Are you missing out on one of the best deals in car buying? With many people opting to continue to stay at home due to COVID-19, many rental company vehicles have been stationary. Why is this important?
Many of these car rental companies are looking to make deals with increasing unused inventory, like Hertz, which recently filed for bankruptcy. If you do decide to buy a former rental vehicle, there are a few things you should do to ensure you’re making a smart purchase.
Did you know that you could save up to 15 percent more when you purchase a rental vehicle?* While you can save a significant amount by buying a rental car, you should still do your research on price ranges to ensure you’re getting a great deal.
We also recommend researching and checking out the car as you would if you were buying it new. Be sure to consider which vehicle you believe to be the best fit for your lifestyle and determine your budget from there. Remember, you will need to take precautions when purchasing a car from a rental company (as you normally would when looking to buy any vehicle) — even if you’re considering a certified vehicle.
We also recommend checking for any vehicle recalls. If there has been a recall, take the extra step to cross-reference the recall with a vehicle history report — rental car companies have been required to fix these types of issues for at least the past few years.
CONDUCT A PRIVATE INSPECTION
Many rental car companies have a lengthy trial period. Use this time to your benefit and conduct an independent vehicle inspection before you buy. Even certified pre-owned vehicles should be inspected to ensure that your vehicle is safe and that you are making a solid purchase. Along with reviewing recalls and the vehicle history report, this could go a long way in putting your mind at ease when buying a used vehicle from a car rental company.
SECURE YOUR FINANCING
The purchase price of the vehicle is only one step in the process. While rental car companies can save you up to 15 percent off the sticker price when buying one of their vehicles, getting the right financing can significantly boost your savings. When you secure auto loan pre-approval with First Financial FCU, you can ensure you snag an affordable rate and monthly payment.** Check out your options for financing your next vehicle and view our affordable rates on auto loans. You can apply online 24/7 and close electronically too!
*Source: CNN Business
***APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms & conditions may apply. Actual rate may vary based on creditworthiness and term. First Financial FCU maintains the right to not extend credit after you respond if we determine you do not meet our guidelines for creditworthiness. Rates are fixed and will be based on model year of vehicle & term. Current loans financed with First Financial FCU are not eligible for review or refinance. A First Financial membership is required to obtain a First Financial auto loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a base savings account is required for credit