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Auto Loans: Where Will I Find the Best Rates?

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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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How an Auto Loan Can Help After a Bankruptcy

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ID-100142021Bankruptcy is an ugly thing.  Just the word alone makes people shutter.  Even in this economy, as that word gets flung around left and right, people still have a lot of misunderstandings concerning it.  One of those places where people have confusion about it is when it comes to acquiring an auto loan even after having a bankruptcy occur.

Auto Credit Express shows how bankruptcy can affect an application for an auto loan. When the two common types of bankruptcy, a Chapter 7 or a Chapter 13, are completed, it ends with either a discharge or dismissed.

Having the bankruptcy dismissed is what leads to problems.  This is common during a Chapter 13.  Dismissal means that the court-ordered payment schedule wasn’t met.  You missed a payment and this will lead to a lender or any kind of loan, auto-loan included, being denied.

On the other hand, a discharge on the bankruptcy means that it was completed successfully.  This is what allows a person to properly start reestablishing credit afterwards.

Now that you’ve entered the healing portion of the process, a good question is what to do afterwards.  The most obvious answer is to start mending your credit.  A great way of doing is by looking for different types of credit, such as an auto loan.  This is a form of installment credit that can go a long way in aiding you get back on the right track.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Increase of Auto Loans Tied to Employment

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ID-100144096A recent study done by loans.org has pleasant news for the auto industry.

The website ran a study that combined both employments records from the Bureau of Labor Statistics and the Quarterly Report on Household Debt from the Federal Reserve. They looked for a correlation between auto loan debt and employment rate. Here’s what they found: between the third quarter of 2009 and the first quarter of 2013, auto loan borrowing rose as unemployment went down.

I can’t say I’m too surprised by that finding. Less people unemployed means more people have income. More income means that people are going to buy more things. That’s not a terribly conclusion to come to without doing a lick of research. Still, it’s nice to have numbers to prove something that should most definitely be true.

Another thing to note about the correlation between employment and auto loans is that there could be a number of people that were on long-term unemployment. If the people in question were subjected to those harsh conditions, they may have had to stretch to make their lively hoods work. That means ignoring the need to purchase a new car and relay on a broken down model frankenstein-ed to survive as long as possible. Now that they have reliable income again, it’s time to replace such a vehicle.

The economy has been shown to be improving and families have found themselves needing financing to replace aging vehicles. Thankfully as the market has bounced back along with the buyers, so have the auto loans. They are easier to obtain today than ever. Business is booming for the industry.

If you need a car, now is the perfect time to stop in to Bayside Chrysler Jeep Dodge and sit down with us as we work to put you in the vehicle you need.  We provide the Queens area with top quality customer service and want to work with you to satisfy your car-purchasing needs. We love to say yes! Like us on Facebook and follow us on Twitter for more financial advice and monthly parts and service specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net