Now’s a good time to get an auto loan for a truck

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Image from Flikr.

Image from Flikr.

If you have been thinking about getting a loan to buy a truck, you might want to do so sooner rather than later. According to the world’s biggest truck maker, Daimler AG, the U.S. truck market has bottomed.

That means the supply has gotten low enough after months of automakers slashing inventory that it has met with demand. That means prices will start climbing again. A story by Reuters dated Oct. 7, 2009, says:

Andreas Renschler, a member of Daimler’s board, also said the company could be profitable at current sales levels, which reflected a downturn he called longer and deeper than ever before. But he does not expect demand to stay depressed at current levels, citing improved order trends in the United States.

Future of U.S. truck industry

Sales of trucks in the U.S. have already started to go up, rising 9 percent in August compared to July. Daimler predicts that the North American truck market could rise up to 10 percent next year.

So if you’re a truck lover and have your eye on a new one, now is the time to get your auto loan. If you apply for pre-approval today, you can find out how much you qualify for. That will help you  choose the right truck at the right price while the cost is still low.

Online loan versus dealership loans

Though the upward curve of truck sales is good news for dealerships,  auto makers and sellers have taken quite a beating. There’s no doubt they’re trying to scrape together money any way they can, and that includes trying to get as much money out of customers as they can for the financing process.

Car dealers get commissions for arranging auto loans for cutstomers, and that means they’ll try to get you to take the loan that will get them the biggest commission, and that’s ususally also the most expensive. You will likely be able to get a better interest rate and an overall less expensive loan from an online lender.

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