It’s clear that coronavirus isn’t going away any time soon, so if you’re in the market for a new vehicle, you’ll have to take this into consideration. As long as you are secure in your job and can afford a new payment, now is a great time to purchase a vehicle. Used cars are most popular because they’re cheaper than new cars, which leads to smaller, more affordable loans that are less likely to put you underwater.
Here’s everything you need to know about coronavirus and car shopping in 2020.
Coronavirus and Car Interest Rates
Auto loan interest rates are low right now to encourage lending, boost consumer spending and support the economy. How low? The Federal Reserve made moves back in March to reduce interest rates to zero.
You typically won’t find 0% interest on a used car, but interest rates are still low. Plus, car shoppers are showing that they’re not afraid to take on longer loans as long as they can afford the payments and get the vehicle they want. In 2019, the average term length was 69 months for new cars and 65 months for used cars.
Coronavirus and Car Shortages
You can expect some shortages of vehicles sold in America due to supply chain disruptions and plant closures. This hasn’t been a significant problem because people are spending less time in the showrooms, leading to a decreased demand for vehicles. But for those looking for specific features, there may be more limited options.
Full-size pickup trucks have remained strong during the pandemic. This is why you can expect fewer incentives and price drops on these vehicles as they’re in demand and people are willing to pay for them. Of course, you can always check out repossessed pickup trucks for a great deal!
Coronavirus and Car Shopping
There are many ways to protect yourself from the coronavirus when shopping for a used vehicle. Thankfully you can do most things on the internet. And if you shop with an online car site like RepoFinder.com, you can complete the whole process online! We have a large inventory of repossessed cars, trucks and SUVs available to the public.
If you do see a car in person, be sure to disinfect the parts of the vehicle you’ll be touching, don’t touch your face, wash your hands after and don’t shake on the deal. Also take care of financing in advance so that you spend less time signing papers.
Because all vehicles listed on RepoFinder.com are repossessions, you can apply for financing in advance. These vehicles are being sold by banks and credit unions that are also more willing to work with you on attractive financing. They are motivated sellers after all!
If you’re looking for an affordable used car that you can purchase online, visit RepoFinder.com today!