Tag Archives: poor credit

Sub-Prime Loans are Easier to Obtain Now Than Before

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If you’re having a problem with credit but are finding yourself needing to get yourself a new or pre-owned vehicle, there’s some good news.

The Ledger has posted news that financing companies are welcoming customers from across the board and this includes those that have poor credit. The average credit score of people buying cars, either new or used, has come back to where it was before the collapse of 2008. The cherry on top of that is that the experts looking at the numbers don’t see this changing anytime soon. The interest rates that the banks need for lending are extremely low and don’t show signs of going up.

What is also helping is that consumers are finally lowering their debts. This makes sub-prime loans a much less risky with someone no longer getting behind on their payments due to the bills stacking up. The example given is that only 0.57 percent of auto loans were 60 days in delinquency in the first quarter of the year.

This positive news is good not only for the buyer, but also for the industry. With the increase of sub-prime loans, car makers are expecting to sell much more of their product this year, easily beating a 30-year low they experienced in 2009. Analysts are seeing this growth rate in buying is both healthy and sustainable. Consumers are just making much better decisions with their finances.

If you’re a car buyer who is worried about their credit, don’t let that stop you from coming into Bayside Chrysler Jeep Dodge. Stop on in and see what can be done to help put you in the car you need for getting around in life. Don’t forget to like us on Facebook as well, and follow us on Twitter, so you can stay up to date on the news coming out of the industry as it happens.

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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