A Decent Time for Auto Loans

November 3, 2008

All around us, the economy seems to be crumbling; so much so that many parties are claiming that a recession, if not a total depression, is on the horizon. With all this bleak prognosticating going on, however, is there any bright spot? Indeed, it seems that right now just might be one of the best times in recent memory to take out an auto loan! Before you rush right out to your dealer and fill out loan applications, though, take a few moments to learn exactly how this scenario has come to pass.

Very recently, the “big three” automakers as they are known, Ford, Chevy, and General Motors, all were on the verge of filing for bankruptcy. After facing a disappointing model year due to increased gas prices and a recessed economy both at home and abroad, each of the three automotive titans faced diminished profits to the extent that they weren’t sure they could continue to afford to pay their employees and produce a new line of cars. Of course, the federal government stepped in with a bailout, as it is wont to do, and they are safe for the time being.

How does this translate into savings? It seems that as a result of the lack of trust brought about by their failing stocks, many dealerships specializing in the big three are now offering 0% financing deals across the nation. This means that you can buy a car for sticker price, and not a penny more, and still make monthly payments. No interest, whatsoever!

While it might sometimes seem like it’s difficult to find any silver lining at all amidst the endless torrent of bad financial news, this is just such a silver lining if there ever was one. If you’ve been waiting for a good deal on a new automobile to roll around, now is the time to strike!

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