Car Buying In The Time of COVID

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As we entered 2020, it looked like it was going to be a great time to buy a new car or refinance your current vehicle. Rates were low and the process keeps getting easier and more streamlined. Obviously, times have changed as we all adapt to life during COVID-19. But if an auto purchase/refinance is still in your plans, we’re here to help.

Can I Even Buy A Car Right Now?

In most states, including Virginia, the need to maintain vehicles for personal and commercial use has lead to dealerships with service departments to be recognized as essential businesses. So while the showrooms may be closed, it is still possible to buy a car.

No-Touch Car Buying

As we’ve checked in with many of your preferred dealers, one of the things we’re hearing is the great emphasis they’re placing on keeping their vehicles and service areas clean and regularly disinfected. Online shopping tools continue to improve as well. Call Federal’s Auto Buying Service, powered by TrueCar, now features a ‘Buy From Home’ badge to identify vehicles that are available this way. When you find the car that fits your needs, call the dealership to find out what procedures they have in place; most sales teams will go out of their way to bring you a super-clean vehicle for an extended test drive or to complete a purchase.

Loan Checks Delivered

This increased level of service at the dealership is a perfect complement to our Check-In-Hand loans, which we’ve been delivering since we introduced the program in 2017. Apply for pre-approval online and our lending consultants will work with you over the phone to complete all of your loan documents electronically. Then just let us know where to drop off the check!

It’s Never Been Easier to Refinance

On the other hand, maybe you still love your current car, but don’t love the rate. Or perhaps your situation is such that you’ve built up some equity in your vehicle and your budget could benefit from an infusion of cash. Our lending team will help determine the best course of action for your personal situation and take care of the entire process online or over the phone.

While the circumstances are clearly less than ideal, if a new (or just new-to-you) car is in your plans or if refinancing seems like a good option for you, give us a call today at 804-274-1200 and we’ll work it out together. You call also send an email to [email protected] or get started with the “Apply” links on our vehicle page. As I said at the top, we’re here to help!

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