If buying a new car is in on your radar for 2016, you probably couldn’t have picked a better time to get a fresh set of wheels.
Interest rates remain low. Gas prices are still cheap, hovering well below $3 a gallon in most states. And car-buying discounts, rebates and incentives are plentiful — even though 2015 is shaping up to be a banner year for car sales.
In October alone, 1.46 million new vehicles were sold in America, causing experts to forecast that more than 18 million new cars will be sold nationwide in 2015.
“October marks the 22nd consecutive month of record-setting revenue, and the industry remains healthy even with an uptick in incentives,” said Larry Dominique, Executive Vice President at TrueCar, on online car-buying service. “Automakers are enjoying double-digit revenue gains in advance of the holiday season. Historically, December is a strong month for the industry in terms of both sales and revenue.”
But one of the big keys to ensuring that this strength continues in the new year is a strong consumer base that is able to pay their auto payments and all other debts on time. [continue reading…]