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Nissan Financing Deals
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Nissan financing at a glance
Best for: Those who want to buy or lease a Nissan
0.00% APR and up
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Nissan Motor Acceptance Corporation – NMAC for short – is the part of the auto manufacturer that loans money to consumers who want to purchase or lease Nissan vehicles. Infiniti, the luxury side of Nissan, has its own financing company, Infiniti Financial Services. NMAC periodically offers significant rebates, 0% APR and low-APR financing deals on its vehicles to encourage sales. You typically need high credit to qualify for APR deals, but you may not need to finance through Nissan to receive some rebates, such as the military and student rebates.
How Nissan financing works
NMAC offers financing on new, used and certified pre-owned Nissan vehicles that are sold at Nissan dealerships. If you obtain a NMAC auto loan offer, you can’t take it across town to use at a Ford dealership. As we’ve mentioned, Nissan finance rates may start as low as 0.00% APR, but you won’t know your exact rate until you apply.
- Choose a vehicle. You must choose the Nissan vehicle you want before you can apply for NMAC financing. You could change the vehicle later; nothing is set in stone until you sign a contract to purchase or finance.
- Apply online or in-store. You could get prequalified for Nissan financing online before going to the dealership, or you could apply when you’re there.
- Decide on a loan term. Nissan finance terms range from 12 to 75 months.
What should my monthly payment be?
Your monthly car payment should be first and foremost affordable. You can use a car affordability calculator to help you determine what payment is comfortable for you. And remember that a vehicle will need maintenance and repairs, especially after its warranties are up.
What are the Nissan warranties?
- Basic warranty. Almost all new Nissan vehicles come with a 3-year, 36,000-mile, “bumper-to-bumper” warranty.
- Powertrain warranty. Most new Nissan vehicles come with a 5-year, 60,000-mile warranty on what makes up the powertrain: the engine, transmission and drive axle.
What about leasing?
The biggest benefit is that it allows for lower monthly payments on a new model. Nissan leasing terms range from 24 to 60 months, but the most common term is 36 months, which exactly matches the length of Nissan’s basic warranty. Annual mileage options are 10,000, 12,000 and 15,000. At the end of the lease, you can return, purchase or replace the car.
But there are some downsides: 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.
Pros and cons of Nissan financing
|Convenience. Getting a Nissan auto loan while you’re at a Nissan dealer could make car shopping a one-stop experience.||No preapprovals. You must choose a Nissan vehicle before you can apply to NMAC.|
|Wide range of terms. NMAC offers a wide variety of term ranges. Other lenders have a more strict range for both loans and leases.||Nissan dealerships only. Unlike offers from other lenders such as banks and credit unions, you can’t take an NMAC offer to multiple automaker dealerships.|
Nissan financing deals and rebates
- 0.00% APR or low-APR financing. NMAC frequently offers low-APR and 0% APR financing deals on its models. High credit scores are required to qualify.
- Cash back. Nissan customers may be able to choose a cashback rebate rather than a special APR financing deal. The two cannot be combined. The cash value depends on the specific offer.
- Military cash. Worth $500, this incentive can be combined with other regional and national offers. You qualify for Nissan military cash if you are a member of U.S. military personnel who is active, reserve, veteran (within 24 months of separation from active or reserve duty) or retired (completed 20 years of active or reserve duty) status.
- Grad cash. Typically worth $500, this incentive is offered to students who graduated within the last 24 months or have written confirmation of upcoming graduation within the next six months, as well as proof of current or future employment that begins within 90 days.
- Mobility assist. Nissan offers up to $1,000 reimbursement on the purchase and installation of qualified adaptive equipment, including wheelchair and scooter lifts, hand controls, left-foot accelerators and more.
- First-time buyer program. If you don’t have much credit and have never financed a car before, Nissan’s first-time buyer program can help you to get a reasonable APR auto loan. However there are still qualification metrics, such as income level.
How to qualify for Nissan financing
To get a NMAC car loan, you’ll need to show that you have qualifying credit and income to make the loan payments. While a Nissan car loan or lease may be available to people of many types of credit, the best deals with the lowest APR are reserved for those with high FICO credit scores. You can check your credit score for free here.
When applying for a Nissan car loan, you’ll need
- Personal information: Name, contact details, date of birth, Social Security number
- Residence information: Address, length of residency, whether you rent or own, your rent or mortgage payment
- Income information: Gross annual income, employer name and contact details
To make payments on your Nissan car loan, you can use the NMAC website to set up autopay, schedule a single payment or use a third-party service, such as MoneyGram, a debit card or an electronic check. All third-party payment options except MoneyGram incur a $5.95 fee from NMAC.
Alternatives to Nissan financing
Don’t forget to consider your local credit union or current bank when you’re looking for a car loan. Most credit-scoring models treat similar loan inquiries made during a 14-day window as one inquiry, so multiple loan applications only count as one ding on your credit report. It doesn’t hurt your credit to apply to multiple lenders any more than it does to apply to one, as long as you do it within a two-week time frame. You can fill out an online form at LendingTree and get up to five auto loan offers.
|NMAC vs. competitors|
|Lender||NMAC||Bank of America||LightStream|
|APR||0.00% and up||3.39%||3.49%|
Bank of America
Bank of America is a well-known national lender. It offers all types of secured car loans, including new, used, private purchase, lease buyout and refinance. Many people prefer banks for the convenience they offer — banking, investing and lending in one place, with no membership requirements. Here’s our Bank of America auto loan review.
An online lender and a division of Truist, LightStream offers all types of unsecured car loans at competitive rates, but prefers FICO Scores of 660 or higher. LightStream has no restrictions on the make, model, age or mileage of the car. If you have good credit or better, a LightStream offer might be one worth taking with you to the dealership when you go shopping.