Buying a car question

Question

is now a goodtime to purchase a vehicle. have interest rates gone down or what

Answer 1

It is a buyers market right now. It's wide open with dealers offering many discounts. Your problem is where to start. Have fun.

Answer 2

I will agree with it being a buyers market but with two exceptions.

Your trade in....

If you have a gas hog, you are not going to get close to what you think its worth.The market has dropped to the basement on them. If you are 'buried in it', you will still be 'buried in it'.

Your credit rating...

The lenders on vehicles are facing the same thing that the lenders on realestate have had to face. Loaning money to people that are sub prime will end up costing them money. They have done some major damage control and are rejecting loans that they would have taken on 6 or 8 months ago. The 'high risk' lenders are out there but what you save on the purchase will cost you in the interest.

So, at the end of the day, the person with no trade or clear trade, a decent down payment and a credit rating that doesn't have to explain 'why', is in a very good position to purchase.