Making the Most of Your Auto Loan Incentives
Garrett Driscoll
July 23, 2007
When you are looking to buy an auto, and getting an auto loan, you might be enticed by many of the auto loan incentives that they offer. It could be in the form of a lower auto loan interest rate, or it could be a cash back incentive.
Cash back incentives can range from $500.00 up to almost $3000.00 depending on the region and the type of auto you plan on taking an auto loan for. Dealers offer the most cash back incentives when they have a large amount of inventory.
Auto loan financing incentives can be enticing as well. They may offer you a 0% auto loan on the first year or two of your car, or they could offer a very low auto loan financing rate for 6 months. There will also be times that they will offer you both the cash back incentive as well as the low auto loan interest rate.
Timing is everything in the guaranteed auto loans game. Many dealers offer these generous ways to get you to take an auto loan from one of their lenders in the late summer or early fall. They are making room for their new inventory by getting rid of all their older model cars. This depends on the dealer of course, because now more auto makers are starting to add in new models of their cars throughout the year, so you should first check with your dealership to find out when they tend to get rid of their inventory.
Before you decide on any auto loans incentives, you should check the value of a particular model’s life cycle. This means you need to find out if you will expect to replace the car in 4 or 5 years, or if the car you are buying is holding its value. The more value you get in the car, the more value you will have in your auto loan.
Cash back incentives can range from $500.00 up to almost $3000.00 depending on the region and the type of auto you plan on taking an auto loan for. Dealers offer the most cash back incentives when they have a large amount of inventory.
Auto loan financing incentives can be enticing as well. They may offer you a 0% auto loan on the first year or two of your car, or they could offer a very low auto loan financing rate for 6 months. There will also be times that they will offer you both the cash back incentive as well as the low auto loan interest rate.
Timing is everything in the guaranteed auto loans game. Many dealers offer these generous ways to get you to take an auto loan from one of their lenders in the late summer or early fall. They are making room for their new inventory by getting rid of all their older model cars. This depends on the dealer of course, because now more auto makers are starting to add in new models of their cars throughout the year, so you should first check with your dealership to find out when they tend to get rid of their inventory.
Before you decide on any auto loans incentives, you should check the value of a particular model’s life cycle. This means you need to find out if you will expect to replace the car in 4 or 5 years, or if the car you are buying is holding its value. The more value you get in the car, the more value you will have in your auto loan.