Is there a best time of year to get a car loan?

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If you’re looking to buy a new car, there are certain times of year that increase your chances of getting a good deal. All dealerships have targets and if you time it right, you can get a much better deal than you normally would. That’s the same whether you’re using a car loan to finance it or not.
 
There is no best time of year for car loans but there are definitely beneficial times of years for the car purchase itself.
 
End of month
Car dealerships tend to run monthly sales targets. Visiting a dealer towards the end of the month when the target deadline looms large, you can often negotiate a much better deal on a new car. Much depends on how far from the sales target the dealer or dealership is but you won’t know that.
 
That doesn’t stop you negotiating though, as another sale to end the month is going to be viewed positively wherever they are. The same goes for car loans. Some dealership have finance targets they have to meet too.
 
End of quarter
The end of a financial quarter is also a good time to hit the dealerships as many run quarterly targets as well as monthly ones. For the same reasons as above, you might want to hit the dealers at the end of a quarter. New Year’s Eve is a great time to buy a car as it is the end of the quarter, end of the year and generally a slow time to sell big ticket items.
 
Slow dealer days
Weekends are the worst time to visit a car dealership. They are busy, you often have to wait, car loans take longer as not all lenders are fully staffed at the weekend and its generally more lively. Visit during the week, especially a Wednesday or Thursday, or when it’s raining or snowing and you could be treated very well indeed.
 
When a new model is released
If you’re okay with not having the very latest model of a car, timing your visit to coincide with the release of the newest model is a good time to get a deal on the previous one. Many car owners want the very latest model, especially if the design has noticeably changed. If you’re not one of these, you can often bag a real bargain on the previous one to get it off the lot.
 
During winter
Canadians may be more immune to winter than most but it’s still a relatively slow time. Unless you’re after an SUV, 4x4 or truck, you will find some excellent deals. Sedans, convertibles and crossovers are all slower movers in winter so will have more leeway in negotiation. If you don’t mind the cold, it’s a lucrative time to go car shopping!
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