Is Now a Good Time to Buy a Car?

There’s been talk among Jamestown area drivers and beyond that now is arguably the worst time to buy a car. But that’s not necessarily true, merely a faulty generalization at best. Although there are global inventory shortages due to the aftermath of the COVID-19 pandemic and the lack of semiconductor chips, that doesn’t mean that it’s a bad time to finance or lease a car, truck, or SUV. In fact, if you’re looking to trade in your current vehicle for a new-to-you Chevrolet vehicle, the extra boost in value could very well more than offset the higher prices of new and used models in the Westfield area. Find out why now is a good time to buy a car with the experts at Basil Chevrolet Inc. today!

Is Now a Good Time to Buy a New Car?

New Chevrolet vehicles are undeniable, more expensive now than they’ve been in recent years. Although you may not necessarily get the best overall purchase price, it’s important to keep in mind your level of urgency. Is now a good time to buy a new car for you and your family? Are you in desperate need of a new, quality-assured car, truck, or SUV? Investing in a hassle-free, the brand-new vehicle can be a wise decision as opposed to keeping an older model that is constantly requiring thousands of dollars in repairs.

Is Now a Good Time to Buy a Used Car?

There are definitely more expensive used vehicles on the market than in the past. However, there’s good news for Dunkirk area shoppers. Now is a good time to buy a used car because many pre-owned models are coming off their prior leases and are in extremely high demand. This ensures that the older car, truck, or SUV you’re getting behind the wheel of has been quality-assured and is much more reliable than the used vehicles of previous years.

Lowering Your Car Loan Interest Rate?

Although you may not be able to control the supply and demand of new and used vehicles around Silver Creek, you still have authority over your credit score. A great way to improve your chances of securing an auto loan is by lowering your interest rate. Some steps you can take today to lower your interest rate include:

1. Consider in-house financing: When you opt for in-house financing, you’re not making payments to a bank lender. Instead, you’re borrowing a loan from the dealership, and you’ll be paying the dealer back. If you make consistent, on-time payments, this will help boost your credit score.
2. Get a cosigner: Another route to getting a lower interest rate on auto loans is enlisting a cosigner. This can help especially if you have a low credit score.
3. Check for Refinance Loans: It’s best to know the average range of interest rates for your credit score, so you can find a loan that’s suitable for your financial circumstances. If possible, compare interest rates and payment terms between multiple lenders and even ask your current lender for a lower rate. Even if you’re denied, tell them that you’ve received lower interest rates elsewhere and see if they’ll match or beat that offer!
4. Increase your score: While it may be harder than it sounds, increasing your credit score will help you secure a lower interest rate when applying for a car loan.
5. Check your credit score: Prior to applying for financing, or even re-applying for a car loan, it’s always good to know your credit score beforehand. This will help you know whether you need to work on updating your credit score before getting a loan.

Finance or Lease a New-to-You Vehicle at Basil Chevrolet Inc.!

Now is a good time to buy a car – a great time to buy a car, some might say. So, if you’ve currently got an eye on one of our available models, contact us at Basil Chevrolet Inc. to schedule a test drive! Our team members can help you fill out our secure auto loan application and get your car-buying experience started today!