which is why everyone always recommends a look over before making any major financial decisions.  Be on the lookout for anything that doesn’t match up with your own records.  If you see something wrong, get it taken care of.  Another thing to be aware of if you see something unfamiliar on your credit report is that you may be a victim of identity theft.

TransUnion has some tips to help make sure you can avoid being a victim.  There are certain signs in your report that may point to fraud.  Here’s what you need to keep an eye out for:

  • If you see any accounts, payment histories, addresses, inquires, or Social Security Numbers that you don’t recognize.
  • If an unknown creditor tells you they got an application with your name and Social Security on it that you were unaware of.
  • If you’re getting calls or letters informing you of being approved or denied for credit but never applied.
  • If you have gotten credit card, utility, or telephone statements that are in your name but you never applied.
  • If you notice that your mail, including credit card statements, is not always being delivered to you.
  • If there are credit card purchases you don’t recognize.
  • If a collection agency contacts you about collecting on an account you never opened.

These are all important signs that someone has gotten ahold of your information and are using it for malicious purposes.  Make sure you are aware so that you can work to protect yourself.  Don’t let a thief drag down your credit and along with it the ability to apply for credit.

If you’re in the market for a vehicle then contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.

5 Reasons to Know Your Credit Score

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ID-10058688One of the things that you’ll need to be aware of if you’re suffering from credit and looking to get yourself a car loan is your credit score.  It’s an incredibly important number that will be determining many aspects in your life, an auto loan being chief among those.  Experian has listed the 5 reasons why it’s so important to know this seemingly magic number.

First reason is that it is free.  Learn how to get a free credit report at least once every 12 months.

The next reason is that it’s important in rebuilding and maintaining good credit.  Knowing the number also means knowing what is on your report.  Nitpick it, scour it for any inconsistency.  You’ll want to make sure that everything listed is correct so that nothing is impacting your score in a negative way.

It’s important to know so you can manage personal finances.  In a way, it’s no different than a bank statement or a credit card bill.  You can keep track of where your credit is being spent at.  Know where your spending is going so you can construct a reasonable savings plan around what you find.

You can see if your identity has been stolen.  It’s a widespread crime these days.  Seems a day can’t go by without such a news story being mentioned somewhere.  Protect yourself and by knowing that score and reading your report, you can spy any fraudulent charges being made.  Make sure to stay ahead of any misuses.

Lastly, it’s the first step in correcting any information you see as inaccurate.  Like I mentioned earlier, identifying any misreporting so you can request the information to be removed is how you can improve your credit.  Find out how to submit a dispute and watch how it can really make a positive change on your report.

So much in life is governed by that number.  That’s why I cannot stress enough the importance of making sure you are aware of what is on your report.  When you apply to get a car loan, it can make all the difference.

Stop by Bayside Chrysler Jeep Dodge where we love to say yes.  We are looking to help place you in the car you need.  Contact us and see how we can work with you today.  Like us on Facebook and follow us on Twitter to see all the specials and offerings we have at the dealership.