Tag Archives: loan

What to Consider Before Refinancing

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One topic that doesn’t get touched on often is refinancing. So much effort is put into simply receiving the necessary loans for acquiring the car that the next step is seen as so far away so little planning is put into it. Refinancing is something that should be ever present in the mind of a autobuyer, especially one that has bad credit and is using their auto loan to help improve their situation.

Now does seem like a good time to look into refinancing. Auto loans are at record lows. However, there are things that should be considered before jumping in. Ready yourself for refinancing by asking these useful questions, courtesy of Mariniji.com.

How is the interest compounded on your latest loan? As the article states, “If the old loan is based on precomputed interest, most of your payments are applied toward interest during the first half of the term of the loan with little effect to the principal balance. Namely, the amount you still owe the lender.”

Does the new loan lender charge processing fees?

Has your credit improved to get the advertised low rate from the lender?

There’s plenty more questions to consider when you’re looking to refinance a loan. Take a look at the full article for more information. If when you’re done looking over the numbers and find yourself able to refinance your loan, it’s a great time to do it.

If you’re looking for help getting an auto loan, contact a sales rep at Bayside Chrysler Jeep Dodge. We operate in the Bayside Queens area of New York and work with customers to find the right new or used car to suit their lifestyle. Like us on Facebook and follow us on Twitter for more tips and auto news.

Image courtesy of Master / FreeDigitalPhotos.net

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.

Know Your Credit Score: First Rule of Auto Purchasing

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What’s the first thing you do before you head into the dealership to purchase a vehicle?

That’s the question that Gerri Detweiler wrote on a post for Credit.com.  She found herself in a position many car buyers have been in of late.  Due to the recession, car owners are holding onto their used vehicles for longer thus driving up the price of pre-owned due to scarcity.  She was forced to look into the new market and wasn’t entirely certain how to start.  Thankfully, her husband had the experience and guided her into the process.

She has provided some solid advice on what to do when new to the market and the questions you should ask yourself before even setting foot in the dealership.  The very first one you should ask is the one that’s not the most obvious.  While certainly things you should know, such as knowing what you can afford, checking with Kelley Blue Book to estimate your trade-in value, or going through Edmunds and other report sites to see the best car for you, the one that you should know first is your credit score.

For whatever reason, this one gets lost in the mix.  Not knowing your credit score is the first step to disaster when shopping for a new vehicle.  Gerri Detweiler found a great quote from Phil Reed who used to work for Edmunds in which he said, “So what happens is they go directly to the dealership without checking their credit scores – which is not a good thing to do – and their attitude is “get me done.”

Knowledge is always power when it comes to negotiating with interest rates.  By knowing your credit score, you’re already one step ahead of the bunch.

Looking for an auto loan?  Check out Bayside Chrysler Jeep Dodge in the Queens New York area.  We offer quality customer service to all who come through the door.  Works with us and you’ll see why our slogan is “We love to say yes!”  Follow us on Facebook and on Twitter for more tips and advice and our monthly specials!