If you are looking to buy a new car, now is the time to do so. Most borrowers are thinking that buying a new car with the economy tight and the global economic crisis in full swing will be ifficult. On the contrary, now is the best time to buy.

Save On Current Year Model

The most obvious reason for buying your new car now is that dealers, just like consumers, are worried about their finances, too. What this spills over for to you as a consumer is that dealers are looking to unload inventory that has been slow to move during the past year. Especially with the new model year approaching, dealers who are stuck with inventory from this year are hesitant to hold it over to the new year. This translates for reduced overall costs to make a new car purchase.

For borrowers who are looking to finance some or all of their new car purchase, the credit market has opened up slightly, and lenders are writing loans again for those with all credit types. Although you have a greater chance of approval if you have a credit score higher than 650, lenders are always willing to forego traditional loan writing practices for borrowers with bad credit when it comes to automobile financing. Why? Because they will hold a lien against the title of the car until you pay it in full. This gives the lender less of a risk than with any other loan.

Making A Down Payment

As a borrower, you should elect to pay down on the automobile you wish to purchase if at all possible. For bad credit borrowers, you may be required to pay down at least ten percent of the total vehicle purchase price to secure financing. For borrowers of all credit types, making a down payment can be very advantageous because it means you will owe less, your monthly payments will be less, and you can pay your