Fantastic Voyage

Come on y'all let's take a ride

Be in the Driver’s seat during the July 4th sales push

Drivers are stretching out the length of car loans. The average loan is 70 months and the average monthly car payment is $554 for new cars. Experian reported outstanding auto loan balances in the first quarter totaled $1.18 billion.  

Inventory

“Dealers have too many vehicles on their lots compared to how many they’re selling,” said Ivan Drury, senior manager of industry analysis at Edmunds.com.

Be Prepared

Buying a car this weekend  - here's some tips for getting the best deal

• Know the deals on the market
• know your credit score 
• Use a loan calculator  
• Give the dealership your payment threshold 
• Get a vehicle history report on used cars  
• Take your time, shop different dealerships 
• Check online for deals and visit the dealership's website
• Look for cash-back deals

Check with your bank or credit union for financing

This gives you the upper hand.  The dealership will need to get you the best offer to get your business. 

The price 

Doing your research will give you more confidence and buying power.  Don't focus solely on the price of the car.  "If a slightly higher selling price comes with a better interest rate, you might come out ahead over the life of the loan.” senior manager of industry analysis at Edmunds.com

 

Sources: FOX business and CNBC





Familiarinsurance.com