Tag Archives: news

Why a Shorter Loan Term is Better

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A dilemma that comes over any buyer is the idea of how long they should pay off an auto loan.  A longer loan can lead to smaller payments made off a longer time, making it less stressful on a slim budget.  On the flip side, a shorter loan period is harder on a monthly budget, but can free up a great deal of funds in a shorter amount of time by having the car fully paid off.

Edmunds looked at their data and saw that the average car loan term is about 5 and a half years now.  Some are even in excess of 7 years!  The reason many consumers are choosing a deal like this is because of how much money they can afford a month.  Even though a deal like that might be tempting, it is best to try and get a shorter car loan term.

A reason for this is because of interest rates.  Basically, the longer the payment, the more interest being paid.  Even though the monthly payment one is making a month on a shorter term may look cheaper, it is actually more money due to the adding up of the interest rate by the time the loan is finished.  You’d be very surprised to see just how much money that can be.

Another reason why such a longer term is a bad idea is because of the life of the vehicle.  These days, newer cars are seemingly announced every month.  There is a point in a car’s life where a driver wants to get a better deal on a newer car.  Those who opt for the shorter term can find themselves able to get into a newer vehicle while the longer term people are stuck.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.

Memorial Day Auto Buying Advice

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Memorial Day is seen by many as the real start of the summer. The warmer, rainier weather is here and it is the beginning of many planned trips and vacations. It is also when many dealerships offer many great deals on their vehicles. That makes it an excellent time to think about getting into a dealership and driving off with that needed vehicle. However, Auto Credit Express is offering some advice on how to make the most on the savings during Memorial Day.

One such piece of advice is knowing what you can afford. Having a firm understanding of one’s finances is what can lead to the best possible outcome when purchasing a vehicle. It will allow you to narrow your search on which cars are within your budget. It also helps to know what you can spend each month on a vehicle. This goes hand-in-hand with being realistic about what you can get. We all dream of driving that brand-new Viper, but not all of us can manage that. For now, know what you can afford.

A big way to make the purchasing of a vehicle easier is to have a down-payment or a trade-in. A down-payment is capable of greatly reducing the monthly payments for a vehicle. The more that you can put down, the better off you will be.

Bayside Chrysler Jeep Dodge is offering some amazing deals this Memorial Day. Follow this advice and you will find yourself having the best possible car buying experience. Contact us at the dealership and we’ll walk you through the process. Be sure to like us on Facebook and to follow us on Twitter to see our monthly deals and holiday specials.

Used Car Prices Going Down

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ID-100121023Car sales have been up.  There are a lot of reasons why this is happening.  One is that the average ages of vehicles are at the point where it’s cheaper to replace them rather than repair them.  Another, one that’s closer to heart here in New York, is because of Hurricane Sandy.  New Yorkers had their cars wrecked by the super-storm and were forced to get back in the market in the aftermath.  This influx of buyers caused the prices of used-vehicles to surge.  The used-car market has had a hard time keeping up in both inventory and by seeing the cost come close to that of a new car.  Not the best deal for someone looking to purchase pre-owned.  Thankfully, the higher cost is coming to an end.

Fi-magazine.com has the breakdown of why the analysts see a shift coming.  Before the beginning of the year, prices were already starting to go down, but Sandy broke that trend.  February showed that the market was finally getting away from that upswing, as the price for a used-vehicle was averaged at $9,752.  That figure is down 2.8 percent from the month of January.  The exception to the drop was the Mini SUV segment that went up 1.9 percent.

The sales figures for used vehicles remain strong as the year goes on.  The franchised dealers were up by 11.6% in February and the independent dealers were up 4.4%.

If you’ve been having cold feet about coming into Bayside Chrysler Jeep Dodge due to the recent news of increased used-car prices, there’s no need.  Now is the best time to come in and work with the dealership to leave in the vehicle that best suits your needs.  We love to say yes!  Follow us on Facebook and Twitter to see more news and special monthly offers.