Tag Archives: poor credit

Be Ready For an Auto Loan to Avoid Delinquency

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ID-100111229There are some things that no one ever wants to see a rise in. Experian is reporting that the rate of auto loan delinquency and repossession is going up. This is due to the first quarter seeing an increase in subprime loans.

The increase is across the board. 60 days of delinquency rose 12 percent while 30 days increased 1 percent. The numbers certainly are troubling compared to the recent reports showing those same stats slowing and lowering as the economy comes back.

This has many meanings behind it, not all of them dire. The economy has been a slow slog back to being the best for everyone. It’s come back strong enough to allow people to enter back into the subprime market. That would be an easy explanation for why delinquencies could be up. More people in the market.

What it really says to me is that people are wanting and/or needing to get a car again and may be making the leap too soon or not evaluating their finances properly before coming into the dealership. We’ve posted plenty of aids to make sure that when you get financing for a vehicle that it won’t become a burden that may lead people to missing out on payments.

A large part of buying a car is more than just finding the right vehicle. It’s also about ensuring the vehicle you need is going to work with your finances. Read up and prepare so you’re not caught off guard.

Bayside Chrysler Jeep Dodge is here to make sure you’re ready for financing for the vehicle you need.  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.

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

How to Spot ID Theft on Your Credit Report

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ID-10060832An important aspect of qualifying for an auto loan, even with troubled credit, is your credit score.  One of the best ways an applicant can prepare for the process is to go over their report and ensure that everything listed is correct.  Any number of things can work against you, which is why everyone always recommends a look over before making any major financial decisions.  Be on the lookout for anything that doesn’t match up with your own records.  If you see something wrong, get it taken care of.  Another thing to be aware of if you see something unfamiliar on your credit report is that you may be a victim of identity theft.

TransUnion has some tips to help make sure you can avoid being a victim.  There are certain signs in your report that may point to fraud.  Here’s what you need to keep an eye out for:

  • If you see any accounts, payment histories, addresses, inquires, or Social Security Numbers that you don’t recognize.
  • If an unknown creditor tells you they got an application with your name and Social Security on it that you were unaware of.
  • If you’re getting calls or letters informing you of being approved or denied for credit but never applied.
  • If you have gotten credit card, utility, or telephone statements that are in your name but you never applied.
  • If you notice that your mail, including credit card statements, is not always being delivered to you.
  • If there are credit card purchases you don’t recognize.
  • If a collection agency contacts you about collecting on an account you never opened.

These are all important signs that someone has gotten ahold of your information and are using it for malicious purposes.  Make sure you are aware so that you can work to protect yourself.  Don’t let a thief drag down your credit and along with it the ability to apply for credit.

If you’re in the market for a vehicle then contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.