Undeniably, the best time to purchase a vehicle is at the very end of the year. Dealerships will be rolling out their best promotions in order to make goals and meet quotas, and the lots will be busy. And you have to remember that most of these customers will also be seeking auto financing, so you may find yourself at the mercy of a lender who has the ability to pick and choose.
How can you buy a car after Christmas and still get the best possible deal on your financing?
Getting the Best of Both Worlds
If you're planning to purchase a vehicle at the end of December, your best bet is to get your financing squared away right now. Think about it: Everyone is waiting until after the holiday, so lenders are slow. It's the calm before the storm.
After Christmas, a higher demand for financing typically causes rates to increase and approval guidelines will be more stringent. Also, it is fully anticipated that the Fed will be increasing the prime interest rate before the end of the year. Polls predict that the rate will jump to 0.25%-0.5% before January.
If you get pre-approval now, chances are you will lock in a better interest rate and put the odds in your favor if you have less-than-perfect credit.
Your December Car-Buying Plan
Here is a step-by-step guide to successfully taking advantage of end-of-the-year auto dealership clearance sales by starting the loan process immediately.
- Have a look at your credit score. You can sign up with Credit Karma for free or visit myfico.com and pay a small fee for your FICO score. Just make sure that you are aware of the current state of your credit before applying for auto financing.
- Go to AutoCreditExpress.com. On our website, you will find our free auto loan calculator. By using this tool, you will be able to accurately estimate the amount you can finance if you get pre-approval before Christmas.
- Fill out our quick and easy application. It will only take about three minutes of your time to complete our fast auto loan pre-approval form. Even if you have severely damaged credit, we can match you with a dealer in your area who is qualified to work with your situation.
- Enjoy your advantage. Knowing that your auto loan is locked down, you can focus all of your energy on getting a great after-Christmas deal on your new or used car. By being smart and planning ahead, you will have a stress-free, hassle-free buying experience.
Even if you get a great price on a vehicle at an after Christmas sale, your savings could be negated if you end up with less than desirable loan terms. Your pre-approval will guarantee that you save every possible penny.
The After Christmas Clearance Starts Now
Now that you have the inside-track on getting the best after Christmas car deal, there is no time like the present for getting the process started. Auto Credit Express can help you purchase your vehicle even if you have been turned down for financing before.
Just fill out our secure and obligation-free online application to discover how simple and convenient car buying can be.
For more information about car buying, auto loans and credit repair, please sign up for our newsletter. Be the first to know all of the latest news in the world of automotive finance.