Chevy Financing Deals
Chevrolet financing at a glance
Best for: Those who want to buy or lease a Chevrolet
GM Financial (formerly known as GMAC) is the lending arm of the manufacturer, offering financing on Chevrolet vehicles. General Motors (GM) owns several car brands, including Chevrolet, Cadillac, GMC and Buick.
Low rates for Chevrolet financing can start at 0.00% APR but typically require a high credit score to qualify. Some incentives, such as the military discount, don’t require customers to have a certain score to qualify.
How Chevrolet financing works
You could get a GM Financial loan for almost any GM vehicle sold at a GM dealership, including new, used and certified pre-owned (CPO) Chevrolet vehicles.
- Choose a vehicle. You must choose a Chevrolet vehicle and a dealership near you before you can apply for Chevrolet financing. If you’re applying online, you could change the vehicle later.
- Apply online or in-store. You could get prequalified for Chevrolet financing online before going into a dealership, or you could apply at a dealer.
- Decide on a loan term. GM Financial offers loan terms from 36 months (three years) to 72 months (six years).
How Chevrolet leasing works
Leasing allows drivers to have low monthly payments on a new vehicle and not worry about repairs. Most leases last for 36 months (three years) and Chevrolet’s “bumper-to-bumper” warranty is for three years, 36,000 miles.
- Pick your miles. You could choose a lease with 10,000, 12,000 or 15,000 miles annually. Any excess mileage can be charged up to $0.25 per mile.
- Choose a term. Chevrolet lease terms range from 24 months (two years) to 48 months (four years). Longer terms will have a lower payment but also charge more interest.
But there are some downsides to leasing. In a 36-month (three-year) lease, you pay for about half the vehicle’s value even though you use less than half the vehicle’s lifespan. Here’s more on leasing versus buying.
At the end of the lease, you could turn in your Chevrolet or buy it. If you turn it in and get another GM vehicle, you could qualify for special incentives, such as fee waivers and/or a loyalty discount.
Chevrolet financing deals and rebates
GM Financial offers Chevy deals as a way to entice drivers to buy a Chevrolet. Deals rotate to different models based on supply and demand, and can vary by ZIP code and the time of the year. Advertised offers are usually good for a month, after which they may change.
- 0.00% APR or low-APR financing. Chevrolet frequently has low-APR and 0.00% APR financing deals on its models. Buyers need a high credit score to qualify.
- Cash back. Chevrolet offers rebates based on the price of the vehicle, such as “10% of MSRP.” The exact value rebate depends on the specific offer. It may or may not be combinable with other deals, such as low-APR financing.
- Military program. If you, your spouse or a person in your household is a member of the U.S. armed forces (active duty, reserve and retired or veterans within three years of discharge) you may qualify for a $500 discount that could be used in combination with other Chevy deals.
- First responder program. If you are currently a firefighter, police officer, EMT/paramedic, 911 dispatcher or health care professional, you could receive a $500 discount that could be stacked with most other current offers.
- College Graduate Rebate. You could qualify for this $500 rebate if you graduated college within the last 24 months. This rebate may not be combinable with other offers.
- Mobility program. GM may cover up to $1,200 to cover adaptive equipment on vans and $1,000 on all other vehicles, plus two years of OnStar coverage.
How to qualify for Chevrolet financing
To qualify for Chevrolet financing, you’ll need to show that you have enough income to make the loan payments. The best deals are reserved for those with high FICO credit scores. You could check your credit score here.
When applying for a car loan, you’ll need
- Vehicle information. The year, make and model
- Personal information: Name, contact details, date of birth, Social Security number
- Residence information: Address, length of residency, whether you rent or own, what the rent or mortgage payment is
- Income information: Gross annual income, employer name and contact details
Pros and cons of Chevrolet financing
|0.00% APR. If you can qualify for the deal, 0.00% APR is hard to beat.||GM dealerships only. A GM Financial offer is only good at a GM dealership.|
|Convenience. Obtaining a GM Financial offer at a Chevrolet dealer could make car shopping a one-stop shop.||Offers are limited. A low-APR offer may not be available on the model you want or may only be available for a short time.|
Alternatives to Chevrolet financing
We always recommended that you apply to more than one lender and that you walk into the dealership with a preapproved auto loan so you can have better negotiating power.
|Lender||Chevrolet financing||Bank Of America||LightStream|
|APR||0.00%||6.14%||7.49% (with AutoPay)|
Bank Of America
Many people prefer national banks as lenders due to brand recognition and convenience. Bank of America offers all types of car loans, including new, used, private purchase, lease buyout and refinance. And it doesn’t advertise a minimum credit score requirement.
LightStream is an online lender that offers very competitive rates. All of its loans are unsecured so there are no restrictions on car make or model, or dealership. If you have good credit or better, a LightStream offer might be the best auto loan preapproval to take with you to the dealership. (*Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.)