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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?

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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.
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