Chevy Car Financing: A Comprehensive Guide

Getting approved for a Chevy car loan can be a straightforward process if you understand the basics. You can qualify for a loan with a credit score as low as 620, but keep in mind that a higher score can get you a better interest rate.

Chevy offers various financing options, including leasing and financing through GM Financial. Leasing can be a great way to drive a new Chevy every few years, but it typically requires a higher down payment than financing.

When applying for a Chevy car loan, you'll need to provide personal and financial information, such as your income, employment history, and credit report. This information is used to determine your creditworthiness and the interest rate you'll qualify for.

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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. There are many options to choose from.

The average APRs for new car purchases in Q1 2024 vary depending on your credit score. For subprime borrowers (501-600 credit score), the average APR is 12.85%. Near prime borrowers (601-660 credit score) have an average APR of 9.62%, while prime borrowers (661-780 credit score) have an average APR of 6.89%. Superprime borrowers (781-850 credit score) have the lowest average APR at 5.38%.

You can also consider leasing a Chevy, which can offer lower payments and the ability to drive a new car every few years. Leasing payments typically only cover depreciation, interest, and fees, making it a great option for those on a tight budget.

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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.

GM Financial offers a convenient way to finance your Chevy, and you can even apply online. Many banks and credit unions also offer competitive financing rates for Chevy owners.

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The finance department at your local dealership is experienced in helping customers with varied credit histories to buy a new or used Chevrolet. They have access to many programs just for customers who are looking for an opportunity to rebuild their credit.

You can visit your local dealership to learn more about their financing options and get pre-approved for a loan. This can give you an idea of how much you can afford to spend on a new Chevy.

Lease payments tend to be lower than loan payments, and you only pay for depreciation, interest, and fees. This can be a great option if budget is top-of-mind.

You can lease a new Chevy every few years, which means you'll have access to the latest features and technology without having to worry about long-term ownership costs.

All types of credit, from good to bad, can qualify for an auto loan at some dealerships. No credit, no problem! They'll work with you to secure a no-credit car loan if your situation demands it.

Some dealerships have strong relationships with lenders and can help you find the perfect car loan company to suit your car finance needs.

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Chevy tends to offer 0% financing at the beginning or end of the calendar year to clear out last year's models.

This strategy allows them to make room for new inventory and can be a great opportunity for buyers to snag a deal.

As of June 2024, Chevy doesn't offer 0% financing through its financing arm GM Financial.

Typically, you'll need good or excellent credit to qualify for low APRs.

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Your monthly payments will depend on your credit score, with better scores resulting in lower payments. For example, a 2024 Chevy Trax with a starting MSRP of $20,400 and a 501-600 credit score will have a monthly payment of $271.79, but a 781-850 credit score will have a payment of $250.43.

The average APRs for new car purchases in Q1 2024 show that subprime borrowers (501-600 credit score) face an average APR of 12.85%, while superprime borrowers (781-850 credit score) are offered an average APR of 5.38%.

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If you're considering financing a new Chevy, be aware that the average loan term varies by credit score. For instance, subprime borrowers are offered loans with an average term of 73.05 months, while superprime borrowers are offered loans with an average term of 63.31 months.

Here's a breakdown of the estimated average monthly payments for new Chevys, based on credit score:

Your credit score can also affect the estimated average monthly payments for used Chevys. For example, a 2018 Chevy Trax with a fair purchase price of $9,578 and a 501-600 credit score will have a monthly payment of $133.48, but a 781-850 credit score will have a payment of $99.12.

The average APRs for new car purchases in Q1 2024 show that subprime borrowers (501-600 credit score) face an average APR of 12.85%, while superprime borrowers (781-850 credit score) are offered an average APR of 5.38%.

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Chevy regularly offers deals on particular models to make room for the next model year, so it's worth keeping an eye on their website for discounted APRs.

If you're a member of a certain group, you might be eligible for discounted prices on Chevy vehicles. Chevy incentives are available to GM employees, GM suppliers, members of the military, first responders, educators, and college students/recent graduates.

You can check Chevy's website for current lease deals, which are typically available to qualified customers with good to excellent credit. For example, you can lease a 2024 Chevy Equinox for as little as $299 per month for 36 months.

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Chevy regularly offers deals on particular models to make room for the next model year, so it's smart to keep an eye on their website for discounted APRs.

As of the writing of this article, Chevy is offering discounted interest rates on Trailblazer, Equinox, and Blazer models.

GM Financial offers Chevrolet incentives to GM employees, GM suppliers, members of the military, first responders, educators, and college students/recent graduates, which may be eligible for discounted prices on certain Chevy vehicles.

GM Financial rates currently start at 1.9% APR for certain Chevrolet cars like the 2024 Chevy Trailblazer, Chevy Equinox, and Chevy Blazer.

If you purchase a new or certified pre-owned Chevrolet at your local dealership, you may be able to take advantage of promotional rates from GM Financial, which are offered to qualified customers to incentivize you to choose a Chevrolet vehicle.

Qualified customers can lease a 2024 Chevy Equinox for as little as $299 per month for 36 months, and there is also a Chevy lease special on Tahoes, where you can lease a 2024 Chevy Tahoe for $779 per month for 36 months.

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One-Stop Shopping is a game-changer for car buyers. Your Chevrolet dealer can work with multiple lenders, including GM Financial, to offer you the best finance options.

Securing financing through your dealer eliminates the need for separate trips to find financing. You can choose your new car and get it financed in one trip.

In most cases, this means you can drive your new vehicle home the same day.

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Leasing and financing decisions can be overwhelming, but understanding your options can make all the difference.

GM Financial offers very-low rates for qualified customers who purchase a new or certified pre-owned Chevrolet at their local dealership.

Purchasing might be the right option for you if you like to keep your vehicles for many years or put a lot of miles on them.

At the end of your loan, you will own your vehicle outright.

Leasing is a great option for those seeking lower payments, or who like to change vehicles every two to three years.

You can turn in your old vehicle and lease a new one at the end of your lease.

Or, if you decide you want to keep it, you can purchase your leased vehicle.

The finance department at your local dealership is experienced in helping customers with varied credit histories to buy a new or used Chevrolet.

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They have access to many programs just for customers who are looking for an opportunity to rebuild their credit.

Even if you’ve been turned down for financing somewhere else, there’s a good chance that your Chevrolet financing department can help.

If you think a lease is right for you because you like the idea of trading it in every few years for a new one, we can help.

If you want to own your car, truck or SUV one day, then we'll help you get the right loan terms to buy.

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. Each option has its benefits and drawbacks, so it's essential to explore all your options before making a decision.

GM Financial offers a convenient and streamlined financing process, but you may be able to snag a lower interest rate with your bank or credit union. Many financial institutions offer special rates to current customers, so it's worth making a quick call to see what rates they can offer you.

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As of June 2024, Bank of America is offering up to 0.50% off auto loan interest rates for Platinum Honors members. Bank of America auto loan rates start at 5.69%, while U.S. Bank car loans start at 7.51%. Your local credit union may also offer competitive rates on car loans.

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.

Average APRs and loan terms vary depending on credit score, as shown in the table below:

The finance department at your local dealership is experienced in helping customers with varied credit histories to buy a new or used Chevrolet. They have access to many programs just for customers who are looking for an opportunity to rebuild their credit.

Buying a certified pre-owned Chevy can be a great way to get a lower price on your car with the added peace of mind that comes with a manufacturer-backed warranty.

These vehicles come with a 172-point inspection, which is a thorough check to ensure everything is in working order.

You'll also get roadside assistance, which can be a lifesaver if you break down on the side of the road.

If you're not satisfied with your purchase, you can exchange it within three days or 150 miles, giving you a risk-free experience.

A certified pre-owned vehicle is a great way to get a lower price on a car while still having the peace of mind that comes with a manufacturer-backed warranty.

You'll get a 172-point inspection, which is a thorough check to ensure the car is in good condition. Roadside assistance is also included, so you'll be covered in case you break down.

If you're unhappy with your purchase, you can exchange it within three days or 150 miles, giving you plenty of time to decide if it's the right car for you.

Protecting your investment is crucial when buying a car. Many people use protection plans to safeguard their purchase.

GAP insurance is a type of coverage that helps if you're involved in an accident while still owing a significant amount on your vehicle. It's a good idea to look into this option if you're worried about being upside down on your loan.

Vehicle service contracts and extended warranties can provide coverage for many years into the future. This can give you peace of mind and protect your wallet from unexpected repair costs.

Lease wear coverage is also available for those who lease their cars. This added protection can help you avoid costly fees when you return your vehicle.

Midway Chevy wants you to feel confident in your purchase, which is why they offer convenient and flexible financing options.

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