Tag Archives: Queens Bayside

Tips to Improve Your Car Buying Experience

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Have you been holding out on getting that car you’ve been needing? A large number of drivers have been afraid of going into the dealership due to the recession. They’ve been trying to drive every single mile out of their current vehicle wanting to avoid purchasing a new vehicle because of money and poor credit. For many of those people, that wait can’t go any longer. There’s just no more life left in the old ride. It might be time, but that doesn’t mean you have to be afraid of what your credit score may lead to. We have some helpful tips to help you get the best deal possible.

Have a poor credit score? Time to give it a boost. The higher your score, the lower the interest you can expect. That means you need to take the time to review your score. Make sure that having an inquiry on your report won’t bring it down even more. It may take you sometime to get the undesirable material taken from your report, but it’s well worth the time. Having your score show improvement can make a great difference in what your rate is.

Another method that leads to a much better rate is to increase your down payment. Having more money right up front shows that you’re less of a liability. In case you’re wondering, the industry standard for a down payment is 20 percent of the purchase price. An example is if you’re purchasing a vehicle for $25,000, then the down payment will be $5,000. The more you’re willing to put down at the time of purchase will be beneficial when you need leverage to negotiate for a lower car loan rate.

What about if you’ve done all the homework prior to going in and just can’t find the finances for a new car? You may want to look into leasing a vehicle. Leasing means that you’re not buying the car. That means your rates are more likely going to be lower than if you bought. Another plus of going the route of leasing is that contracts usually only last for 2 to 3 years. When the term is finished, you can go into the dealership and lease a newer vehicle.

Any and all of these tips can lead to a much better buying experience. Make sure that you contact us here at Bayside Chrysler Jeep Dodge. You can view our new and pre-owned inventory online. Like us on Facebook and follow us on Twitter for more tips and deals.

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.

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.

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