Monthly Archives: June 2021

Pay It Forward – Pastor Robbie Bike Ministry

Community,

After someone stole his bike, Pastor Robbie Pruitt of the Holy Spirit Church in Leesburg began what he calls “bike ministry.”  He works in the backyard of his home to repair bicycles that have been tossed out or given to him just to put a smile on others’ faces.

His goal is to teach children and teenagers how to repair and maintain their bicycles. He also wants to begin to have pop-up bike clinics, where people can stop by and have their bikes fixed and learn how to maintain them in the future.

If you have a bike to donate or have something to learn, you can find Pastor Pruitt on Facebook.

Blown away by what Pastor Pruitt has achieved and helping his community in such a unique way, Joel Bassam of Easterns Automotive Group joined in surprising Pastor Robbie with $1,500. Enough to fix almost 150 bikes!

With Manufacturers Moving to All EV, What Will Happen to Used Car Dealerships?

Different Vehicle Makes, FAQs, Manufacturing

Buying and selling cars has drastically changed over the past decade. The worldwide pressure of going green has incentivized the auto industry to invest more heavily in electric vehicle (EV) manufacturing. With some manufacturers moving to all EV production, and some EV makers taking a new approach to selling their vehicles, traditional car dealerships are facing new challenges.

Which Manufacturers Are Going Green?

A handful of vehicle manufacturers have made it a goal to change production to only Electric Vehicles within the next decade or two. General Motors is one of them. They plan to be all EV by the year 2035. Volvo also made the commitment to go fully green by 2030. Other companies, like Ford, do not expect to be rid of gas-powered vehicles in their lines until 2040. These industry changes don’t just affect vehicle manufacturers. Companies like FedEx and Uber are also having internal discussions about how quickly to adopt EV technology and when transitional deadlines are most realistic and appropriate. Jaguar and USPS are on the more ambitious side of EV transitioning, with their goal to go full EV by 2025.

The Appeal of Modern Hybrids and Electric Cars

Electric cars run entirely on battery power. Hybrids are powered by an internal combustion engine and an electric motor powered by energy stored in batteries. The appeal of these vehicles is that they are more “fuel-efficient” because they do not require as much fuel to go the same number of miles as their pure combustion-powered counterparts. 

Improved Battery Life and Longevity 

Electric cars have far fewer moving mechanical parts in the motor and are in some cases simpler to maintain than traditional combustion vehicles or hybrids. While there have been concerns about the longevity of an electric car and hybrid batteries, the industry has made many improvements over the past decade. 

Just 10 years ago the used car market for electric and hybrid vehicles wasn’t that big because there simply weren’t that many of them, and the batteries didn’t last long enough to last long on the resale market. Today, EVs and hybrids can last nearly as long as any traditional gasoline or diesel-powered vehicles.

Should Car Dealerships Be Able to Sell Electric and Hybrid Vehicles?

The average car shopper may not even realize this is an issue. Pre-owned dealerships like Easterns Automotive can sell electric vehicles and hybrid vehicles, right? Yes, they can.

The dispute is more important to new car dealerships. You can’t buy a new Tesla at a normal dealership because Tesla sells directly to its customers out of its own showrooms. Companies like Rivian and Lucid Motors are attempting to do the same direct-to-client model that cuts traditional dealerships out of the process.

This has resulted in lawsuits being filed by dealers in some states against electric vehicle manufacturers. These EV manufacturers are establishing their own showroom locations from which they can sell their cars in some cities across the country. The auto dealers argue that the direct-to-consumer electric vehicle sales model threatens their survival.

How fair or unfair you believe this to be depends on how you feel about new car dealerships. The idea that new car dealerships will be extinct in 20 years because small auto manufacturers are selling their vehicles directly to consumers seems a bit farfetched, especially since companies like BMW, Ford and Kia are now big electric vehicle manufacturers and they are still selling their vehicles through countless dealerships nationwide.

This debate doesn’t matter as much for used car dealerships. Electric and hybrid vehicle owners can sell their car, truck or SUV to Easterns Automotive for a great price and we will happily help it find a new home in Washington DC, Baltimore or the greater Maryland and Virginia area.

Easterns Automotive is proud to provide a diverse selection of hybrid and electric vehicles. If you are interested in buying a car or truck that is environmentally friendly, there are plenty of options to choose from in our inventory. You may even quality for tax credits or rebates for your electric or hybrid vehicle purchase.

Call us at (888) 650-4775 to learn more about the electric and hybrid cars available on our lots or visit an Easterns Automotive Group location near you.

How Does Your Credit Score Impact Your APR?

FAQs

Your credit score significantly affects your ability to finance major purchases. The credit scoring system is attended to assign risk to borrowers and predict their ability to pay their debts. In general, the more credit that you have, like loans or a credit card debt, the lower your credit score will be – at least if you have a history of not paying it back. On the other hand, having debt and making payments on time can help improve your credit score.

Credit scores are a complex topic, and a bad one can prevent or complicate the process of buying things like homes, renting apartments or even buying a car. You can purchase a vehicle with a low credit score, but the annual percentage rate (APR) of the loan you get might be high.

APR is the yearly interest you will be accruing on the money you borrow. You can determine your monthly interest rate by dividing your APR by 12. As a rule of thumb, bad credit scores mean higher APRs, while good credit scores result in lower APRs.

Credit scores vary greatly among individuals depending on their debt history. Even if you have never had a credit card or taken a loan out, your credit score might be low because the system has no way to judge your financial trustworthiness. That is why some experts recommend young people get credit cards to build their credit score. 

As you make those monthly payments and pay something off a loan, the actual dollar amount you’ll accrue will go down since the accrual rate is just a percentage of the principal – or what’s still left outstanding on your loan.

APRs also differ based on the type of purchase. For example, a home mortgage or credit card may have a very different APR for you than your vehicle loan.

The APR that you want to avoid the most is a penalty APR, which is a special even higher interest rate that is triggered by being late on payments. Penalty APRs are most commonly associated with credit cards, and they’re one of the reasons why it’s so important to avoid carrying a month-to-month balance on your credit cards. Triggering penalty APRs will lower your credit score.

Auto Loan APRs

There are really three important loan-related numbers that are relevant to car buyers who want to finance their purchase:

  • Credit score
  • Your pre-qualified or pre-approval loan amount
  • APR

Your credit score will determine how much money you are eligible to borrow to finance a car purchase and the APR you’ll be charged on that loan.

A credit score should not keep you from getting a vehicle, at least not at every dealership. Our slogan at Easterns Automotive is “Your Job Is Your Credit®”. Even if your credit score is less than perfect, we can work with you to find a financing solution.

We sell cars to people with high and low credit scores and work with more than 30 lenders to find an auto loan option that meets each customer’s financial needs.

It’s worth noting that the best way to improve your credit score is to get financing, make your monthly payments on time and eventually paying off your loan. We truly believe our efforts to find auto loan solutions to every person, regardless of their credit, is a public service to customers with less than perfect credit. We want to be part of your credit healing journey.

Get a Great Pre-Owned Vehicle with the Best APR Possible in Baltimore and the DMV

By working with more than 30 lenders, we’re able to shop each used car customer around to find a lender that’s willing to offer them the money they need at the best APR possible. 

We also offer a simple and secure two-step credit form that helps ensure you go into your financing search with the knowledge you need to make an informed decision. 

Credit scores are a fact of life, but a high APR isn’t an inevitable part of the car buying process. Contact us at (888) 650-4775 or visit one of our many locations in the Biltmore and Washington, DC area to learn more about vehicle loans that works for your finances.

Has the Ability to Buy a Car Online Truly Revolutionized the Car Buying Process?

FAQs

Shopping online is preferred by many. You don’t even have to leave your couch to buy anything from clothing to cleaning products. Online car buying has also been increasing in popularity. You can browse millions of cars online from all around the world, but unlike clothing, books or gadgets, cars are big, expensive investments.

Car shopping can be challenging. You might want a reliable, budget-friendly model, or maybe even a vehicle that’s sporty and filled with the latest features. Finding the right one is frequently easier said than done. 

The internet allows you to browse a wide variety of models without having to drive anywhere or spend any time in a dealership. Browsing online can save time and reduce the effort normally required for such a big purchase. You might even enjoy looking at several cars without the hassle of a car salesman. 

Even people who aren’t going to purchase a vehicle online tend to browse selections, check customer reviews and calculate potential car payments through research on the internet.

Dealership websites often have detailed photos of preowned vehicles and lots of features and facts listed for each car, truck or SUV in their inventory.

But when it comes down to the actual purchasing transaction, most car buying is still done in person.

Cons of Online Car Buying

While there are many pros to looking for a vehicle to purchase online, there are many cons.

  • The biggest con is you don’t get to inspect or test drive a vehicle before you purchase it. In a survey done by Autotrader, 67 percent of people said they had to test drive a vehicle before purchasing it. They consider it to be an essential part of the buying process.
  • If you’re using a specific app to purchase a vehicle you lose the ability to visit multiple dealerships to get them to compete for your business.
  • Purchases online also may not include a breakdown of the costs included in the purchase of a vehicle. As a result, some additional fees might get charged without you noticing. 
  • Shopping online also makes financing a vehicle more difficult. The choices may be limited, and no one is there to shop around for different financing companies for you. Some online purchases may limit you to certain lenders and restrict you from additional options. 
  • Buying online complicates the trade-in process. Although some companies offer pick-up and delivery, you could get shorted on the full value of your vehicle. 
  • Many online car buying platforms offer generous return policies, but they are still a hassle. Getting your hopes up on a great pre-owned vehicle then having to deal with returning it and going without a car again is frustrating.

The Best of Both Worlds in Car Shopping

Easterns Automotive tries to give you the best of both worlds with Direct Car Buying.

DirectCarBuying.com allows car shoppers to browse a large selection and have the car they want delivered to a dealership closest to them. This method allows the buyer to shop online and not have to travel far to pick up a great pre-owned vehicle. They also have a chance to see the vehicle before they take it home.  

Online inventories are great for new and used car buyers. Easterns Automotive has a substantial online inventory with nearly 1,000 vehicles for sale in the Washington, DC and Baltimore area. We aim to make car buying as simple as possible for customers.

While buying a car online is appealing to many people, seeing the car in person is always ideal, especially if it is a pre-owned vehicle. You want to confirm the quality of the vehicle and make sure you get what you are paying for.

Call us at (888) 650-4775 or come into one of our many locations and test drive a car today.

Get Up Give Back – My Girlfriend’s House

Uncategorized,

The lack of resources available to young girls sometimes causes teenage girls to end up in trouble. At My Girlfriend’s House, these girls surround themselves with like-minded individuals on a quest to better their lives, making it less likely for them to end up in unfortunate situations.

My Girlfriend’s House started as a way for young adult women to network but changed directions after meeting some homeless teenagers in a shelter. They now empower young laddies to be better, stronger, and smarter. My Girlfriend’s House has a 50-week mentoring program called Girl Talk that teenage girls attend on the weekend to focus on leadership development, improve interpersonal skills, and develop college and career readiness. 

We were able to surprise My Girlfriends House with $1,000, so they can continue to be an incredible resource for our youth in the community!

How Does Easterns Automotive’s Slogan, “Where Your Job Is Your Credit,” Affect My Ability to Buy a Car?

Easterns Automotive, FAQs

We’ve been using the tagline “Where Your Job Is Your Credit” since 1988, when it was first incorporated into our jingle. The slogan has both literal meaning and a lot of additional implications built in.

To understand the importance our slogan, it’s first necessary to understand how most auto dealerships and financing companies determine whether you qualify for an auto loan.

Generally, most dealerships will use your credit score to determine whether you qualify for vehicle financing. Your credit score will also be the main factor influencing the interest rates you’re eligible to receive.

There are a lot of people who simply don’t qualify for an auto loan under that system. People with less than perfect credit might technically qualify for some loans, but they will be charged extraordinarily high interest rates.

Under that system, a lot of people in Baltimore, Washington D.C. and throughout Maryland simply can’t get a pre-owned vehicle.

Easterns Automotive Thinks Credit Tracking Is Unfair

Credit tracking agencies don’t have a crystal ball that tells them who you are as a person. You’re reliability and risk shouldn’t be solely defined by an algorithm. People are complicated, and a handful of bad financial decisions or unfortunate circumstances that were outside of your control shouldn’t disqualify you from owning a vehicle.

“Where you’re job is your credit” essentially means we take into consideration factors beyond your credit score when determining credit worthiness and interest rates. Do you have a job? Have you been working at the same place and dutifully making utility and rent payments for years? Those things are indicative of a person who can likely be trusted to make car payments.

We don’t live in the past – our team will look at where you’re at financially today instead of letting problems in the past dictate whether or not you should be able to purchase a vehicle.  

The Vicious, Cruel Cycle of a World Run by Credit Scores

Lenders of all types, from mortgage lenders to credit card companies, sometimes lock people with bad credit into a permanent downward spiral.

Not being able to qualify for an auto loan may prevent you from purchasing a car, which ultimately limits the geographic area in which you can find a job.

A lack of transportation could also prevent you from traveling for school to continue your education. Being unable to pursue higher education may further limit your job prospects and make it harder for you to improve your credit.

The inability to qualify for a mortgage can similarly disenfranchise people with bad credit. Not only does having a mortgage and paying it on time improve your credit, but real estate is often a big investment that greatly appreciates over time. Owning property can truly change lives, especially when home values can increase exponentially in a single lifetime and insulate owners from inflation.  

Bad credit can unfairly lock people out of those opportunities.

How Easterns Automotive Helps Change Things

We’ve prioritized fairness and opportunity by having different priorities than many other dealerships:

  • Every staff member is trained to understand that less-than-perfect credit doesn’t disqualify any customer from getting an auto loan from Easterns Automotive
  • Our team is specially trained to find solutions for every customer in need of a vehicle
  • We never make assumptions about our customers based on a rating assigned by a credit agency that doesn’t know them
  • Easterns Automotive goes above and beyond to find some type of competitive financing option that will get every customer into a reliable vehicle
  • We’re committed to the idea that “bad credit” should never bar a person from having the transportation they need to get to work, drive to school or run errands

Being Part of the Solution for Car Shoppers in Washington D.C. and Baltimore

Every person deserves a chance to repair their credit, but that can be difficult to do if you can’t qualify for any kind of financing. Easterns Automotive understands that a credit score is not the only measure of risk. Having a job, working hard and being a reliable person means more than your credit score, which is why we still stand behind our slogan – Where Your Job Is Your Credit.

If you want to find out what kind of auto loan you might qualify for or you just need to find a reliable preowned car, truck or SUV in the Washington D.C. or Baltimore area, Easterns Automotive can help.

Visit one of our eight dealerships, browse our inventory online or give us a call at (877) 867-3619. We’d be happy to discuss some of your auto loan options.