There is no time like the present for those with a bad credit auto loan to find the right car – literally. According to USA Today, Edmunds.com suggests that consumers in the market for a new vehicle should head to a dealership as soon as possible, or else they may have to wait until the fall.
One of the main reasons that Jeremy Anwyl, president of Edmunds.com, urges buyers to make a quick purchase is the effect that the March 11 earthquake and subsequent tsunami had on the Japanese car industry. Many automakers have halted production and dealerships will eventually face product shortages.
"If you need a vehicle, buy right now," Anywyl said. "Look for the vehicles that are available and have incentives to get a good deal. If you can wait until the fall, the pricing will be better."
It will reportedly take about one to three months for the lots to dwindle.
If consumers don't need a new set of wheels immediately, the declining inventory gives those with bad credit histories the chance to improve their FICO score, which will help them get a better interest rate on a car loan in the fall.