I will be needing to get a car (loan) soon. Should I do it before trump's inauguration?

[NightWatcher]

I will be needing to get a car (and car loan) by next summer and was wondering if I should do it now and lock it in before January 21 or hope that we are not a flaming wasteland out of a Mad Max movie by the time summer rolls around.

DU is a great resource with a lot of very different views, so I'm asking you guys.

I have an idea but will withhold to see what the consensus says.

[Egnever]

1. The fed has been signaling an interest rate hike coming soon

That may or may not effect what kind of loan you can get at the dealership. Chances are those low interest rate loans are going to be going soon though. That said with Trump in office there is no telling what will happen in the next year.

[Travis_0004]

2. It doesnt matter

Buy it when you need a car. Rates might creep up a bit, but in 6 months you can save a bit more money.

[trof]

3. The way he does business...

I think his orangeness would want to keep interest rates low.

[taught_me_patience]

4. Trump's presidency should have no impact on your ability to get a loan

I'd just wait until next summer if I were you. The interest rates might be higher or it might be lower. One thing that is certain is that you'll save money by keeping your old car for an extra six months.

[mwooldri]

5. When you need to get it, get it.

Other factors will determine your rate... primarily your credit score. We're not going to enter a Zimbabwean or Venezuelan economic meltdown in the immediate future.

[Vinca]

6. I've been hearing reports about an upcoming bust in the car lending bubble.

If that happens, I would think it would be harder to get a loan and the rate might be higher.

[MFM008]

7. We are doing everything now

We won't put a dime into maggots economy.

[sarcasmo]

8. Everyone will be approved for loans under President Trump. Unlimited bankruptcies will be in effect

[lunatica]

9. You'll need a car in the coming Mad Max world

And you'll need gasoline so you better check out the gas situation in your part of the woods.

[NightWatcher]

10. Yee Haw

[doc03]

11. Get it now if you need a car, the bond market has been dropping because they

anticipate higher interest rates. If der Trumpenfuhrer gets his tax cut, increased military spending, guts Obamacare and gets his infrastructure plan the deficit is going to explode and interest rates along with it.

[NightWatcher]

12. It's a minivan too. So if everything turns to shit, I can live in it too.

[Runningdawg]

13. Buy the car now

and also buy a Chiltons manual and tool kit. It may be the last car you can ever purchase. People in Cuba don't drive those cool vintage cars for status symbols.

[MineralMan]

14. Buy a 2016 model now, not later.

You'll have more choices, save money and get attractive terms on the loan. There are outstanding deals out there right now, and they may not last. If you're going to buy a car for sure soon, do it now.

[mnhtnbb]

15. Are you buying new or resale?

It used to be the best deals were to be had on year end (now) models before new models come out.
Also, the Fed has been signaling they are going to raise rates.

If you belong to a credit union, check with them on car loans.

I haven't bought a new car since 1988. Every car I've had since then I've bought two years old with low miles.
If you need a loan for a pre-owned car, you might want to find your best loan terms and then shop for the car. Now.