With Interest Rates At Historic Lows, Is Now A Good Time To Buy A Car?

Interest rates are at historic lows as a result of the COVID-19 pandemic. This means that it might be a good time to look at buying a car that you’ve had your eye on. Although many stores are closing their doors, banks are offering historically low rates as a way to entice people to borrow. You can use this to your advantage, though there are things for you to know.

Explore the Financing Deals

There are some amazing financing deals coming out from the auto manufacturers right now. 0% financing has always been a way to get consumers’ attention, but the deal would only last for 6 or 12 months. Now, it’s not uncommon to see 0% for five, six, and even seven years. That’s an unprecedented saving that could add up to thousands of dollars in interest saved over the course of your car’s loan.

As for how long those deals are going to last, there’s no telling. The interest rates are being used to entice buyers since sales are low. After all, with a pandemic in place, many people aren’t focused on buying – and you can use that to your advantage.

The biggest deals are for buying a car, not leasing. However, if you decide that leasing works out best for your personal needs, check out the deals being offered. Many dealerships are eager to move their inventory, so there’s room for negotiation.

You can explore the deals by shopping with the various dealerships in your area. It can be advantageous to get pre-approved before you start seriously shopping. It will allow you to know what you qualify for so that you can grab a deal as soon as you find one.

Plus, you may want to look at using your surplus check as a down payment, reducing your monthly payment to an even more affordable number.

Do Your Vehicle Research Online

Many dealerships are either closed or limiting their exposure by not doing test drives. What this means is that you will have to do all of your vehicle research online. Consider some of the features that you want. Websites like Edmunds and Auto Trader will allow you to make side-by-side comparisons of different makes and models. It will show you what the costs are and help you to make critical decisions.

You can explore new and used models. Additionally, if you do buy a used model, you can contact the dealership or seller to request a Carfax. This can show you what you need to know about the car’s history, including any accidents that it’s been in.

Although a test drive won’t be possible due to social distancing rules, you will have a return policy that you can take advantage of with most dealerships and car-selling websites. You may have 30 or 60 days to drive the car to test it out. If for any reason it doesn’t live up to your expectations, you can return it.

Take a Contactless Approach to Buying a Car

Stay-at-home orders are continuously being issued by states and counties. Further, there’s no end in sight for how long those orders are going to last. As such, you have to consider taking a contactless approach to buying a car. The good news is that it’s possible – and more options are available than ever.

Carvana is offering delivery right to your door. This company has a reputation for providing innovative selling options. They have car vending machines all over the country. Plus, they’ll hand-deliver the car into your driveway, so you don’t have to go anywhere. The company sells used cars that have gone through a 150-point inspection. If you’re trading your existing car in, they’ll manage that process for you. Plus, you can get your financing through them, too, simplifying the entire transaction.

Local dealerships are making it easier for you to go contactless, too. You can set up a virtual tour in order to learn more about a particular car instead of just looking at pictures. Although you won’t be able to experience the comfort of the seat or explore the way a vehicle handles around turns, you can find plenty of professional reviews to tell you about those things. The dealerships will bring the car to your house for no added cost. Some will even let you take it for a test drive there to ensure you’re 100% satisfied with the car, truck or SUV you have chosen.

If you want to take a vehicle for a test drive or have one delivered to your home, the best bet is to call the dealership. Find out how they’re going to maintain a six-foot distance from you at all times. Ask about their sanitizing practices to avoid any kind of bacteria transfer from the salesperson who drove it over to you. If you don’t like their answers, there are plenty of other dealerships looking to make deals during this time.

Add Some Personalization

Even though there’s a pandemic going on, you can still buy a car and personalize it. Whether you choose to buy new or used, there’s no reason why you can’t make it your own. Particularly with all the money that you save on interest, it’s entirely possible to make some personalizations without going broke.

Some ways to personalize your new ride include:

  • Cargo management system
  • Upgraded floor mats
  • Seat covers
  • Custom license plate holder
  • Replace the gear stick cover

You may want to ask the dealership to make the personalization before they deliver your car. Otherwise, you can shop online and have the parts delivered right to your door.

You can also explore window tint. It reduces the heat that shines in from the sun, offers shattered glass protection, and even boosts the level of privacy and security.

Protecting your new car is an important part of car ownership. Window tint can protect the interior and reduce your exposure to UV rays at the same time. Learn about our services by contacting us at Elite Window Tint today.

Kenley Wallis