Tag Archives: New York

Improve Your Auto Loan Terms in 4 Easy Steps

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Shopping around for an auto loan can be a trying experience, especially with a low credit score. It can seem impossible to find the car you want at rates and terms you can afford. Most people don’t know that they can improve their chances of getting a better rate, though, by following these 4 simple steps.

  1. Be Honest with Yourself: Take a look over your personal finances and ask yourself how much you can really afford to spend. Do you really need a new car, or are you better able to afford a good used car? If your finances are tight already, then a reliable vehicle that generally doesn’t need a lot of repairs is a smarter choice than something flashier (and pricier).
  2. Research Before Going Into a Dealership: When you go into a dealership, that dealership assumes that you are ready to test drive and buy. If you want to research model reviews, it is better to do so before going in. Otherwise, you could end up buying a car you didn’t really want or hem and haw over the pros and cons of a model and waste the salesperson’s time. It is always good to go into a sale certain that this is the car you want, but keep in mind that the dealership’s sales staff make money on commissions. Be considerate of that, and if you aren’t ready to buy, walk away and let that salesperson help another customer.
  3. Bring a Down Payment: Fox Business recommends having a 20 percent down payment for a new car and 10 percent for a used car. By having that down payment, it increases the chances of getting a better interest rate and lower monthly payments.
  4. Shoot For a Shorter Loan Length: The value of a car, especially a new car, depreciates fairly quickly, so it is better to go with a shorter loan length. Even if it means higher monthly payments, you will probably end up with a higher interest rate if you get a longer loan.

Are you shopping for an auto loan but running into problems because of your credit? Give Bayside Chrysler Jeep Dodge a chance to help you. You can see our online new and pre-owned inventory here, and be sure to like Bayside on Facebook and follow Bayside on Twitter to get the latest news from the auto industry.

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June Chrysler Sales Remain Strong

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Auto sales have been on a consistent upswing of sales for this whole year. The economy may still be slugging along, but the car industry is making a lot of headway from their bail out and are really starting to show that they were worth the investment.

Chrysler in June is expecting their sales to stay at about the same level as they were in May.

Reid Bigland, Chrysler’s head of US Sales, commented on the sales of June, “We’re going to have a similar industry from a SAAR perspective that we had in May in June. We probably had a little bit of a pull-ahead into February and March.” The current estimate for vehicle sales, including medium and heavy-duty trucks is 14 millions sales, which is where May’s sales were.

June is already a big month for Chrysler. The sales for the Dodge Dart will be starting, with about 1,000 of them in the wild at a variety of dealerships. In the next four weeks, they hope to be reaching full output. There’s also the fact that the company is thinking of adding a third shift to keep up with the demand on their Ram trucks. The 2013 Ram 1500 will begin production this September.

The story has yet to be written on the sales growth of Chrysler. No one is quite sure when the surge is going to end, and while June didn’t see an increase, it stayed steady with the rest of year. If you’re someone looking to get into a vehicle, but have poor credit, take a look to see how Bayside Chrysler Jeep Dodge can help you. Go here to look at the inventory online. Don’t forget to like us on Facebook and follow us on Twitter!

Chrysler Sales Grow With Increase in Sub-Prime Loans

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The recession still remains fresh in everyone’s minds. That because to so many people out there, the recession hasn’t really left. Many are still struggling to find employment in the current job market, and many more are still trying to dig themselves out of a financial hole. News of late has been optimistic, and the auto industry is in correlation with it. The economy has been improving, and one of the chief economic stories is the revival of the auto industry. For a company like Chrysler, it’s not all that surprising, however, seeing as how sub-prime loans have helped boost their car sales.

Autonews.com is reporting that in the first quarter of 2012, 29 of every 100 auto loans for a Chrysler vehicle were to consumers with credit scores below 680. According to Experian, a score under that 680 counts as sub-prime. In order to see how this is a up-shift for Chrysler, just a few years prior, during the height of the recession, these loans only accounted for 16 percent.

Chrysler has said that it’s because lenders are reaching out more to the sub-prime market that they are seeing such a sales gain. The company has always traditionally relied on customers with poor credit and now more and more of these same customers are being qualified for loans. The majority of these customers saw a huge impact from the recession and as they recover, so does Chrysler.

If you’re one of the consumers who is dealing with poor credit, give Bayside Chrysler Jeep Dodge a try. Go here to take a look at the Bayside inventory online. Make sure to like us on Facebook and follow us on Twitter!

Image(s): FreeDigitalPhotos.net