If you are looking to buy a new car now is as good a time as any. In
fact, now may be the best time for a long, long time. Automakers are
finally starting to see some resurgence in sales of new automobiles, but
so far vehicle financing rates have remained low. This combination of
automakers that are looking to sell and banks that are looking to loan
you money, means you can get a great deal on a new car today.
Car Sales are Rising
In the United States,
auto sales rose 20 percent in February. That is the highest jump since
the Cash for Clunkers program in 2009 spurred many to trade in their old
cars for new ones.
Yes, for sure, there is renewed interest in
buying new cars. After three straight years of a slow decline, the
numbers are gradually creeping back up.
This month General Motors, Nissan, Ford, Chrysler and just about
everyone with a new car to sell are offering zero-percent interest rates
on auto loans. If you would rather lease your next vehicle rather than
buy you can find great deals to do that, too. Acura and Cadillac have
lease deals for zero-percent down. That means you can drive away a new
car for no money and they pay for the ongoing maintenance.
Shop Around for the Best Deal
The
best advice for new car buyers today is, even if you have a very high
credit score and think you are being offered the very best deal, shop
around. Don't be afraid to ask lenders to beat the rate you have already
been offered. The dealership too might be able to come down a half a
percent, or even a percent, saving you hundreds over the life of your
auto loan.
Most buyers right now are paying an average rate of just 3 percent
for new cars financed in February of this year. That is down from 4
percent the year before. That is among the lowest available rates since
before the Great Recession began and likely not to get too much lower
before starting to climb back up again.
Banks, credit unions,
anyone with money to lend, and there are plenty of institutions in the
business of lending money, are looking to lend money now because they
know consumers have paid down their own debt and are looking to buy big
ticket items. Once upon a time credit unions and finance companies were
in position to offer the lower interest rates, but not anymore. Today
just about every lending institution is in a position to offer lower
rates to be competitive with borrowers. Leasing
Gets You into a New Car Quickly
Leasing
is also a better option today than it has ever been before. With a
lease you do not own the new vehicle outright but you can still get a
great deal on a new vehicle. Plus, with a lease you don't have to pay
for any maintenance on the vehicle. Just make your payments, stay within
the allowable annual miles and you can drive the car worry-free for the
entire term of the lease.
If you need a new car there are options available for you. And right now the options are better than they have ever been before.
Mike McTigue is an Automotive Journalist and former Car Dealer
with a unique insight into the auto financing industry, and special
financing.
Looking to buy a new or used car? Learn more about
Auto Financing from the experts, and get a car loan today!
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