Coronavirus is spreading throughout the world. Its effects were first witnessed in China, whereas now Europe is the epicenter of the maximum cases. Cases in America are also rising every day.
The effects of the pandemic have caused a disruption in our economy, steep stock market losses and a standstill in most business sectors. In these tough times, would it be safe to purchase a car? Let’s take a look.
How to Prepare to Buy a Car during Lockdown?
1. Are Auto Dealerships Functioning?
The situation varies from state to state. Auto dealers are still open in these tough times of fighting against Coronavirus. For instance, someone may require a car to reach the hospital or healthcare workers may need a car to commute to and from their workplace. However, strict guidelines outlined by the World Health Organization are being followed at auto dealerships. Auto dealers are practicing social distancing, offering to deliver the purchased cars to your homes, maintaining hygiene and eliminating all in-showroom activities. Additionally, online auto dealers can help you with your car purchase.
It is best to avoid going to the dealership. Instead, call the dealership lot and ask them to mail you the prices online.
2. Can I Research the Cars Available?
Buying a car may not be the primary need for you right now but you can use the free time to research the best available options. You may not be able to visit a dealership to research the different cars. However, you can use auto portals to make the most of the digital tools. Research the type of car that you wish to purchase. Try to narrow down your needs and understand whether you wish to purchase an SUV, sedan, hatchback, luxury car, etc. On the basis of the make, model and type of car, you can select the car that you wish to purchase.
3. How will Auto Financing Work in these Times?
Once you have selected the car that you want to buy, the next step is auto financing. The best-case scenario for buying a car as soon as you are out of home is to get a pre-approved auto loan. Auto dealer websites will help you figure out the monthly payments you can comfortably make, your current debt-to-income ratio as well as the approximate interest rate to be charged on your auto loan. Therefore, make the most of your time and get pre-approved for your auto loan.
Prepare for buying a Car: Make the Most of Staying Home
In the current scenario of the Coronavirus outbreak, it is imperative that you stay home. However, it does not mean that you cannot work during this time. Research and find out how to purchase a car. Set your financial budget, use auto dealer websites to your advantage and get a pre-approval on your auto loan.