Tag Archives: used car

What Auto Buyers Should Know

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We provide plenty of tips for people looking to get an auto loan and the bulk of the tips are preemptive ones. The kind of things that a person should understand before even stepping foot into the dealership. Forewarned is forearmed in the loan world. However, there are other things to bear in mind after it is all said and done, when the driver gets out with the car and the auto loan. In an interview with Millionaire Corner, personal finance expert Liz Weston gave some tips on getting the most from an auto loan.

One of the biggest aspects she takes umbridge with is that owners are wasting a lot of money by getting a new vehicle while still owing on an older one. “Falling in and out love with cars and exchanging them is one of the most expensive things you can do,” Liz Weston says. “(The reason) people having trouble making ends meet often is that they’ve spend too much on their housing or what is sitting in their driveway. Get a good deal and hang.”

This idea does play against the way we think of buying cars. It is easier said than done to try and ignore this notion of getting a new vehicle when each year the auto industry is plastering ads of the brand-new models.

Liz Weston advice falls more on the side of being ready. Someone who is constantly getting a new car while owing isn’t doing a good job of planning ahead and being aware of what they can afford. Her other advice is things that we have mentioned before.

Know your credit score. The repetition of this piece of advice is there for a reason, because this score has such a huge impact on an auto loan.

Read the full interview for more tips from Liz Weston.

If you need help with an auto loan, then contact us at Bayside Chrysler Jeep Dodge. We’ll work with you to find the right new or used vehicle for your lifestyle. Be sure to like us on Facebook and follow us on Twitter for our monthly specials and more tips.

 

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Auto Loans Are Easier Than Ever to Get!

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The auto loan market has turned around in just a few years.  The economy may be sluggishly making the crawl towards improvement, people with challenged credit are finding it easier and easier to come into a dealership and drive out in a car.

A few years ago, at the peak of the recession, this was nigh impossible to do.  As many dealerships will attest to, if you had bad credit the typical thought process was just don’t even bother coming in.  That attitude has changed.

Thanks to the Federal Reserve keeping interest rates down to near zero, the subprime loan market is thriving again.

The market has since been surging with people in the subprime credit category. These loans account for more than 27 percent of auto loans according to Experian.

That might seem like a red flag seeing as how all of us remember that it was this same situation with mortgages that lead to the collapse not that long ago, but analysts are quick to remind these same people that auto loans and cars work much differently than homes.  Cars are much easier to appraise and put value on.  Plus, vehicles are essential for people’s lives with work commutes, so a paying off a car typically takes priority.

Auto loan lending for subprime customers is easier to do than ever.  If you were turned down for a loan a few years ago, now is the time to take advantage of the improved market.  Contact a representative at Bayside Chrysler Jeep Dodge and find out how we can help you find that right new or used car for your lifestyle.

Auto Loan Balances on the Rise, Delinquency on the Fall, Now is the Perfect Time for an Auto Loan

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Good news in the financial world, auto loan balances are high and delinquencies are down.

That might seem like an odd thing to spell out good times for the finance world but it makes sense when you break it down. Firstly, having the outstanding balances in regards to auto loans nation wide, that’s good because it shows that people are getting loans for vehicles. Experian is reporting that the balances are at an all time high even, the highest they’ve been at in seven years.

On the delinquency side of the auto loan equation, those are down. The rate on people behind on loans for 30 days has dropped off from 2.67 percent in the third quarter of 2012 to 2.58 percent in the same quarter of this year. It might not seem like much, but keep a perspective on how bad things were for a while and you’ll see why so many are invigorated to see this trend continue.

The reason these two side by side spell out such good news for the industry as a whole means that institutions will be better about lending. “The availability of credit, combined with consumers’ continued strong performance repaying their loans, has a positive spiral effect,” Melinda Zabritski, senior director of Automotive Lending at Experian, said. “It allows lenders to slowly but surely take on additional risk while providing more access to loans and paving the way for higher auto sales.”

Now is the best time to consider coming in for an auto loan. Bad credit, no credit, no problem. We here at Bayside Chrysler Jeep Dodge will work with you to find the suitable financing for the right new or used vehicle. Give us a chance and see why our slogan is ‘We Love to Say Yes, You’re Approved!”