LightStream Drives Consumer Education for End-of-Year Auto Buyers

ATLANTA -- December 7, 2015: LightStream, a national online lending division of SunTrust Bank, today offers must-have information for end-of-year car buyers with help from Kelley Blue Book.  According to editors from Kelley Blue Book car sales are expected to surpass levels last seen in 2000, revving up momentum through the end of the year. As 2015 heads to the rearview mirror, December typically boasts the highest average incentive price, fueling consumer purchases during the final days of the year. With that in mind, LightStream offers five tips to help consumers take control of their car shopping to make the most out of year-end deals.

"Impressive end-of-year incentives are just the beginning," said Matt DeLorenzo, managing editor at Kelley Blue Book's KBB.com. "Well-informed consumers will reap the biggest deals this holiday season.  As we move into what we expect to be a strong finish in 2015 car sales, we want consumers to feel empowered before they enter the showroom."

To maximize year-end deals and empower auto shoppers consider the following:

1. Determine your spending cap. Budget is the most important factor when purchasing a new car. When calculating a spending plan, it is essential to consider the down payment, monthly payments and interest rates. Purchasing within a set amount will prevent future financial stress.
2. Recognize the right price. Once you know the make, model and year of the vehicle you wish to purchase, research the invoice, MSRP and Kelley Blue Book Fair Purchase Price. Also, check to see if your desired vehicle is eligible for incentives. By establishing what your desired vehicle is worth in advance, you'll prevent overpaying at the dealership or in a private sale
3. Let your current car go. Whether you trade-in at the dealership or sell to a private party, letting go of your current car can significantly increase your down payment and decrease your monthly bill. Research its current value to get the biggest return on investment.
4. Consider cost beyond the price tag. The cost of your car is just the beginning. Before you buy, think about out-of-pocket expenses like fuel and insurance, plus depreciation. Those factors can mean a huge difference when it comes to overall expenditures.  Kelley Blue Book's 5-Year Cost to Own information for vehicles takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. 
5. Control the financing. When determining the best financing option for you, consider the costs and available methods. Dealers may have special financing incentives, but be sure to measure the cost of financing against the price of the car. Sometimes even a zero-percent loan offer may not be as cost-effective as a cash-back incentive coupled with low-interest financing. And while some lenders and credit unions may offer low rates, they may add extra costs in fees and paperwork time. Research companies like LightStream, the online lending division of SunTrust Bank, where people with good credit can find a personal loan at fixed, competitive rates and no fees.

"Car buying with a solid plan in place allows consumers to focus their efforts on finding the car they want, instead of worrying about how to pay for it," said Todd Nelson of LightStream. "As the exclusive online lender for Kelley Blue Book, LightStream offers auto financing through a simple, streamlined process. Applicants get an answer quickly, and when approved receive their funds through direct deposit, which can be as soon as the day they apply if a few required steps are completed by 2:30ET. With cash in their bank account, shoppers are empowered to negotiate like a cash buyer for any car, at any dealership."