Auto Loans: Where Will I Find the Best Rates?


Car buyers looking for the best financing deal on their next vehicle might have the answer right under their noses.

According to the National Automobile Dealers Association, dealerships across the country are meeting or beating auto loan offers from competing banks or credit unions. Today, more customers are walking into a dealership with pre-approved financing, thinking they already have the best deal.

The truth is that dealerships can almost always find a better financing deal because they send applicants’ credit applications to multiple lending institutions. By financing through the dealership, consumers can also get additional incentives like cash-back rebates or zero-percent loan offers, and since the dealership is hoping to get parts and service business from their customers in the years to come, they will work harder to get their customers a competitive deal.

For more information on how to obtain a loan, contact a sales rep at Bayside Chrysler Jeep Dodge.  We have a wide selection of new and used vehicles to look at with competitive financing offered.  Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.

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The Cars That Sub-Prime Borrowers Are Buying

Dodge AvengersQuick question: what cars are sub-prime borrowers buying? The answer may be surprising. wanted to know this very answer. Rather than following my example and randomly asking the internet, they put together data between October 2012 and March 2013. What the conclusion they found in that window of time was that the people who make their auto purchase as sub-prime borrowers are buying completely different cars than those in the top-selling slots.

The top three selling midsized sedans in the US is the Toyota Camry, Honda Accord, and the Nissan Altima. These three didn’t even break the top ten for sub-prime. So what was on the list then?

Topping it was the Dodge Avenger followed by the Kia Forte and Kia Optima in second and third respectfully. It’s clear from looking at the full list of the top ten that people suffering from credit issues and other financial complications are looking for small or midsized sedans. At least in the new category they are.

Used tells a different story. The top seller in that time period was the Ram 1500. The Dodge Charger came in at the fourth slot. A wide range of vehicles are on the list, but trucks were more numerous than on the new list.

Are you having credit issues and are looking to purchase a new or used vehicle, such as the Avenger or the 1500? Contact us at Bayside Chrysler Jeep Dodge. 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.

Want Better Credit? Break These 3 Bad Habits

We get questions all the time from people who want to get a car loan but have poor credit. What can they do to improve their score and their overall financial health? The answer isn’t as complicated as one would expect, but it involves one of the toughest things a person can do, which is changing their habits. We’re going to do a quick rundown of how you can break 3 of the biggest habits holding you back from a great credit score.

First, get a notebook small enough to carry in a pocket or a handbag, and make sure you always have it with you. Whenever you make a purchase, write it down in the notebook. This way, you know exactly where your money is going, and you break the habit of making impulse buys on a debit or credit card.

Second, pay down your credit card balance. A good part of your credit score calculation is the debt you have compared to the amount of credit currently available. The lower your balance on the credit card, the better your credit score will be. Once you have paid down your credit card, keep it at an amount you can pay off each month. Break the habit of debt procrastination, saying to yourself, “I’ll pay it off next month.”

Finally, get out a calendar or a day planner and make note of the days that your bills are due. Late payments can knock down your credit score very quickly and can lead to extra penalties or a higher interest rate. Break the habit of paying late, and your credit score will definitely improve over the next year.

Looking for more car buying and credit tips? Check us out on Facebook and follow us on Twitter for more, and stop by Bayside Chrysler Jeep Dodge if you are looking for a car but worried that your credit is holding you back.

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