14_Best-time-for-auto-loan

3 Reasons Why Now is the Best Time for an Auto Loan

Fall is the absolute best time of year to buy a car. As the weather turns colder, dealerships start closing out their inventory to make room for newer models, which means you can get a great deal on a new car. And, it’s no coincidence that fall is also a great time to finance that new car purchase. Here are 3 reason why now is the best time to get an auto loan.

1. Timing

It goes without saying that car loans and car purchases go together. Because the two are almost inseparably connected, it stands to reason that if fall is the best time to buy a car, it’s also a great time to find an auto loan. If you’re getting a great deal on a new or used car, your loan payment will be lower as a result. But, that doesn’t mean you should accept the first auto loan thrown in front of you. As with the purchase of a car, a little shopping around can help you find the best deal. For example, shopping for an auto loan separate and apart from the car purchase is likely to save you money. And, credit union rates tend to be 1 to 1.5 percent lower than banks.

2. Interest Rates

In addition to getting a great deal on a car, auto loan interest rates are also relatively low. According to Bankrate.com, the national average 60-month, new car auto loan interest rate has fallen nearly .20% since mid-summer. That’s a significant amount considering auto loans are already relatively low. Of course, your interest rate will vary depending on credit score, loan term, vehicle type, and other factors, but there’s no doubt that this is a great time to get a low interest rate on a car loan.

3. Quick Loan Approval

You’ve waited all year to get a great deal on a car; you shouldn’t have to wait any longer just to get a loan approved. Thankfully, some lenders, including Utah First, offer instant loan approvals, which means you can get approved online or over the phone 24 hours a day, 7 days a week. It’s a quick and painless process that takes away some of the fuss associated with buying a new car.

There’s no doubt about it: now is a great time to get a new or used car, as well as an affordable auto loan. If you’re ready to take advantage of timing, incredibly low interest rates, and ultra fast loan approval, consider meeting with a loan specialist. Then, get out there and take advantage of a great deal on the car of your dreams.

News & Events
Jan 14, 2021 / Money Tips

You’ve probably heard the term “courtesy pay” before. Essentially, it’s a service provided by your bank or credit union to cover insufficient funds in your checking account. Courtesy pay can kick in to cover a purchase, so you can avoid the embarrassment and inconvenience of a...

Nov 18, 2020 / Money Tips

The holiday shopping season is upon us (t-minus one week and counting until Black Friday). But with rumors of “shipageddon” (possible delays in parcel deliveries), the challenges of socially-distanced shopping, and certain retailers opting to act as pick-up locations only, this...

Sep 17, 2020 / Credit

Your credit score and car loan are inseparably connected. In fact, your credit score is arguably the most important factor influencing your car loan. It impacts the interest rate you qualify for and the final price of the vehicle you buy. So, it’s important to know your score before you...

Corporate
200 E South Temple
Salt Lake City, Utah 84111
800-234-0729
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.