Are you still angry at yourself for missing last year’s Black Friday Car Discounts? Perhaps you woke up early and rushed to your favorite car dealer but the huge crowd of eager car buyers discouraged you from standing in line. Truth is, good preparation for Black Friday Car Deals require more than waking up early.
Is Black Friday a good time to buy a car?
Black Friday is one of the best times of the year to buy a car because you get both new and used motor vehicles at amazing prices. This applies to auto loan or cash purchase options. In addition, Black Friday Car Discounts enable you to get high-quality new car accessories at really affordable prices.
2. 10 tips to ensure you don’t miss out on Black Friday Car Discounts
1. Work on your credit score right now
If you’re planning to apply for an auto loan to buy a car on Black Friday, start the process now. Car dealerships and banks reject applicants whose credit scores don’t match applications. That’s why you should download your credit report and see where your rating stands. If your credit score is 550 or less, you should apply for a subprime auto loan.
Do you want a low-interest auto loan? Start saving up in order to clear all your debts fast. Why? Because lump sum payments improve your payment history. Your credit score improves when you pay all your debts on time. You’ll notice significant improvement after just 90 days.
2. Save up a good down payment
Smart car buyers know that Black Friday Discounts have long-term benefits. If you pay a huge deposit, you pay low monthly installments. Moreover, you can take less time to own your car by choosing short repayment periods. You’ll also have better chances of getting larger auto loans in future because choosing short repayment periods indicates that you’re an excellent debtor.
Black Friday Car Discounts take place in November. Since you’re reading this post in July, that means you have about four months to get your cash deposit ready. If you start saving $2,000 per month between now and Black Friday, you’ll have $8,000. This is enough to pay a deposit for a brand new car valued from $20,000-$25,000.
3. Look for the best car prices near you
Smart car buyers always do window-shopping when looking for cars to buy. If you find a car dealership in your city that offers better prices compared to its local competitors, then you’ll save a lot of money when Black Friday arrives. How? The greatly discounted car prices enable you to reduce your auto loan balance significantly because of a huge down payment.
Do you have friends or relatives who recently bought cars in the past six months? Find out where they bought their cars from and whether they liked the offers. Make sure they direct you to the dealerships so you can evaluate auto loan and cash purchase options.
4. Book your car in advance
The early bird catches the worm.
Inexperienced car buyers sometimes miss Black Friday Car Discounts because of showing up at the wrong time. All the good cars sell at a faster rate because every buyer in the car lot is eyeing them.
How do you prevent this from happening? By booking a car in good time. You’ll need to visit a car dealership and negotiate with a sales rep about your Black Friday plans. Legit car sales reps will print your agreement in writing if you pay a fraction of the expected down payment.
5. Start looking for a cosigner right now
Black Friday Car Discounts also apply to bad credit auto loans. It’s one of the best times of the year to get a bad credit auto loan because some car dealerships also lower their interest rates and down payment requirements. However, car buyers with poor credit scores still need to bring cosigners.
Visit your preferred car dealerships and ask about bad credit cosigner requirements. You need to do this as soon as possible because you’ll need a lot of time to persuade friends or relatives to support your auto loan.
6. Don’t wait to either sell or trade-in your car at the last minute
In November, car enthusiasts are eagerly waiting for Black Friday Car Discounts announcements. Virtually everybody is looking forward to driving away in his or her dream car. In this situation, it’s very hard to get willing car buyers at the price you want because most car buyers already believe that they’ll get better deals on Black Friday.
Car dealerships will offer you really low prices for trade-ins if your car during Black Friday because they’ll have to resell your car at a discounted price. It’s also hard to get a car dealership that will process your trade-in on the same day when crowds of customers are coming to the dealership at a high rate.
7. Apply for an auto loan at least two weeks in advance
If you’re not planning to get car dealership financing, don’t wait until Black Friday. That’s like placing an order for a wedding cake 24 hours to the wedding. Your chances of disappointment are very high because the baker probably has volumes of previous orders to fulfill before baking your wedding cake.
Make sure you apply for your auto loan at least two weeks before Black Friday. It will be easier for you to get all the requirements in time. Plus, your creditor will deposit the loan in good time so that you can walk to the car dealership confidently.
8. Arrive early on the big day!
Just like a big concert in town, expect huge traffic jams on Black Friday as hundreds of potential car buyers rush to local car dealerships. So, you need to leave home early in the morning to beat traffic snarl-ups.
Arriving early will enable you to get high-quality car accessories while stocks are still available. Remember, Black Friday discounts also apply to car accessories and stocks run out fast because the low prices attract huge demand.
3. Is Black Friday a Good time to buy a car?
You have no reason to miss out on Black Friday Car Discounts because you now understand how to prepare yourself properly. Adhering to these eight tips will directly help you to save time and money because they ensure you have your car financing setup in advance.