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Improve Your Auto Loan Terms in 4 Easy Steps

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Shopping around for an auto loan can be a trying experience, especially with a low credit score. It can seem impossible to find the car you want at rates and terms you can afford. Most people don’t know that they can improve their chances of getting a better rate, though, by following these 4 simple steps.

  1. Be Honest with Yourself: Take a look over your personal finances and ask yourself how much you can really afford to spend. Do you really need a new car, or are you better able to afford a good used car? If your finances are tight already, then a reliable vehicle that generally doesn’t need a lot of repairs is a smarter choice than something flashier (and pricier).
  2. Research Before Going Into a Dealership: When you go into a dealership, that dealership assumes that you are ready to test drive and buy. If you want to research model reviews, it is better to do so before going in. Otherwise, you could end up buying a car you didn’t really want or hem and haw over the pros and cons of a model and waste the salesperson’s time. It is always good to go into a sale certain that this is the car you want, but keep in mind that the dealership’s sales staff make money on commissions. Be considerate of that, and if you aren’t ready to buy, walk away and let that salesperson help another customer.
  3. Bring a Down Payment: Fox Business recommends having a 20 percent down payment for a new car and 10 percent for a used car. By having that down payment, it increases the chances of getting a better interest rate and lower monthly payments.
  4. Shoot For a Shorter Loan Length: The value of a car, especially a new car, depreciates fairly quickly, so it is better to go with a shorter loan length. Even if it means higher monthly payments, you will probably end up with a higher interest rate if you get a longer loan.

Are you shopping for an auto loan but running into problems because of your credit? Give Bayside Chrysler Jeep Dodge a chance to help you. You can see our online new and pre-owned inventory here, and be sure to like Bayside on Facebook and follow Bayside on Twitter to get the latest news from the auto industry.

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Auto Loans Increase for People With Poor Credit

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The auto industry is booming because of many factors. One of these factors is that people are finally at a point where their old vehicle is just no longer affordable to keep. It’s time to start browsing the lot of both new and used and see which best replaces the old ride. The problem that these people face is that they were pushing every mile out of their previous car due to the fact that a new vehicle seemed unobtainable due to financial reasons. Many consumers get discouraged by believe that poor credit means no good deals wait for them. There’s good news for people who need that new car but are scared to see what their credit scores means for the payments.

Fox Business is reporting that a new study from Experian Automotive shows that buyers with challenged credit are getting approved for auto financing. What’s even better about that is due to the lower scores getting approval, that brings the average scores down for everyone else. That means that lenders are making more loans. The report shows that loans to car buyers with subprime credit scores increased by 11.4%. These buyers are also getting bigger loans, with the average amount going up $589 from last year on a new car and $411 for a used vehicle.

These changes have come about because more and more consumers are paying back their loans as agreed upon. The number of payments that were 30 days delinquent dropped by 7.6% and 12.1% for 60 days. Vehicle repossession went down by 37.1%.

If you’re one of the people looking to finally find that car that you need, for work or pleasure, but are dealing with challenged credit, then give Bayside Chrysler Jeep Dodge a chance to help you. The new and pre-owned line up is available for online browsing. Like our Facebook page and follow us on Twitter to see the current news in the auto industry.

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Sub-Prime Loans are Easier to Obtain Now Than Before

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If you’re having a problem with credit but are finding yourself needing to get yourself a new or pre-owned vehicle, there’s some good news.

The Ledger has posted news that financing companies are welcoming customers from across the board and this includes those that have poor credit. The average credit score of people buying cars, either new or used, has come back to where it was before the collapse of 2008. The cherry on top of that is that the experts looking at the numbers don’t see this changing anytime soon. The interest rates that the banks need for lending are extremely low and don’t show signs of going up.

What is also helping is that consumers are finally lowering their debts. This makes sub-prime loans a much less risky with someone no longer getting behind on their payments due to the bills stacking up. The example given is that only 0.57 percent of auto loans were 60 days in delinquency in the first quarter of the year.

This positive news is good not only for the buyer, but also for the industry. With the increase of sub-prime loans, car makers are expecting to sell much more of their product this year, easily beating a 30-year low they experienced in 2009. Analysts are seeing this growth rate in buying is both healthy and sustainable. Consumers are just making much better decisions with their finances.

If you’re a car buyer who is worried about their credit, don’t let that stop you from coming into Bayside Chrysler Jeep Dodge. Stop on in and see what can be done to help put you in the car you need for getting around in life. Don’t forget to like us on Facebook as well, and follow us on Twitter, so you can stay up to date on the news coming out of the industry as it happens.

Image: FreeDigitalPhotos.net