Tag Archives: New York

What to Consider Before an Auto Lease

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ID-100107576The San Francisco Gate recently authored an article indicating the best tips to follow to get the best out of an auto list.

Leasing has been increasing as the market has returned, according to Experian.  The first three months of this year saw a rise to people leasing out their new vehicle.  Leasing a vehicle certainly has its upsides.  If that’s the route a buyer decides to take, there are the tips that are recommend to use so that you wind up with the best possible deal.

First off is understanding just what the difference is between leasing and buying.  Leasing means that you geta car for a fixed period of time.  The payment you make is put “towards paying for the depreciation in the vehicle, not the ownership.”

There are some benefits by going this way in getting your vehicle.  The monthly payment will usually be lesser than the amount if you have to borrow to afford the car.  Also, having a shorter commitment enables you to drive away in a newer car after just a couple of years.  It’s really aimed to benefit people looking at a short-term financial situation.

The next tip is not to forget to haggle.  Talking a price down is typically stereotyped over the price of a car.  You can do that with leasing as well.  Know the sticker price of the car you’re interested in and talk down the price on the vehicle before applying the lease terms.

Make sure you’re realistic about mileage.  Leasing sets limits on how many miles you can have on the car.  Breaking that limit can have a big impact on the amount of money you owe, since then you’ll be charged per-mile.  Understand how much you drive before leasing.

Avoid leases that are longer than three years.  The majority of leases are between two and three years.  A dealership can offer longer leases, but the longer you have a vehicle, the more likely you are to have to pay for costly repairs.

Think twice about buying your leased vehicle.  When the lease is over, you have the option to buy the vehicle.  According to the writer of the article, it’s best to get an estimate on the value of the vehicle when the lease is coming to end to best decide if it’s right to buy.

Check out the full article for more details on each of the tips.  It definitely provides some food for thought for those looking to lease a vehicle rather than out-right buy.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Jeroen van Oostrom / FreeDigitalPhotos.net

How an Auto Loan Can Help After a Bankruptcy

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ID-100142021Bankruptcy is an ugly thing.  Just the word alone makes people shutter.  Even in this economy, as that word gets flung around left and right, people still have a lot of misunderstandings concerning it.  One of those places where people have confusion about it is when it comes to acquiring an auto loan even after having a bankruptcy occur.

Auto Credit Express shows how bankruptcy can affect an application for an auto loan. When the two common types of bankruptcy, a Chapter 7 or a Chapter 13, are completed, it ends with either a discharge or dismissed.

Having the bankruptcy dismissed is what leads to problems.  This is common during a Chapter 13.  Dismissal means that the court-ordered payment schedule wasn’t met.  You missed a payment and this will lead to a lender or any kind of loan, auto-loan included, being denied.

On the other hand, a discharge on the bankruptcy means that it was completed successfully.  This is what allows a person to properly start reestablishing credit afterwards.

Now that you’ve entered the healing portion of the process, a good question is what to do afterwards.  The most obvious answer is to start mending your credit.  A great way of doing is by looking for different types of credit, such as an auto loan.  This is a form of installment credit that can go a long way in aiding you get back on the right track.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Help for Getting an Auto-Loan While on Disability

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ID-10091618There are already enough hardships on people with bad credit looking to get an auto loan.  It’s even harder if you’re on benefits.

Why is that?  Well it’s because Social Security disability income cannot be garnished.

What does that mean exactly?  If you’re on disability income and should your vehicle get repossessed, then the lender is unable to garnish that income to pay off outstanding loan balances.  The lenders keep this very much in mind when someone on SSI disability wants to apply for an auto loan.

That isn’t the end for applicants on SSI disability, however.  High-risk lenders will still take you into consideration under the right conditions.

One example is if you’re able to prove income that can be garnished.  If you have another job and can prove income through a W-2 that helps a great deal.  The length of time you’ve been with the job can make a difference as well.

Something else to consider before applying helping your chances is to take a look at your residency.  If you’re able to prove long-term residence stability, it can help.  You also will want to look into showing your credit problems to be situational rather than habitual.  The difference is that situational will be a credit problem as a result of a single problem, such as a medical issue, while habitual is a history of being behind in payment to multiple lenders.

Getting an auto-loan when on disability is tricky.  It’s important, more-so than with most borrowers, to know how the system can be influenced in your favor.  Thankfully, it is possible with leg-work and proper knowledge.

If you need a hand in getting an auto loan, then contact us at Bayside Chrysler Jeep Dodge. 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.

Source: Auto Credit Express

Image courtesy of Stuart Miles / FreeDigitalPhotos.net