Subaru Financing Deals

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About Subaru

Japanese automaker Subaru actually started out as an aircraft company in 1953 before entering the auto space a year later. Today, the company is known for producing cars that are some of the most highly rated for safety and value. Kelley Blue Book named Subaru the most trusted brand in the mass market for four years running, six 2018 models are top safety picks by the Insurance Institute for Highway Safety and it was named the 2018 top brand for residual value.

As a company, Subaru is also known for its commitment to charitable causes with its annual Share the Love® Event.

If you’re thinking of purchasing or leasing a Subaru, you might be considering the manufacturer’s financing offerings. This article will dive into types of financing deals Subaru offers along with its rebates and incentives, leasing options and alternatives if you decide to seek financing elsewhere.

Subaru financing in a nutshell

Like many manufacturers, Subaru offers cushy financing deals for well-qualified borrowers — deals that may feature 0% financing for a number of months or rebates and discounts that you won’t be able to find any other way. The key word here is “well-qualified.” Subaru doesn’t detail what it considers a well-qualified borrower to be, but this usually means you should have a very good credit score a solid credit history — preferably showing you’ve paid a car loan regularly. (If you don’t know what your credit score is, you can check it at My LendingTree.com.)

You can apply for financing on Subaru’s website or by visiting a dealership in person. But we strongly suggest doing your loan shopping before you head to the dealer. If you’re turned down for financing on their website, you can continue shopping for Subaru financing with other lenders that you checked out online. That way, when you are ready to visit the dealership you have multiple financing offers in hand. The dealer will try to find financing deals that can beat the ones you’ve found, and you’ll be a position to get the best rate possible.

Subaru and other automakers can offer financing deals to borrowers because it uses its financing program as an incentive for consumers to buy their cars. In other words, because it makes money on selling the vehicle, that means it does not have to make money on financing the vehicle.

If you do end up financing through Subaru Motor Finance (SMF), your lender is actually JP Morgan Chase. This doesn’t change the program offers and it isn’t a unique situation. Chase also manages manufacturer financing programs for Jaguar, Land Rover, Maserati and Mazda.

Subaru rebates and incentives

Here are the main types of rebates and incentives Subaru offers and their requirements. They are often vehicle-specific and time-sensitive, so make sure the exact car you want has the rebate that you qualify for, and that the rebate doesn’t expire before you plan to buy.

  • Subaru Mobility Assist. This provides up to $1,000 reimbursement to help new Subaru owners get adaptive equipment for medically recognized physical disabilities. Vehicle modifications must be made within a year of purchase and the claim must be submitted within 180 days of the modification.
  • College Graduate Program. Recent and upcoming college graduates can apply to finance or lease a new Subaru through SMF and be automatically eligible for any special offers currently available.
  • Military Discount Program. This is a $500 discount for active-duty and reserve members of the U.S. Air Force, Army, Navy, Marines, National Guard and Coast Guard, as well as veterans and retirees within 12 months of separation.
  • Low-Rate Financing. This is available not just on new cars, but also on Certified Pre-Owned vehicles when financed through SMF. This program may require you to have a high credit score, but doesn’t require a down payment. For new cars, Subaru 0% financing may also be available.
  • Lease Loyalty. For current Subaru leases looking for a new Subaru lease, this program could pay your first payment (up to $500) and a disposition fee waiver.
  • Guaranteed Trade-In Program. This guarantees the vehicle’s trade-in value when you purchase a newer later year-model Subaru. It’s available after the first year of ownership and for eight years from the vehicle’s original warranty start date.

Note that this list is not all-inclusive and these rebates, incentives and their requirements, as well as their availability, may change often. For more information, be sure to check Subaru’s website or with a Subaru dealer.

How to apply for financing through Subaru

  • Auto loan terms through Subaru go from 36 to 72 months, although the length of the contract might be more limited if you do get a low APR loan offer.
  • Apply in person at a dealership or online.
  • Preapprovals likely require a hard credit inquiry.

To apply, you can go to a dealership or go online. If you decide to apply online, you’ll need to choose a dealership and know which Subaru vehicle model you want. Be prepared to supply personal information such as address, birthdate and Social Security number, as well as employment and income details.

Based on the application, it looks like Subaru Financial Services will do a hard pull on your credit. Don’t worry about this if you’re shopping around for the best loan, though. It doesn’t hurt your credit to apply to several lenders any more than it does applying to one within a 14-day window, because credit bureaus typically count multiple inquiries as a single inquiry.

There are multiple reasons to get a preapproved auto loan before you to the dealership. Being preapproved may give you an idea of the APR you qualify for and thus give you greater strength to negotiate. It also gives you something to fall back on if you’re not approved for a loan there.

Leasing from Subaru

Like with a purchase, SMF offers special lease rates to well-qualified buyers, which means you have to have good to excellent credit; not everyone will qualify. The normal period for a lease is 36 months with an allotment of 12,000 miles a year. If you do go over the mileage limit, the fee is 15 cents per mile.

Leasing payments are generally lower than purchase payments, meaning it could leave some extra cash in your wallet or help you get into a car you otherwise couldn’t afford to buy. Leasing could also be ideal if you want a new vehicle every few years. You also probably don’t have to worry about repairs as most leases occur within the “bumper-to-bumper” warranty. Mileage and wear and tear are limited though, and if you exceed those limits, you can be charged for it.

If you want more information, you can check out this guide on leasing versus buying.

Alternative options for Subaru financing

You can of course apply for an auto loan almost anywhere, including your bank and credit union. It doesn’t hurt your credit to apply to multiple lenders within a 14-day window any more than it does to apply to one lender. Consider a few lenders and compare offers to see which is the best for you. You may want to go with one where you can make your payments in person or one that offers the lowest APR. By applying to several, you’ll be able to take the one that suits you best.

More about Subaru

Subaru, formerly known as Fuji Heavy Industries, formed in Japan in 1953 when five companies merged to create one large aircraft company. The new company symbol was of the star constellation, the Pleiades, which has six stars, symbolizing how five companies became one.

In 1989, the Subaru Legacy model broke the world speed record and the brand would break four more records over the next 11 years. Subaru Motorsports competes around the world to this day.

The company itself is not huge compared with its competitors. It produces more than a million cars each year according to its 2017 annual report. By comparison, General Motors produces three times that amount.

But, as it states in its annual report, Subaru is not after a huge amount of business. Instead, it plans to slowly grow what it has, which includes its famous hatchback and SUV models for the mass market, such as the Outback and the Forester.

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