Best Times to Get a Car Loan

Believe it or not, when it comes to financing a new car purchase timing is everything.


There is a good time and a not so good time to seek a loan for a new automobile. Knowing when is the best time to seek a new loan can save hundreds, maybe thousands of dollars in interest.

During the recent global recession not many people were in the market for a new car, but for those who were (and if they had a great credit rating) there were a plethora of zero percent interest financing options available. There were also cash back options and rebates galore. Dealers, banks and manufacturers were offering just about anything to get folks to buy cars again. For those who took advantage of the deals there were great savings.

Less Popular Vehicles Can Get You a Better Deal

If you missed the buying deals of the Great Recession there are still plenty of good times to finance a new automobile. Look for models which are falling out favor with buyers. They don’t need to be models with defects or prone to repair problems. Look for vehicles that have simply fallen out of favor with buyers. When gas prices spike large vehicles, trucks, vans and SUVs are usually the first vehicles to lose sales. If you are in the market for a large vehicle wait until gas price spike again and then reap the benefits.

The Season

The season can also have an impact on vehicle sales and lead to buying discounts. Not many people are looking for a convertible in the middle of winter. Dealers will do just about anything to put you in a summer car in January, so look for the best deals on those cars when the days are short and there is snow on the ground.

End of a Model Year

The end of a model year is also a good time to find a great deal on a new car. Dealers are anxious to move the old vehicles off their lots to make room for the new vehicles. The best bargains on new vehicles can be found just before they are replaced by the forthcoming models. This usually happens in September or October, but could happen any time. So, ask around before you buy to see if there are any close out deals to be had.


Incentive time is a great time to buy a new car. Manufacturers offer incentives to move inventory off dealership lots. They offer these incentives to dealerships which may or may not pass them on to buyers. If you know they are out there you can ask for them and negotiate a better deal for yourself.

The End of the Month

The end of the month is also a good time to get a good deal on your new car or truck. Manufacturers incentives always end with the month and sales people know this. They would rather pass those savings on to you rather than lose a sale.

Be a savvy shopper, do your research and look for the best deals that are out there. Knowing when to shop is half the battle!