Tag Archives: new car

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

Decrease in Car Buying Among Youth

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The economic downturn hit everyone hard, the car industry was not recession-proof. The subject has been talked about at length, mainly due to the turn around that has been happening lately with the resurgence of sales after the bailout. During those terrible times, Edmunds estimates that about 11 million vehicle sales were lost. The times may have gotten better, but of that 11 million that delayed their purchase, 4 million still haven’t gotten to buying a car.

Autonetfinancial.com shows that the age group that is leading to a sales slump is the younger buyers. New car purchases by 18-34 year-old has gone down by 30 percent in the last five years. A prediction for this is that this age group is out of the market because they are moving to bigger cities where having a car is usually a determent.

It’s been a tough question that many in the industry have pondered, how do you get the youngest buyers into the dealerships? It’s not like there isn’t already enough of financial problems that the new generation have to deal with, with unemployment still high and college tuition still increasing. That doesn’t even bring up the fact that new buyers are usually having credit problems from lack of experience.

If you’re one of the people that I just described, but need yourself a car, we here at Bayside Chrysler Jeep Dodge aim to help you. Have bad credit? Read our previous article for advice. Come on into the dealership and we’ll give you a hand in getting the car you want. Like our Facebook page and follow us on Twitter for more tips for the prospective car-buyer.

Should You Consider a Down Payment?

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If you’re someone looking to purchase a vehicle and are suffering from poor credit, then there’s a term you maybe familiar with. The term down payment is very different depending on who is looking at it. For most people in the position of needing a car loan, it can be seen as quite evil. There’s a problem with this logic, as Auto Credit Express is showing in a new blog, that putting money down can be quite helpful in the long run.

Lenders that deal with people that are having credit problems need a down payment in either the form of money or real trade equity. The reasoning behind this is that having a down payment is a way to up the chance that the borrower will make their payments on time and in a regular manner. If there’s no money invested in a vehicle, lenders can lose a lot of money if the borrow walks away from a loan. If someone is willing to come up with 10% of the money, it’s a good bet that they mean to keep making payments.

So what are those advantages that were brought up earlier to having a down payment on a vehicle? One of them is that the larger the down payment is, the lower the monthly payment will be. It may also shorten the length of the loan. That means that you’ll have the chance to trade out of a car sooner. There’s also the possibility of getting the loan interest down.

If you have poor credit but are still in need of a car, then you may want to consider having a down payment. The way it can help reduce cost overall maybe worth the extra trouble up front. Fill out an online application and see how Bayside Chrysler Jeep Dodge can work with you to get you a vehicle. You can view our new and pre-owned inventory online. Like us on Facebook and follow us on Twitter for more auto finance information.