For many Americans and most red blooded car salespersons, the fourth quarter of the year means huge sales and deep discounts in order to move older inventory to make room for newer inventory. According to the Ohio Credit Union League’s quarterly report (Second quarter 2017), the national auto loan dollar amount experienced a 13.85% increase from second quarter 2016 and the notorious fourth quarter push has just begun.
Coming off the heels of the Hurricane Harvey, which devastated Houston Texas, a new car sales surge is expected to take place starting in September.
However, with hundreds of makes and models to choose from, boasting newer options and all of the bells and whistles you could dream of, how do you narrow down the search? According to the Ohio Credit Union League’s 2015 survey, 60 percent of Ohioans first look at monthly payment rates. This was closely followed by gas mileage (59 percent) and car history (56 percent).
Now that we’ve narrowed down what you’re looking for how does the purchasing begin?
- Do the research. Buyers can save themselves a lot of time and money by researching various automotive dealerships online before arriving on the lot. Many dealerships list available cars and special deals on their website.
- Test drive. Just because a vehicle looks good on paper doesn’t mean it will fit your style and comfort preferences. This is a big purchase; drive it around to make sure it will suit your lifestyle for a long time.
- Consult a credit union. These not-for-profit, member-driven financial institutions return their earnings to members in the form of lower interest rates, making them your best bet for an affordable vehicle loan.
To learn more about how a credit union can help you with your next big purchase, visit www.aSmarterChoice.org and find a credit union in your area.