Tag Archives: recession

Auto Loans: Where Will I Find the Best Rates?

Posted on by
Reply

ID-100125045

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.

Image courtesy of renjith krishnan / FreeDigitalPhotos.net

Getting an Auto Loan While on Unemployment

Posted on by
Reply

ID-100183389

If there is one thing I don’t need to remind people of, it is that the economy is still not the best.  Yes, we are in recovery, but it is a slow one.  Because of that, many people are still struggling to find employment.  Those same people also still need vehicles.  So, is it possible to get an auto loan while on unemployment?

There’s really no easy answer to that broad question I just so happened to ask.  An easy answer is yes, you can get an auto loan with the only source of income being unemployment.  However, as with all things, some nuance is needed to be completely honest.

Unemployment is not the kiss of death to someone’s credit.  It is very possible to be receiving benefits while still maintaining a high credit score.  With a high credit score factored into the credit check, it does raise the possibility of being accepted for an auto loan.

The best way to ensure you can get an auto loan, regardless of being on benefits, is being able to show the ability to pay back a loan.  That’s really what dealerships are looking for, knowledge that you’re good for it.  So ask yourself a question, are you only receiving income from unemployment benefits?  How about social security or child support?  Any alternative source of income can help your chances in proving that you’re capable of maintaining monthly payments.

It is more than possible to get an auto loan while on unemployment; it just means that you need to be acutely aware of your finances.  Granted anyone looking to apply for an auto loan should be aware of these things, it just becomes that much more of a necessity to increase your chance of getting an auto loan.

Have any more questions about the subject?  Contact a sales rep at Bayside Chrysler Jeep Dodge and they will work you through the process to acquiring an auto loan for the right new or used car.  Be sure to like us on Facebook and to follow us on Twitter for more tips and special monthly offers.

Image courtesy of Gualberto107 @ FreeDigitalPhotos.net

Subprime Auto Loans Are on the Rise.

Posted on by
Reply

ID-100145306The US auto market has been enjoying good news of late.  Chrysler sales are getting back to the numbers they were before the recession.  A lot of that good sales news seems to be tied into how much easier obtaining a loan is today.

Subprime auto loans are on the rise.  In fact, they’re just one percent lower than they were in 2008, right before the recession and the auto crisis.  What that means for those looking for an auto loan is good news.  It makes it easier for an approval.

The reason for it seems to be simple, a car is necessary in life.  People have work and they need a way to get to work.  Not everyone has access to solid transportation and it’s for this reason that many people cut back in other aspects of expenses, but not with their car.  People were more willing to go behind on their home mortgage, risking default, and then they were in missing out on an auto loan payment.

If you’re one of the people needing a loan, now it’s the best time to stop into the dealership to try.  Come into Bayside Chrysler Jeep Dodge and work with one of our financial experts and we’ll get you back on the road with the vehicle you need.  We love to say yes! Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of ddpavumba / FreeDigitalPhotos.net