Chevy Financing: What To Know in 2024
Whether you’re in the market for a truck, an SUV or a sedan, you’re likely to find a Chevrolet that fits your lifestyle and budget. Here’s what you need to know about Chevy financing before you sign your car loan agreement.
How do your Chevy payments compare to the average?
Use our auto loan calculator to determine how much car you can afford.In general, you can expect your monthly payment to start at $235 for a new Chevy or $99 for a 2018 model. Your car payment will depend on how much you finance and your credit score. The higher your credit score, the lower your interest rates (and monthly payments) will likely be. You can check your credit score for free with LendingTree Spring.
We’ve crunched the numbers to make estimating your Chevy payment easier. Below, you’ll see tables containing estimated monthly payments for the most popular Chevrolet models broken down by credit score. Note that these starting MSRPs don’t include dealer fees, title fees or add-ons.
If you’re just starting your search for a new Chevy, you can use these tables to estimate your monthly car payments (and see if they’ll fit into your budget). If you already have a quote in hand, compare it with the average for borrowers in your credit band to see if you’re getting a good deal.
You may notice that the monthly payments for borrowers with excellent credit are slightly higher than those for borrowers with good or fair credit. Even though these borrowers qualify for lower annual percentage rates (APRs), they often choose shorter car loans with higher monthly payments to reduce the amount of interest they’ll pay.
Learn more about how we calculated average monthly Chevy payments.
Estimated average monthly payments for new Chevys
| Model | Starting MSRP | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2024 Chevy Trax | $20,400 | $271.79 | $246.49 | $235.81 | $250.43 |
| 2024 Chevy Tahoe | $56,200 | $981.10 | $889.76 | $851.20 | $903.97 |
| 2024 Chevy Traverse | $37,600 | $612.58 | $555.55 | $531.47 | $564.42 |
| 2024 Chevy Colorado | $29,500 | $452.09 | $410.00 | $392.23 | $416.55 |
| 2024 Chevy Silverado 1500 | $36,800 | $596.73 | $541.17 | $517.72 | $549.82 |
Estimated average monthly payments for used Chevys
| Model | Fair purchase price | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2018 Chevy Trax | $9,578 | $133.48 | $115.63 | $101.48 | $99.12 |
| 2018 Chevy Tahoe | $27,095 | $562.92 | $487.62 | $427.96 | $417.99 |
| 2018 Chevy Traverse | $11,090 | $170.55 | $147.74 | $129.66 | $126.64 |
| 2018 Chevy Colorado Extended Cab | $14,827 | $262.16 | $227.10 | $199.31 | $194.67 |
| 2018 Chevy Silverado | $15,957 | $289.87 | $251.09 | $220.37 | $215.24 |
Chevy finance options
You can get a loan for your new or pre-owned Chevy directly with GM Financial, at a bank or credit union, with an online lender or at a buy here, pay here lot. Here’s what you need to know about the benefits and drawbacks of each Chevy financing option.
GM Financial
Best if...
You can qualify for Chevy financing deals and incentives.
If you’re looking for Chevrolet financing deals, consider getting a loan directly with Chevy’s in-house financing arm, GM Financial.
As of June 2024, Chevy interest rates start at 1.9%. Your APR on a GM Financial auto loan will depend on your credit score, location and whether Chevy is offering any special financing at the time of your purchase.
Chevy doesn’t disclose their minimum credit requirements, but you can prequalify for a Chevy loan with GM Financial, which allows you to see your rates without impacting your credit score.
If you’re looking for the best Chevy deals, your first stop should be the Chevrolet website or a Chevrolet dealer. Chevy offers special financing rates, lease deals and other incentives to customers who finance through GM Financial.
Chevy offers
Like other car manufacturers, Chevy regularly offers deals on particular models to make room for the next model year. As of the writing of this article, Chevy is offering discounted interest rates on Trailblazer, Equinox and Blazer models. If you have a particular Chevy model in mind and can afford to wait, it’s smart to keep an eye on Chevy’s website for discounted APRs.
Chevy lease deals
If you’re in the market for a Chevrolet lease, check the company’s website to see if you can find any Chevrolet lease deals. Chevy currently has lease offers for qualified customers — typically customers with good to excellent credit — on several Chevy models. For instance, you can lease a 2024 Chevy Equinox for as little as $299 per month for 36 months as of June 2024.
Chevy incentives
GM Financial offers Chevrolet incentives to GM employees, GM suppliers, members of the military, first responders, educators and college students/recent graduates. These groups may be eligible for discounted prices on certain Chevy vehicles.
Certified pre-owned Chevys
If you want a lower price on your Chevy with the peace of mind that comes with a manufacturer-backed warranty, consider purchasing a certified pre-owned Chevy. These cars come with a 172-point inspection, roadside assistance and a free vehicle history report. Plus, if you’re unhappy with your purchase, you can exchange it within three days or 150 miles.
Bank and credit union auto loans
Best if...
You can get a low interest rate through your financial institution.
Before you sign your loan agreement with GM Financial or an online lender, it’s worth making a quick call to your bank or credit union to see what rates it can offer you on your Chevy loan.
Some financial institutions offer special rates to current customers, so you may be able to snag a low interest rate with your current bank or credit union. For instance, as of June 2024, Bank of America is offering up to 0.50% off auto loan interest rates for Platinum Honors members.
As of the writing of this article, Bank of America auto loan rates start at 5.89% and U.S. Bank car loans start at 7.51%. Your local credit union may also offer competitive rates on car loans, since credit unions can only offer a maximum interest rate of 18%.
Online auto loans
Best if...
You want to compare auto loan rates.
If you value convenience and can’t get a special financing deal through GM Financial, you may find the best Chevrolet financing rates with an online auto loan. Many online lenders offer loans to borrowers with fair or bad credit, which may make these loans easier to qualify for than ones from GM Financial or a bank.
By filling out one form with the LendingTree auto marketplace, you can get up to five Chevy loan offers — all without damaging your credit. Compare these offers with ones from your bank and GM Financial, then choose the one with the lowest rates and best terms.
In-house financing
Best if...
You can’t get a Chevy loan elsewhere.
Buy here, pay here dealerships offer what’s known as in-house financing. These dealers are independent of Chevy or any particular auto manufacturer, and they offer both cars and loans to car buyers who often don’t qualify for financing elsewhere.
Buy here, pay here lots tempt buyers with low eligibility requirements, making their loans easy to qualify for. But there’s a catch — their loans often come with predatory interest rates, making them almost impossible to pay back.
Steer clear of in-house financing whenever possible. Several online lenders offer Chevy car loans for bad credit with lower interest rates and better terms.
How we calculated average monthly Chevy payments
To calculate average monthly Chevy payments, we found estimated starting MSRPs and the fair purchase price for some of Chevy’s most popular models.
Then, we subtracted an average down payment from each. According to Edmunds, the average down payment on a new vehicle was $6,682 in Q1 2024. For used vehicles, it was $4,133. The resulting figure represents the total amount our hypothetical borrowers financed.
From there, we used our auto loan calculator to figure out average monthly Chevy payments, using average APRs and loan terms as reported by Experian’s State of the Automotive Finance Market Q1 2024. You’ll find this data in the tables below. Please note that loan terms were rounded to the nearest whole number during our calculations.
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 12.85% | 9.62% | 6.89% | 5.38% |
| Average loan term | 73.05 months | 73.81 months | 70.91 months | 63.31 months |
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 18.97% | 13.72% | 9.04% | 6.80% |
| Average loan term | 66.35 months | 68.28 months | 68.63 months | 65.53 months |
Frequently asked questions
As of June 2024, Chevy doesn’t offer 0% financing through its financing arm GM Financial. Car manufacturers tend to offer 0% financing at the beginning or end of the calendar year to clear out last year’s models. Note that you typically need good or excellent credit to qualify for low APRs.
GM Financial rates currently start at 1.9% APR for certain Chevrolet cars like the 2024 Chevy Trailblazer, Chevy Equinox and Chevy Blazer.
Yes. As of June 2024, there is a Chevy lease special on Tahoes. Qualified customers can lease a 2024 Chevy Tahoe for $779 per month for 36 months. You can see up-to-date offers on the Chevrolet website.