Financing a GMC doesn’t have to be a hassle—by considering car loan options from your bank, credit union, car dealership, or even GM Financial itself, you can find the best rates and the best service on your car loan.

GMC vehicles are versatile, tough, and capable of whatever road conditions you throw at them. If you’re looking to finance a dependable truck or utility vehicle, look no further than one of GMC’s impressive models.

There are many routes you can take if you’re considering a car loan. In this article, car insurance super app Jerry breaks down the specifics of getting a car loan for a GMC.

How to get a GMC car loan

From the powerful and efficient Acadia Denali to the premium Yukon XL K1500 model, GMC has a wide range of vehicles to choose from. You can do a few things before deciding on a vehicle to finance to make the loan process easier.

Check your credit score before you go into the dealership. It’s also a good idea to compare rates and consider at least three car loan providers before you make your final decision. You can also try to get preapproved for your loan to ensure you’re getting the best possible rates.

Check your credit

Your credit score plays an important role when lenders are determining the conditions of your loan. If your credit score is over 660, you’re in a great position to get a car loan for a reasonable price.

If your credit score is below 660, don’t give up—there are still many options available for you. You may have to accept added conditions, such as a co-applicant on the loan, but some lenders will consider you without extra restrictions, even if you’re below the golden 660 score.

The table below provides some examples of GMC models and the suggested APR using hypothetical credit scores.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
GMC	8.36	$361

MORE: What is APR and how is it calculated?

Compare lenders

With your credit score attained, you can now approach and compare available lenders. For GMCs, you can go through GM Financial or other authorized dealers, but checking out loan rates at your bank or through other lenders is worth doing.

Looking at three different lenders before you settle on one is a good idea. Keep an eye out for:

Short loan term: Try to find an agreement that spans 60 months or less
Low APR: Keep this number at 4.93 percent or lower
Manageable monthly payment: Maximum 10 to 15% of what you make per month

You might also want to consider the customer service side of the lenders you are looking at. If one of them is hard to get in touch with or doesn’t answer your questions, you may be better off going with a different lender—even if the rates are not as good.

Get preapproved

With preapproval, you have more room to negotiate when it comes to the actual agreement and it can save you a lot of time and hassle.

Preapproval usually involves a loan application. Most dealerships now have online applications, but there may be in-person and mail-in options as well. To complete the application, you’ll need the following:

Your Social Security number
Supporting employment documents
Driver’s license or photo ID
Proof of income (a paystub, invoice, etc.)

Key Takeaway Before heading to the dealership, check your credit score, compare lenders, and get preapproved if possible. Completing these three steps will save you time and get you better deals when financing your GMC vehicle.

Average loan term for a GMC car loan

The average car loan term in the US is 72 months (six years). Depending on your circumstances, you may want to negotiate a shorter or longer term for the loan.

Shorter loan terms tend to be less expensive in the long run, as you don’t have to worry about the interest piling up. Your monthly payments will be higher, but the loan will be paid off sooner. Longer loan terms can be good if you don’t have a lot of savings, but they will cost you more later on.

GMC vehicles are available to finance through GM Financial. You have the option of financing a new or certified pre-owned vehicle, with a variety of models from the past three years available. If you’re looking at an older GMC model, you may have to apply for a car loan with your bank or credit union instead.

Here are some examples of monthly payments based on the term of the loan:

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.2	$697
36	8.61	$470
48	8.05	$363
60	7.95	$300
72	8.27	$261

MORE: How to get a car loan from a credit union

Finding a GMC car loan in your state

Where you’re driving will also impact your APR. Interest rates and car loan terms may vary depending on which state you live in. Try to find a lender that allows for regional conditions and can provide the lowest interest rate for your area.

For a GMC car loan in your state, you can expect to see these rates based on your credit score:

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.16	$412
Good	8.33	$360
Very Good	5.08	$340
Excellent	3.88	$333

MORE: How to calculate total interest paid on a car loan

GMC car loans: new vs. used

The age of your vehicle will also impact your car loan. Some services will only cover vehicles made within the past five years. If you’re financing a newer GMC vehicle, going through the dealership may be the fastest option for getting a car loan.

If your heart is set on an older vehicle, going with the bank or credit union may be the better bet, as they won’t have as many restrictions based on the model of the vehicle. Generally, used cars will have a higher APR but the total loan amount will be smaller than if you finance a brand new GMC model.

Take a look at the table below to see how your GMC’s model year will affect your monthly payments.

State

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.54	$304
2020	7.82	$307
2019	8.03	$307
2018	7.96	$307
2017	8.15	$308
2016	8.29	$309
2015	8.48	$311
2014	8.45	$379
2013	8.52	$380
2012	9.43	$511
2011	9.43	$511
2010	9.43	$511

MORE: Car insurance for used cars

How to calculate the costs for a GMC car loan

Whatever GMC model you choose, you’ll still have to negotiate a car loan agreement with your lender. To see how your credit score, loan term, and loan amount will factor into your monthly payments, use Jerry’s handy car loan calculator!

State

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.36	$361

Save money on GMC insurance with Jerry

Now that you have an idea of how to get the best rates on your car loan, let Jerry help you find the best rates for your car insurance as well. With over 50 top providers to choose from, Jerry helps you narrow down your search to the coverage you want for the most affordable price!

Signing up for Jerry is easy. Download the app, answer a couple of questions, and in under a minute you’ll have rates from the best insurance companies to choose from. Jerry takes care of all the paperwork and even helps you change over to your new policy. Jerry also offers other features like roadside assistance plans that you can add to your existing policy.

All in all, Jerry saves users like you an average of $887 per year on car insurance.

“I would 11/10 recommend Jerry. I was originally quoted $700+ for insurance for my new car, but by using Jerry I got my payments down to $320 a month. They also have a great support team ready to answer any questions!” —Tobias F.

RECOMMENDED