As dealerships make room for new model-year vehicles each fall, shoppers may find opportunities to save on currentyear models still sitting on dealer lots. While discounts and incentives vary, this season is a great time to explore your options if you’re considering a new ride or refinancing your current one. Whether you’re eyeing a new or used vehicle or carrying a car loan with a rate that could improve to better meet your needs, the right financing partner can be just as powerful as timing. Working with a local lender can make a world of difference while you’re shopping.

Why End-of-Model-Year Sales Matter

When new inventory arrives towards the end of each year, dealerships often look to move outgoing model-year vehicles off their lots. As a result, buyers can have more room to negotiate on price. It also means it’s time for sales events.

Savings are never guaranteed, but shopping during these periods can provide additional opportunities. Inventory can move quickly during this season, too, so it’s helpful to do your research beforehand and get preapproved for an auto loan. That way, you’ll be ready to act fast.

Get Pre-Approved Before You Shop

The simplest way to help save yourself headaches when shopping for a vehicle is oftentimes the most overlooked: getting pre-approved for a loan. It’s a vital step before you head to a dealership or start searching online, because it establishes a realistic budget for you to stick by.

In addition to laying out exactly how much you can spend, knowing your financing terms in advance makes it easier for you to focus on the vehicle itself, rather than trying to evaluate your options at the same time. It may also simplify comparisons between different vehicles, dealerships, and loan offers.

Pre-approvals are typically valid for 30 to 60 days, giving you time to search for the perfect vehicle for your unique situation.

Auto Loan Refinancing: An Opportunity to Save

If purchasing a new vehicle isn’t part of your plans this year, reviewing your current auto loan may still be worthwhile. Depending on your situation, refinancing could potentially lower your interest rate, reduce your monthly payment, adjust the length of your loan, or help align your financing with your current financial goals.

Borrowers rarely revisit their loan, even as their financial circumstances change. Especially if you financed through a dealership, it may be smart to compare refinancing options. Here are a few signs that now could be a good time to explore refinancing: Your credit score has improved since you originally financed.

Interest rates available to you are more favorable than your current rate.

Your budget or financial priorities have changed, and you would like to lower your monthly payment or shorten your term length to better fit your needs.

If refinancing seems like a good option for you, it’s important to review the details carefully. While monthly payment is an important consideration, you also need to evaluate the total purchase price, interest rate, and loan term. In some cases, a lower monthly payment can be achieved by extending the repayment period, which may also increase the total interest paid over the life of the loan.

Trust a Local Lender

When it comes to getting a loan for a vehicle or refinancing, working with a local lender can provide advantages that go beyond a competitive rate. Local financial institutions understand the communities they serve — the ones you live and work in. They can take a more personalized approach to getting you in the best loan that fits your needs, and they’ll be easier to reach if you ever have questions.

Be Ready When Opportunity Honks

The end-of-model-year season can provide car shoppers with countless opportunities to explore available incentives and potentially secure a great deal. By getting pre-approved before you shop, reviewing your existing loan for refinancing opportunities, and working with a trusted local lender, you’ll be better prepared to make informed decisions that fit with your financial goals.

Ascend is federally insured by NCUA. Trevor William is, Ascend Chief Lending Officer