Summer Car Buying Tips
Do you need new wheels this summer? There are a lot of advantages to purchasing a vehicle this time of year. Check out these 5 car buying tips that you should know before buying a car:
Summer car dealership sales:
Dealerships tend to see their highest auto sales in the spring and fall months when the newest models of cars are released. Dealers usually use the summer months to clear their inventory of the outgoing model year. This makes summer the perfect car shopping time because you are more than likely going to get a good deal. Not only that, the summer months tend to be slower months for the dealership as well. When you go shopping during these months, your time with the car salesmen is going to be more productive. To fully take advantage of this tip, it is best to visit the dealership on weekdays rather than weekends.
Online car research:
Do your research online before you head into the dealership. Due to COVID-19, online car shopping has become a huge demand. Many dealerships have been beefing up their online inventory presence, and creating capabilities to make transactions from your home. Use our loan calculator to estimate how low your monthly car payment could be and start shopping online with confidence.
Know your budget:
The rule of thumb that you should follow when it comes to your auto loan is that your monthly payment should never exceed 20% of your monthly take-home pay. It is important to not only factor in your monthly payment but consider the down payment, interest rate, and the term of your loan. These should all be considered when it comes to determining how much you can afford for your car. You can use our loan calculator again to help you estimate all of these costs.
Get your auto loan pre-approved:
When you get an idea of how much you can spend on your vehicle, the next step you're going to want to take is getting your auto loan pre-approved. This step is crucial if you if you want to save money over the life of your loan, as midwest Heritage may be able to offer a lower interest rate. Getting pre-approved through Midwest Heritage will also give you more negotiation power.
Take advantage of Midwest Heritage no payment for 90 days* campaign:
Tell your auto-payment to hit the road for the rest of summer. From now until July 31st, customers can take advantage of the no payment for 90 days* campaign on new auto loans. Apply now from the comfort of your own home.
*Minimum loan amount of $5,000 new money. Subject to credit approval. Offer valid 4/1/2020 - 7/31/2020. Not applicable on current Midwest Heritage loans.