Tag Archives: Queens

Determining Which Auto Loan Works Best for You

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Purchasing a new car can be very daunting. It’s seen as a milestone in the purchasing life of any individual right next to the mortgage for a new house/apartment. It’s a commitment, that’s for sure. When you decide to go out and buy a car, you know it’s going to be a while before it’s fully paid off. In an effort to help out car buyers, Cars.com is looking to educate on car loans and how long should they be?

There’s a good piece of advice for buyers from the start, are you ready to buy? It’s a simple question and one that feels like it’s not asked enough before making such decisions. It’s important to know that you’re prepared from a savings point, that you are ready to make a financial sacrifice to maintain a healthy life-style and still manage to make car payments on time.

Now that we’ve determined that you are indeed ready for that car you’ve so wanted from the lot, now is the question of how long do you plan on having that car? The reasoning behind this question is to best determine the length that you should get on your loan. If you answered that you plan on replacing the vehicle, a shorter loan is the right one to look for. The resale value of a car falls quickly, meaning that what you owe can end up being more than the car is worth by the time you get to selling it or trading it in.

Having a shorter loan can loan can also help you pay less on your car. A shorter term loan both pays off the car faster and keeps the interest costs down. The problem that many may have from getting that short-term loan is that the monthly payments will be more expensive. While that might seem obvious to some, many also don’t think about how the interest rate may impact the overall price on a longer term loan. You may end up paying less monthly with the long-term loan but the interest rate is higher on those loans, meaning that the car may be more expensive in the long run.

Long-term loans work the best for people who have the income now, but are not certain of where they will be financially in the future. It’s recommend for people that fall into this category seek out getting the longest possible loan with the lowest rate. If you do this, you can pay of f the loan aggressively and should the worst happen with things like losing a job, you will still have leeway to work with.

It’s a tough choice, to pay more now to pay less later, or to deal with more interest but less payments. There’s pros and cons to either side and only you know your finances well enough to choose between. Still, it’s good to think ahead about these things when going into the dealership so you have knowledge of just what kind of loan would best suit you.

Bayside Chrysler Jeep Dodge would like to help you get that car loan you’re wanting. Contact us and see what we can do to help you get that short-term or long-term loan. Like us on Facebook and follow us on Twitter of more information on the dealership and on car news!

Auto Insurance Myths

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Have you ever heard that red cars cost more to insure? There is a lot of these kinds of myths that somehow make their way long enough to become institutionalized. The answer to that first question, as it obviously is, is that it is not true at all. The question, however, if the color of your car affects your insurance is an interesting one, one that insurance.com takes a look at.

Insurance is affected by many things, but your choice of color is not one of them. Most of the time, the insurance company won’t be aware of the color. It is pretty low on the things they care about.

Another reason that people fear the color red leads to higher cost is because it’s a beacon of being pulled over. Cops obviously pull over more cars that are painted red, it is a surefire sign that says “I’m speeding, come and give me a ticket.” This is something that 46 percent of 2,000 drivers believe according to a recent survey. They believe that because red cars get pulled over more often, then their insurance is more expensive.

This is simply not true. Even if red was getting pulled over more, the insurance rate being raised isn’t affected by color, but by the frequency of that model being pulled over. Tickets affect the rates of the drivers the most. There is no data that shows that red is the most pulled over color of vehicles. It isn’t even the most stolen. If you’re worried that red makes you a more likely target for car thieves, think again. The top color is silver.

The real lesson to learn from all this is to choose the color you like the most. Don’t worry about an urban myth, if you want that red Dodge Charger, then treat yourself.

If you need help with purchasing a new or used vehicle, be sure to contact us at Bayside Chrysler Jeep Dodge. If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

Advice for New Car Buyers

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It is hard enough work to get an auto loan for a new vehicle, but one thing you don’t find is much advice for new car drivers.  The lifecycle of a car is to at some point possibly trade it in.  So how do you make sure that the new vehicle retains its value for maximum trade-in potential?  Here is some things you’ll want to avoid.

1) Having a Dirty Ride

This translates to simply being clean.  Keeping your vehicle clean, inside and out, can help retain value.  If you need to clean under the hood, don’t use a hose.  Instead, use a wet rag to wipe dirt from the hoses.  Bringing in a clean car, especially one with a well maintained engine, will lead to great offers come trade-in time,

2) Driving too Hard

We all dream of being a race car driver or being involved in some high-speed chase, but that’s best left to the fantasy.  A new car needs some loving car for the first time out and having a lead foot can be an issue.  Being nice for the first thousand miles can be a real benefit later on.

3) Keeping Records

Keep track of what service you have done on the vehicle.  Should you ever want to sell to a private party, having such records will be a massive benefit for figuring out value and for the person buying.

There you have it, some great advice for people who managed to land themselves a spiffy new car and want to treat it right.  Most of this is common sense, but it’s always nice to be reminded of the responsibility that will ensure that your vehicle will be worth the best amount when it’s time for trading in.

If you need help with purchasing a new or used vehicle, be sure to contact us at Bayside Chrysler Jeep Dodge. If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.