Tag Archives: new

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.

Like us on Facebook and follow us on Twitter to stay up to date on financial tips and other offers at the dealership.

Help Getting a Low-Interest Loan

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One thing that we pride ourselves here at Bayside Chrysler Jeep Dodge is working with the customer to make sure they walk (drive) out of the dealership with the best offer. To that end, we want to help provide that same customer with all the tools they need to be ready for day they need that car. It’s not an easy thing for many people on how to handle purchasing when they have bad credit. Don’t worry though, we’re here to give you helpful tips on just what to do.

The first step should always be to know what your credit score is. With this knowledge, you want to know what the rating needed to qualify for a good credit interest loan is. If you have a score that is close to that rating, then you’ll find yourself in a good position of obtaining that loan. If your score isn’t there quite yet, don’t worry, there’s still things you can do to help.

One piece of advice is to avoid changing your job. That is unless you’ll get a huge improvement on your finances. Having steady employment reflects on your application for a loan and many lenders want to see a consistent work period of 1 to 2 years. You’ll also want to make sure that you’re keeping current on any minimum payments you have. Having negative marks on your credit report can see a vast improvement by showing maturity in your finances.

We have even more advice for you to look at if you have poor credit and are still looking to get into that car you want. We’re always looking to help put you on the road, so come on into the dealership and see how we can help. View our new and pre-owned inventory online at our website. Like us on Facebook and follow us on Twitter for updates on specials offered at the dealership.

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