Tag Archives: new car

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!

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.