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 financing rates have remained low. This combination of automakers who are looking to sell and banks who 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 any more. 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.