Buying a car at the moment when the world is battling the pandemic is not one of the things that top your lockdown to-do list. The entire buying process is now a new experience for car buyers. But, even amid the crisis, some people can’t hesitate the need to own a car.
Lockdown restrictions have affected how things used to be, and it’s now quite challenging. Dealerships and loan lenders are doing everything they can, but also, it’s still not easy for them. Is now, during the lockdown, the right time to buy a car? It’s a question many wants to know. Let’s keep you informed.
Can You Buy a Car During Lockdown?
The straightforward answer to this is a resounding yes. Many loan lenders and dealers are now open. However, with the social distancing rules, they’re now adopting new approaches. Gone is the time when you could physically see the model of choice and take test drives. Everything is currently online, with video calls and emails taking center stage.
The chances are that if you buy car now, it might take long before you get it due to delivery rules. Car services are not essential, and they have to comply with lockdown rules. More so, logistics companies are taking extra precautions. Manufacturers are closing plants, and lenders are now extra cautious about car financing.
Getting a Car Loan during the Crisis
If you’re considering a car loan during the crisis, it helps to understand the situation on the ground. Car dealerships are now offering sales at very low-interest rates, and this has attracted many buyers. To buy car, you only need to weigh options on the dealers that charge favorable terms of the new or used vehicles.
With many losing their jobs and experiencing a reduction in their employment hours, even on low-interest rates, owning a car is still a challenge. It’s because many have defaulted several payments they have to make for different commitments, and they now have to struggle with the poor credit score.
That means it’s harder to get a car finance loan in such a situation. Lenders want to deal with individuals who have qualifications, good credit scores and they’re in a position to continue making payments. Lenders and dealership depend on your money to run operations. Without finances, they’ll close down, and this is evident in many places.
If you have to buy car amid the current situation, look at the possibilities in the future to avoid being in a circumstance where the vehicle turns out to be another burden. With few places opening up, we can only expect better deals and ease in car financing.