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When's the best time to apply for a car loan?
I want to get a car, but I heard some times are better than others to get good deals. When’s the best time to buy a car and get a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your old car has tanked out on you and a
car loan
is the only way for you to get a new set of wheels, it might be best not to wait for an “ideal time” to apply for a loan.But if you’re flexible with your timing, there are certain times when car businesses are more likely to offer sales and promotional deals. These include:
- Holidays
- End of the year (as the dealers clear out last year’s model)
- Weekdays
- The end of the month or the quarter (when salespeople need to meet sales targets)
If you’re not exactly sure when you want to buy, you can always get pre-approved for a loan and wait. Most pre-approvals from lenders last between 30 and 90 days, giving you plenty of time to find the right car. Plus, pre-approval lets you know your rates and budget for your payments in advance.
During this time, you may also want to take a look at your car insurance needs. By using the
Jerry
app, you can compare quotes from dozens of reputable car insurers to match your budget and coverage needs.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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