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3 min read Published 21st October 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to buy an automobile. Edited by Chelsea Wing Edited by Student loans editor Chelsea is with Bankrate since the beginning of 2020. She’s committed to helping students to navigate the steep costs of college , and simplifying the complex world of student loans. The Bankrate guarantee
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We are compensated in exchange for placement of sponsored products and services, or by you clicking on specific links on our website. This compensation could impact how, where and in what order items are listed, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether the product is available within your area or at your personal credit score could also affect the manner in which products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial service or product. When the time comes to explore financing for a new car, you will have several options for promotional finance details, including rebates. Rebates will give you a portion of the money on the purchase, which can reduce your total loan amount. However, both dealers and manufacturers have different ways of structuring their incentives. Before you sign a contract to purchase a brand new car, be sure the rebate will actually save you money. What exactly is a rebate offered on the car? A car loan rebate is a reward that grants you cash back to purchase the vehicle. It is a way to motivate buyers to purchase the car for the specific situation that the dealership controls. But since rebates are offered by manufacturers, you’ll have to visit an authorized dealer that is working directly with the manufacturer in order to be eligible. You might also have to select a particular trim, usually one of the higher-end options, in order to qualify for an incentive. How auto rebates work Rebates are promotions that offer buyers some thousands of dollars off the cost of their vehicle. The rebates won’t affect your purchase price — it is possible to bargain with the dealer prior to considering rebates. However, it could reduce the amount you have to pay for a car. Rebates usually last for some time, and you will have meet specific requirements in order to qualify -such as, for instance, you might have to choose a specific model of car or qualify for . Is an auto rebate worth it? Auto loan rebates are something to look into if they are available. Rebates are used to reduce your down payment, your closing costs, or even your overall loan amount. In certain instances, your could be lowered by as much as a thousands of dollars. But, don’t buy the vehicle solely due to a rebate. In the majority of cases the variety of cars offered for rebates will be limited, and the majority of rebates are limited to new cars — and typically, the more costly versions of these new cars. The incentive of a rebate may tempt you to buy the wrong car for your needs or your budget. What are the steps to receive an auto-rebate? Unlike zero percent financing, rebates on cars don’t have any set criteria. If you pick a trim and model that comes with rebates, you’re eligible. Search manufacturer deals on new cars — rebates are typically advertised in conjunction with lease deals and other special interest rates. Auto rebates could be directly sent to you, however it could also be part of a down amount. This means that you’ll need to finance less overall, which can save you money upfront and over the course of the loan. In some states, you may even be able to have rebates applied to purchase price before taxes , but you’ll have to confirm your state’s rules for requesting the rebate. Auto rebate vs. low-interest financing Rebates as well as other deals, like a zero percent APR offer, can save you money in different ways. A rebate gives you an amount that is fixed that is normally put towards the downpayment or your closing expenses. A low-interest loan however, cuts down on the interest rate on your loan and can lower your monthly installment. An auto rebate is likely to help you save the most on your car overall. While you’ll have to pay an interest rate on the loan however, it’s interest on a much lower amount. The 0% APR rate can save you money over time, but the main benefit is a reduced monthly payment. People with good credit could be able to have the best of both worldsgetting a rebate from the dealer and finding a low percentage of interest through an . The most important aspect to knowing whether a rebate is a wise decision for your finances is the amount of money it could save you. Find rebates on car models that you were already contemplating and know how the rebate will be applied. You can use a car financing calculator to compare the amount you can save by using different financing options. Find out more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase cars. Written by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.
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