If you have been waiting for just the right time to buy a new automobile, wait no more. Your time is now.
Buyers with excellent credit stand the best chance of getting the best deal right now. At no other time in the history of the automobile industry have better deals been available.
General Motors, Chrysler and Ford are seeing a slight rebound in sales, sure, but there are still plenty of great deals to be had. Dealerships are still struggling to move cars off the lot. Inventories are still too high and the sales people are starving to make a deal.
Automobile manufacturers are offering deep rebates and big discounts to buyers with a great credit score. If your credit score is in the 600-700 range, it is very likely the dealership will bend over backward to put you behind the wheel of a new vehicle. If you are still struggling to get your credit score above 500 there probably isn’t much they can do for you.
Dealers and car companies want to sell you a car, but they also want to be certain you can pay for the car you buy. If you have a great credit score chances are you have weathered the Great Recession fairly well and stand a better chance of continuing to pay down your debt.
Of course even with an astoundingly high credit score you should expect to put at least ten percent of the price down on your next new vehicle. If you don’t have that ten percent they will be unlikely to make a deal with you for your new vehicle. Even a great credit score will only get you so far.
Right now, if you have managed to keep your credit score high, banks want to loan you money. They make their money by lending money to you and receiving in return a small amount of interest for the money lent. Despite the number of failed banking institutions in the U.S., many, many more remain financially healthy and are looking to loan money to people with the ability to repay.
Credit unions are another great source for lending. Unlike banks, credit unions hardly suffered at all during the recent economic downturn. There are currently more than 8,000 credit unions lending money in the U.S. but they will also care about the credit score you bring with you. There is no escaping that fact.
Whether you are looking for a loan from a bank or a credit union, the best way to get yourself behind the wheel of a new automobile is to get your credit score where it needs to be. If you think your credit score might be lacking, first check it for mistakes. Then consider paying down some of your outstanding debt, if you’re able. And make certain to pay off your maxxed-out credit cards.
There are great deals to be had for buyers with great credit. If that sounds like you, get yourself down to the nearest dealership and choose the vehicle that is right for you.