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Should You Buy A Car During COVID-19?

Should You Buy A Car During COVID-19?

Like other companies, automakers have been deeply affected by the coronavirus (COVID-19) pandemic. As a result, they have found new ways to keep business going. If you are in the market for a new car, many dealers have deals and discounts to incentivize buying.

You could purchase a car with a low-interest loan, enjoy deferred payments, or take advantage of another special finance deal, but for our “Tips Tuesday” series this week, we want you to keep a few things in mind:

  1. We recommend considering your financial situation carefully before committing to the long-term obligation of a car loan or lease. With the current economic uncertainty, it may not be the best time to buy a car. In fact, many of the automakers you see on this list have opened hotlines to help buyers cope with existing loans and leases.
  2. Some companies on this list are offering “zero interest,” but only on long-term loans. Taking out a loan for 72 or 84 months, or 6 or 7 years, may not be the best idea, financially.
  3. All the offers you see below are subject to approval and will depend on factors like your income and credit score.

Deals By Dealer

The deals you will see most often include 90 to 120-day payment deferrals, 0% APR on select models, special rates, and leasing deals. When you see 0% APR, keep our tips in mind (see above)!

Acura

  • 90-day deferred payments for qualified customers
  • Special interest rates on certified pre-owned models

Alfa Romero

  • First loan payment deferred by 90 days for qualified customers

Buick

  • 0% APR on select models
  • 120 days of deferred monthly payments

Cadillac

  • 120-day deferred payments for qualified buyers

Chevrolet

  • Zero-interest loans
  • 120 days of deferred payments

Chrysler

  • 0% loans on select models and in certain regions
  • 90-day payment deferral

Dodge

  • 0% loans on select models and in certain regions
  • 90-day payment deferral

Ford

  • Bonus cash for the first 3 months of payments
  • 90-day deferred payments on some models

Genesis

  • Zero-interest loans on the G70 sedan
  • 120-day deferred payments

GMC

  • 0% interest
  • 120 days of payment deferral
  • Only on new vehicle purchases for customers in top credit tiers

Honda

  • Special interest rates on some used cars
  • 90-day payment deferral for new cars

Hyundai

  • 4 months of deferred payments
  • 0% interest loans

Jaguar

  • 0% financing available
  • 3 months of deferred payments
  • Up to $750 a month for the first two months of a new lease (for returning lessees only)

Jeep

  • 0% loans on select models in certain reasons
  • No payments for 90 days

Kia

  • 0% financing on loans from 24 to 60 months
  • 120-day deferral on your first payment
  • Online purchases available

Land Rover

  • No-interest loans on some vehicles
  • 90-day payment deferrals
  • $750 a month for returning lessees (see Jaguar)

Lexus

  • Payment deferrals available
  • Contact your local Lexus dealer for more information

Lincoln

  • Payment deferrals for 120 days on new purchases for qualified buyers

Mazda

  • 0% interest loans for 60 months
  • 90-day deferrals on new purchases

Nissan

  • 90-day payment deferrals
  • Special interest rates

Ram

  • 0% loans (select models, certain regions)
  • No payments for 90 days

Subaru

  • No-interest financing deals
  • Up to 90 days of payment deferral

Toyota

  • Payment deferrals available
  • Ask your dealer for more information

Volkswagen

  • 0% APR for up to 72 months
  • Defer your first payment for up to 180 days

For more information about buying a car during COVID-19, please click here.

While you’re at it, you can also explore our previous Tips Tuesday blogs and read about car maintenance during a pandemic.

Note: You May Have to Buy Online

Many dealerships have adopted strict social distancing measures and increased sanitation efforts, but others are closed completely.

Call or email your dealer to find out how sales are happening. You may be able to complete the entire process online – and even get home delivery!

When you’re in your new ride, remember to drive carefully. If you need help dealing with any accidents or insurance disputes that may arise, you can always call Goodman Acker P.C. at (248) 793-2010 or consult our attorneys online.