Vehicle finance makes it easier to buy the car you need, however, you still want to lower the purchase price and associated rates as much as possible.
While you can buy a car at any time of the year, there may be certain times of the year when it is better to buy a new vehicle to maximise your potential savings.
Interest rates add a significant amount to your car loan, so it’s worthwhile trying to get the lowest rates possible to help you save on your car loan.
Do some research into the rates offered by various lenders to determine the best options. A car loan calculator can also be a helpful tool to get an idea of car loan costs and interest rates, breaking it down into your repayment amounts. This can help you work out what sits within your budget.
When looking into car loans, it’s worth noting that there may be some times of the year where interest rates and the purchase price of vehicles are lower. This can make it more affordable to buy the car you want, and give you the best chance at getting the lowest rates on your car loan.
Keep in mind that as well as times of the year, there are other factors that impact the interest rates available to you such as your financial situation and credit score, which can mean you are limited in the rates available to you.
Sometimes you don’t have a choice when you need a new vehicle, and you may not be in a position to wait for rates to drop, or your individual situation limit’s your ability to get a lower rate. Another option that may help you save money on your car loan, is to refinance your car loan later on, at a time when rates have dropped and you’ve improved your credit score. This can help you reduce car loan interest rates and pay less overall.
When getting a car loan, it’s always worth speaking with a finance specialist who can provide expert advice on getting the best rates.
Buying a car can be a complicated and time-consuming process, but with the help of a finance specialist, it can be much easier. With access to various lenders, they are able to find the best rates for you so you don’t have to do all the hard work yourself.
A finance specialist may also be able to provide advice on the best times of the year to purchase a car at a lower price and help you reduce the cost of your car loan.
Good times of year to buy a car
There can be some times of the year that are better than others in terms of getting a discounted price on a new car.
As well as the time of year, it can sometimes also depend on the type of car you’re after. Look at models that have been on sale for a long time, you may be able to get a lower purchase price, as soon dealers will want to make way for updated models.
End of the year
The end of the year, from October to December, and early January often are good times to get a new vehicle at a discounted price.
During the end of year period, there may be more offers available, with the final week of the year and the first week of the year often have some of the best deals on car prices.
At the end of the year, dealers will be wanting to reach their sales goals and may be looking to move out cars from that year to make way for new year models. As new models are released, previous year models are likely to be reduced as they can become harder for dealers to move. This means car dealers are more likely to offer price cuts and negotiate on the purchase price.
End of the financial year
Dealerships are generally looking to make their sales quotas at the end of the financial year, so June can be a great time to buy a car.
At the end of the financial year, you are likely to see many car dealers promoting EOFY sales, making it a great time to get a good deal on the purchase price of your dream car. You may also be able to negotiate for additional bonus features at a more affordable price.
If buying a vehicle for business purposes and you’re considering getting a novated car lease, the end of the financial year is a good time to get a vehicle, as your employer will be able to take advantage of tax claims straight away.
The end of the financial year can be a good time for buyers if you’re going to get a good tax break. You can put this influx of money towards your car loan, putting down a bigger deposit, which may help lower your interest rates.
End of the month
If you don’t want to wait until the end of the year, or the end of the financial year, then simply waiting until the end of the month can sometimes be a good time to get a saving on a new vehicle.
Car dealers can sometimes be pushing to reach sales targets towards the end of the month. This may mean they offer lower rates or are more willing to negotiate on price.
Buying at the end of the month may help you save, so look out for end of month offers and discounts.
If you’re looking to get a new vehicle, contact the team at 360 Finance to help get your financing sorted.