In the market for a new vehicle this holiday season? If so, Altra is here to help.
It appears, year after year, without fail; once the calendar shifts to December and snow becomes a regularity in the forecast, car manufacturers take their advertising up a notch. They say that the holiday season is the best time to buy a car, and general industry consensus agrees.
But what drives that belief? Is it the truth, or an effort to increase sales volume?
Mark Tierney, VP of consumer lending at Altra Federal Credit Union, says it can be a little bit of both: auto manufacturers tend to offer additional discounts during the holiday season because they want to clear new vehicles from the previous model year off their showrooms, in anticipation of new model-year cars to come.
It’s common practice for auto manufacturers to offer rebates in this scenario, lowering the bottom line for potential car-buyers.
“That’s why this season can be a good time to buy,” says Tierney. “It’s just like any other industry — they want to get the new product in as fast as possible.”
If you’re in the market for a new car and want to take advantage of the situation, it may be the right time to consider Altra Federal Credit Union as your lending partner. Through the holiday season, Altra is offering interest rates on car loans as low as 1.99% APR* — well below the standard industry average of roughly five percent. The loan term goes up to 72 months, too, further lowering your monthly payment. Click here for full disclosure.
If your credit score is 715 or above, the vehicle you’re buying is a 2016 model-year or newer, and depending on your account relationship with Altra, Tierney says you may qualify for that rate. “They’re not the lowest interest rates ever, but they’re pretty darn close,” says Tierney. “It’s the lowest rate on a 72-month term that we’ve offered in a long time.”
Tips from the experts
Tierney and Dusty Guerton, office manager at Altra’s 19th Street branch, have spent a combined 34 years in the industry (30 in lending), finding the right option for members across all price ranges. In this car-buying season, they say that patience is the most important thing to have — by avoiding rash decisions and staying within a set budget, sound financial decisions are made.
“Sometimes, when I’m at the dealership, I see a car, and I want to drive away in it that day,” says Guerton. “It’s just so important to do your research and make sure you’re putting yourself in a good vehicle that meets your needs.”
It’s also important to remember, Tierney adds, that this may not be the best time to buy a car for everybody — maybe the pandemic has affected finances, or the perfect car for your needs just isn’t on the market right now. Good deals will always be out there, regardless of the time of year — and whenever the time is right, Altra will be ready to help get you into a new car.
“It can always be a good time to buy, depending on your situation and what you’re looking for,” says Tierney. “We’re always more than happy to answer any questions you may have and give you an idea of what we think fits your budget.”
*APR = Annual Percentage Rate
Cover photo licensed via Getty
