Tag Archives: loan

New Cars Remain Affordable!

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New car buyers have some great news for when they decide to head into the dealership. According to a new report, the affordability of new vehicles is stable.

Auto Credit Express breaks down a second quarter report from Comerica Bank. The report is known as the “Auto Affordability Index.” What it does is compare the median income of a family in the US to the price of an average-priced car. They then find out how long it’s going to take to pay-off that cost. This is where the good news comes in for the consumer. On average, it’s going to take that family 22.9 weeks to finance their vehicle. This is about the same that it was in first quarter of 2012. Translation, the prices of new cars remains the same.

New vehicles are continuing to be affordable, which is some great news for people in the New York area. The disaster of the hurricane still remains and numerous people are needing to get cars to replace those lost. We here at Bayside Chrysler Jeep Dodge have a saying that we live by and that’s “We Love to Say Yes.” Need to replace a lost car or just in the market, contact us with your application and we’ll help you get that car you need.

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Getting Approved After a Denial

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The downside to trying to get an auto credit loan is that they can be denied. It’s extremely discouraging for both sides, the customers who want it and the lenders who want to provide the loan. Not every application that comes in will find itself approved but just because it happens doesn’t make it the end of the line. There are things that you can do, even if denied, to still get an approval.

Auto Credit Express breaks down the factors that can lead into getting denied in the first place. Being turned down due to poor credit doesn’t mean it’s all over, denials typically mean that the loan can’t be approved in the form it was submitted. While the following list is not the sign of death for an application, many of these elements are considered when a lender views the loan.

Is the applicant in credit counseling? Do they have a dismissed bankruptcy? Does the person have multiple repossession on their credit history? What about multiple bankruptcies? Does the credit report show past due child support or excessive tax liens?

The question is what can someone do to turn a denial around and get themselves approved for a auto credit loan? There are four steps that can lead to a reversal of fate.

Step one is to take a look at your credit report. Make sure there is no misinformation that is dragging down your score. Always make sure it is up to date, and most importantly, completely correct.

Step two is think about taking a less expensive vehicle. If the lender reviews your application, they may determine that the car is too expensive even if it fits their parameters. Make sure to inquire with the lender if another cheaper vehicle could help.

Step three is to give more for a down payment. Having more money up front can go a long way in putting you in the vehicle you want.

Step four is to have a co-signer. If you have someone you know that has a credit history as good if not better than your own, it can really help the process.

A denial is not a stop sign, it’s a sign that you should re-evaluate and identify the reason why. If you’re careful and follow some of these tips, you’ll find yourself in a much better position when at the dealership.

Apply online with Bayside Chrysler Jeep Dodge to help get in that car you’ve been wanting. Make sure to follow us on Facebook and Twitter for more financial tips and news.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Want Better Credit? Break These 3 Bad Habits

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We get questions all the time from people who want to get a car loan but have poor credit. What can they do to improve their score and their overall financial health? The answer isn’t as complicated as one would expect, but it involves one of the toughest things a person can do, which is changing their habits. We’re going to do a quick rundown of how you can break 3 of the biggest habits holding you back from a great credit score.

First, get a notebook small enough to carry in a pocket or a handbag, and make sure you always have it with you. Whenever you make a purchase, write it down in the notebook. This way, you know exactly where your money is going, and you break the habit of making impulse buys on a debit or credit card.

Second, pay down your credit card balance. A good part of your credit score calculation is the debt you have compared to the amount of credit currently available. The lower your balance on the credit card, the better your credit score will be. Once you have paid down your credit card, keep it at an amount you can pay off each month. Break the habit of debt procrastination, saying to yourself, “I’ll pay it off next month.”

Finally, get out a calendar or a day planner and make note of the days that your bills are due. Late payments can knock down your credit score very quickly and can lead to extra penalties or a higher interest rate. Break the habit of paying late, and your credit score will definitely improve over the next year.

Looking for more car buying and credit tips? Check us out on Facebook and follow us on Twitter for more, and stop by Bayside Chrysler Jeep Dodge if you are looking for a car but worried that your credit is holding you back.

Image courtesy of Pixomar / FreeDigitalPhotos.net