Used Car Financing: Get a Low Down Payment After Eid
Used car financing is cheapest right after Eid, when prices drop. Learn why the timing works and how to snag the car you want with a low down payment.
New cars are not the only vehicles you can buy on credit. Used cars can be financed the same way. Still, buying a used car with cash or credit sometimes takes a few tricks, especially if you want the best price.
You can finance a used car at any time. But there are certain moments buyers can take advantage of to get a lower down payment and smaller monthly installments.
It is more than a myth: the period right after the Eid holiday (Lebaran) is a good time to buy a used car, whether on credit or in cash. Why is that?
It has become almost a law of nature. After Eid al-Fitr, used car prices drop sharply. The main reason is that people have different priorities. Here is the explanation.
It is common for people to want to show off in a new car. Some even say a person's social status can be read from how they present themselves.
As more buyers purchase new cars before Eid, used car prices automatically fall, and they fall sharply once the holiday is over. After Eid, not many people still need a car, because they already got one before the holiday.
This does not mean the used car market goes quiet. On the contrary, smart buyers use this moment to finance a used car or pay for it in cash.
That said, buyers need to keep a few things in mind, including the "competition" from many people who started eyeing cheap used cars well before Eid, waiting for the holiday to end.
To avoid missing out on the car you want, keep an eye on used car prices, including the type and brand you are after. Then do not hesitate to "pull the trigger," because the car you want could well be sold to someone else within hours.
If you do not have enough for a down payment, do not hesitate to work with a finance company (leasing) to handle the financing. The best choice of lender is CSULFinance. CSULFinance is a finance company committed to helping with used car financing as well as new car, home, apartment and heavy equipment rental financing. CSULFinance also serves those who want to apply for a cash loan.
