Car buying should never be taken lightly, or for granted with how the current market is looking in the current pandemic. Now more than ever, it’s important to pay attention while navigating the buying process, and Volt CU is here to help you look for the right clues. In today’s blog, we’ll discuss what times of year to watch for the best car loan rates in Springfield, Mo.
Let The Weather Guide You
Budget vacations and car buying can be viewed similarly. Meaning, the deals are never during ‘on season’. If you’re looking for the top car loan rates, then just follow the changing seasons and weather patterns throughout the year, and ask yourself: When does a person want to buy a car?
According to this LendingTree article where all of their data analytics reviewed buyer behavior for car buying, December is the least popular month for purchasing a car. This is understandable because December is known for volatile weather patterns: snow, ice, rain, etc.
However, because of this predictable pattern of behavior, an analysis of car loan rate drops revealed that December is also the time of year with the lowest borrowing rates offered by institutions in hopes of attracting more purchasers in the market. Buyer incentive is huge, and lucky for our members, not everyone has figured out this budget secret yet.
Consider The Supply Chain When Purchasing
December is also important to keep in mind if you’re wanting your pick of the lot for: color and model of your dream car. Fewer buyers, means more opportunity.
The massive layoffs in 2020 caused many lots to sell off their current stock, and wait for purchasing new stock to sell from foreign manufacturers. Even domestic manufacturers like Ford are producing fewer products to sell to adapt to the decrease in market spending and to prevent bankruptcy.
This is important to remember when shopping, because the supply chain for vehicle parts, and new vehicles is highly limited right now. Shopping used, or for popular models might be easiest to ensure repairs are possible when needed. Also, shopping at less popular times of year will ensure a wider selection to choose from.
Consult A Few Sources
It’s important to remember that you as a consumer are entitled to a good deal, and shouldn’t allow yourself to be pressured by a salesman just because the supply chain is low.
To an extent he’s right, “The car could go at any minute,” but also, there aren’t a lot of buyers out there right now. So, don’t allow yourself to be swindled into a high- interest rate out of fear of losing the vehicle.
Shop around, compare interest rates, and come back with your offer. Other dealerships will provide a workable rate if the current one will not. Arm yourself with knowledge of this, and the market value of your desired purchase will only help you in the buying process.
Embrace Your Borrowing Experience At Volt CU
Here at Volt CU, we work hard to find the best loan rate and provide the most optimal car buying experience possible. We will gladly review any rates you find on your search, as well as assist with each step of your buying journey.
If you’re interested in borrowing with Volt CU, we’d love to help look through car loan rates in Springfield, Mo. Reach out to us online, or call us at (417) 862-0471. We’re looking forward to hearing from you.