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The Best Time To Buy A New Car With An Auto Loan

Figuring out what new car you're buying is probably at the top of your priorities - but did you know you should also be conscious of when to buy it?

Editorial Note: Articles published are intended to provide general information and educational content related to personal finance, banking, and credit union services. While we strive to ensure the accuracy and reliability of the information presented, it should not be considered as financial advice and may be revised as needed.

Buying a new car is a big decision!

While you're choosing the color vehicle you want and the fancy features you desire, there are other considerations to keep in mind if you're going to make purchasing a new car the best (and most affordable) experience possible.

Keep reading to learn about six of the best times to buy a new car with an auto loan.

1) Buy At The Start Of A Model Year

Every year car manufacturers introduce new models for their vehicles. When the new model rolls out, dealerships offer incentives and rebates for buyers to purchase the latest options available.

If you have your mind set on a specific car make and model, find out when the new model year will be coming out so you can take advantage of the available deals.

2) Buy At The End Of A Model Year

In the same way that you can get deals when a new model year comes out, you can also score some discounts and incentives at the end of a model year. Dealerships want to clear their lots of older models so they can make room for the new ones. Offering discounts makes it easier for them to do just that.

Again, if you have your eyes set on a specific car make and model, find out when the new model year comes out so you can purchase the older model for a better deal. However, if you don't have a preference, the end of summer is generally a great time to find an end of the model year deal.

3) Buy During The Holidays

There's never a holiday that passes without tons of commercials and advertisements offering great deals. Dealerships are generally willing to offer exclusive financing deals and cashback options to encourage you to shop during the holiday season. Four of the best holidays to take advantage of include Independence Day, Memorial Day, Black Friday, and New Year's Eve.

  • Dealers tend to cut prices around Memorial Day as new models come in. This holiday is generally the best time to buy a new car over the summer as prices overall are typically more expensive during the warmer months.
  • Just as everything else is on sale during Black Friday, so are cars. You will have to compete with many other shoppers, but if you can deal with the competition and crowds, you should be able to find a great deal.
  • New Year's Eve is the last day of the year, so if dealerships haven't met their monthly, quarterly, or yearly quota, that's the time to do it. You can usually land a great deal on New Year's Eve.

4) Buy Early In The Week

Dealerships are generally busier on the weekends when people have more free time, so that's when they tend to offer some of the best deals.

However, if you go during the week, you might be able to get a better deal through negotiation. This is because fewer people are competing for the salesperson's attention. Mondays, in particular, are the slowest day of the week, so if you're trying this method, consider going into the dealership on a Monday when you're likely to get the most attention from dealership staff.

5) Buy At The End Of The Month

Many dealerships have specific sales quotas each month, so the end of the month might be the prime time to get a good deal if they haven't met their quota.

There's no way for you to really know whether they're desperate to make a deal, but it's always a possibility. Their willingness to negotiate can help you determine if they want to make a few last-minute sales.

Here's a note about car dealership quota deadlines. The monthly timeline doesn't always line up with the calendar month, so instead of waiting until the last day of the month, try going in a few days before, it just might be the best time to buy a new car.

6) Buy At The End Of The Year

The end of the year is one of the best times to buy a new car as dealerships are offering discounts to clear their lot and prepare for new inventory.

The last quarter of the year, October to December, is an ideal time to find a great deal. Just as dealerships have monthly quotas, they also have yearly quotas, so if they're striving to meet their goals, the last quarter is crunch time.

Buying A New Car? Time Is On Your Side!

When purchasing a vehicle with an auto loan, time is on your side if you're willing to be strategic. Make your purchase based on the best time to buy a new car and you can certainly score a great deal. If you're ready to start looking into auto loans, make sure you check out Listerhill's competitive rates and easy application process. You can also click here to see which of your local dealers will finance your new car through Listerhill Credit Union straight from the dealership!

Here are some additional resources to help you through the vehicle purchasing process:

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Frequently Asked Questions

  • What happens when federally insured credit unions merge?

    If a member has accounts in credit union A and credit union B, and credit union A merges into credit union B, accounts of credit union A continue to be insured separately from the share deposits of credit union B for six months after the date of the merger or, in the case of a share certificate, the earliest maturity date after the six-month period. In the case of a share certificate that matures within the six-month grace period that is renewed at the same dollar amount, either with or without accrued dividends having been added to the principal amount, and for the same term as the original share certificate, the separate insurance applies to the renewed share certificate until the first maturity date after the six-month period. A share certificate that matures within the six-month grace period that is renewed on any other basis, or that is not renewed, is separately insured only until the end of the six-month grace period.

  • What happens if a federally insured credit union is liquidated?

    The NCUA would either transfer the insured member's account to another federally insured credit union or give the federally insured member a check equal to their insured account balance. This includes the principal and posted dividends through the date of the credit union's liquidation, up to the insurance limit.

  • If a credit union is liquidated, what is the timeframe for payout of the funds that are insured if the credit union cannot be acquired by another credit union?

    Federal law requires the NCUA to make payments of insured accounts "as soon as possible" upon the failure of a federally insured credit union. While every credit union failure is unique, there are standard policies and procedures that the NCUA follows in making share insurance payments. Historically, insured funds are available to members within just a few days after the closure of an insured credit union.

  • What happens to members with uninsured shares?

    Members who have uninsured shares may recover a portion of their uninsured shares, but there is no guarantee that they will recover any more than the insured amount. The amount of uninsured shares they may receive, if any, is based on the recovery of the failed credit union's assets. Depending on the quality and value of these assets, it may take several years to conclude recovery on all the assets. As recoveries are made, uninsured account holders may receive periodic payments on their uninsured shares claim.

  • What happens to my direct deposits if a federally insured credit union is liquidated?

    If a liquidated credit union is acquired by another federally insured credit union, all direct deposits, including Social Security checks or paychecks delivered electronically, will be automatically deposited into your account at the assuming credit union. If the NCUA cannot find an acquirer for the liquidated credit union, the NCUA will advise members to make new arrangements.

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