Car Loan for Chevrolet 2023
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If you’re looking to finance a Chevrolet, you can get a loan through a dealership with GM Financial or you can obtain a traditional auto loan through your bank or a local credit union. Getting a loan through the dealership may be more convenient, but a bank or credit union may offer better terms or customer service.
Chevrolet is world-renowned for making affordable, reliable vehicles, from sleek racecars to powerful pickups. When you’re shopping for a car loan, you want the same affordability and reliability.
There are tons of auto financing options out there, but that doesn’t mean getting a Chevrolet car loan has to be overwhelming. Car insurance broker and loan expert Jerry is here to help make sense of your options so you can make the choice that’s right for you.
How to get a Chevrolet car loan
Getting a loan for a Chevrolet is easy, whether you’re checking out a brand-new Chevy Colorado Z71 or a Certified Pre-Owned Corvette Stingray.
First, check your credit and compare the rates and terms from at least three lenders. You should also try to get preapproved for financing, if possible.
Check your credit
It’s always best to check your credit score before shopping around for car loans. Your lender will use your credit rating to determine the terms of your loan, including your interest rate. In general, a good credit score is considered anything over 660 when it comes to car loans.
If you’re buying from a dealership, you may still qualify for a Chevrolet car loan, even if your credit rating is below 660. GM Financial does still give loans to lenders with less-than-ideal credit, but you may be asked to prove that you can make the payments by providing the following:
- Proof of income (pay stubs or W2)
- Proof of residence (utility bill or rental agreement)
- Personal references
- Down payment
- A co-applicant
Curious about how your credit score will affect the average APR and monthly payments for different Chevy vehicles? Check out the table below:
|Car Make||Average Annual Interest Rate||Average Monthly Payment|
Once you’ve looked at the available types of loans, it’s time to select your lender. Your options are to get a loan through your bank, a credit union, or a dealership that uses GM Financial.
Compare rates from at least three lenders before you choose a loan. Here are some things to look for:
- Shorter loan terms: Ideally, your loan terms should be 60 months or less
- Low APR: Try to secure a loan with 4.93% APR or lower
- Manageable monthly payment: Your car note should be no more than 10 to 15% of your monthly income
In addition to the numbers, choose a lender that gives you excellent customer service! A lender might have high approval rates and low monthly payments, but they might be impossible to get in touch with when you need to talk to someone.
Getting preapproved for financing will make it easier to negotiate the terms of your loan when it’s time to sign the loan agreement. You can even apply online for preapproval through GM Financial.
To get preapproved, you’ll need to fill out an application for a loan. The lender will need the following:
- Social security number
- Proof of employment
- Driver’s license or photo ID
- Proof of income (paystubs, W2, etc.)
Key Takeaway To get a Chevrolet car loan, check your credit rating, compare lenders, and try to get preapproved so you can negotiate your loan.
Average loan term for a Chevrolet car loan
If you have the option, consider negotiating your loan term, which is the length of time you’ll be making payments. The most common loan term in the US is currently 72 months, or six years. However, this isn’t always the best loan term.
Try to get a repayment term of 60 months or less, if you can. This will increase your monthly payments, but you’ll pay the loan off faster, and you’ll pay less in interest overall.
If you finance your vehicle through GM Financial, you can choose loan terms ranging from 36 to 72 months. It’s important to note that there may be a prepayment fee listed in your contract. This means that if you pay off your vehicle early, you will likely have to pay extra.
This table should give you an idea of what your monthly payments and interest rate might look like, depending on the loan term you choose:
|Loan Terms||Average Annual Interest Rate||Average Monthly Payment|
Finding a Chevrolet car loan in your state
Vehicular expenses can vary pretty widely from state to state, and auto loan payments and interest rates are no different. Make sure you choose a lender who understands what finances are like in your area and who will offer you the lowest possible APR based on your credit score.
This table shows how much you might pay for a Chevrolet car loan in your state:
|Credit Rating||Average Annual Interest Rate||Average Monthly Payment|
Chevrolet car loans: new vs. used
You can get financing for new and used Chevrolets, but you will probably get different offers depending on the model year of the vehicle. For instance, GM Financial only approves loans for new and Certified Pre-Owned (CPO) Chevrolets that are six model years old or newer.
If you’re looking for a classic Chevrolet, you may be better off getting your loan through a bank or credit union. Pre-owned vehicles typically come with a higher APR, but the loan total is usually smaller, so the higher interest rate won’t affect your bottom line as much.
Check out this chart to see how your Chevrolet’s model year could affect your monthly payment and APR:
|Car Year||Average Annual Interest Rate||Average Monthly Payment|
How to calculate the costs for a Chevrolet car loan
There are a lot of factors that go into figuring out the monthly payment and APR for your Chevrolet vehicle. It might seem a little confusing, but don’t worry—you can use Jerry’s car loan calculator to estimate what you might pay for a Chevrolet car loan!
|Average Annual Interest Rate||Average Monthly Payment|
Save money on Chevrolet insurance with Jerry
No matter how you choose to finance your Chevrolet, Jerry is here to help you find the lowest rate on car insurance. Jerry is a licensed insurance broker and comparison shopping super-app—in other words, basically your best friend when it comes to finding affordable car insurance.
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