How car rebates work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation could affect how and where products appear on the site, such as the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that might be accessible to you. Don Mason/Getty Images
3 min read published 21st October 2022
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the ways and pitfalls of borrowing money to purchase a car. Edited by Chelsea Wing Edited by Student loans editor Chelsea is with Bankrate since the beginning of 2020. She’s dedicated to helping students navigate the daunting costs of college and breaking down the complexities that are associated with student loans. The Bankrate guarantee
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We receive compensation for the promotion of sponsored goods and services or by you clicking on certain links posted on our site. Therefore, this compensation may affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law for our mortgage or home equity products, as well as other home loan products. Other factors, like our own proprietary website rules and whether a product is available in your region or within your self-selected credit score range can also impact how and where products appear on this website. We strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. When it is time to consider financing the purchase of a new vehicle you’ll have a range of choices for details about promotional finance, including rebates. Rebates will give you a portion of the money on your purchase, which will lower your total loan amount. But, dealers and manufacturers have different ways of structuring their incentives. Before you sign a contract to purchase a brand new car, ensure that the rebate will actually save you money. What is a rebate on a car? A car loan rebate is an incentive that gives you cash in exchange for purchasing the vehicle. This is an incentive for you to buy the car for the specific situation that the dealership has control over. However, since rebates are provided by the manufacturers, you’ll need to go to an authorized dealer that is working directly with the manufacturer in order to be eligible. You may also need to select a particular model, typically one of the more expensive options, in order to qualify for the rebate. How do auto rebates work? Rebates are special offers that give buyers the chance to save a few thousand dollars off the cost of the vehicle. The rebates won’t affect your cost of purchase — you can and should negotiate with the dealer before talking about rebates, but it could reduce the amount you have to pay for a car. Rebates usually last for several months and you’ll need meet specific requirements in order to be eligible- for instance, you may have to choose a specific kind of vehicle or apply for . Are auto rebates an excellent idea? It is a good idea to consider an auto loan rebates are worth looking to see if they are offered. Rebates are applied to your down payment, your closing costs, or to your overall loan amount. In some instances the amount you pay could be reduced by a few thousands of dollars. However, you shouldn’t purchase a vehicle simply because of an offer. Most of the time, the selection of vehicles offered for rebates is limited, and rebates tend to be restricted to newer vehicles and often, the higher-cost trims of those new vehicles. The draw of a rebate may tempt you to spend more on an automobile that isn’t suited to your needs or budget. How to get an auto rebate Unlike 0 percent financing, car rebates aren’t governed by any particular requirements. If you choose a car model and trim that has rebates, you are eligible. Search manufacturer deals on new vehicles and rebates are often advertised along with lease deals and other special interest rates. An auto rebate may be sent directly to you, but it may also be part of your down payment. This means you need to pay less in total as it will save you money upfront and over the duration of your car loan. In some states, you might be able to get the rebate applied to your purchase price before taxes , but you’ll have to check with your state’s regulations in order to request the rebate. Auto rebate in contrast to. Low-interest financing Rebates and other deals, like a zero percent APR deal, save you money differently. Rebates offer you an amount in one lump sum that is typically put towards an initial down payment, or closing expenses. A low-interest loan, on the other hand can reduce your ongoing interest and could lower your overall monthly payment. Auto rebates are likely to save you the most money on your car in the long run. Although you’ll have to pay interest on your loan but it will be the interest rate on a lower amount. A 0 percent APR offer can also help you save money over time, however the main benefit is a reduced monthly payment. People with good credit might be able to enjoy the best of both worlds -getting a rebate from the dealer and finding a low interest rate from an . The bottom line The key to determine whether the rebate you receive is a good decision in terms of financial savings is how much the incentive could help you save. Look for rebates on car models you are contemplating and know how the rebate will be used. You can utilize a car financing calculator to compare how much you will save by using different financing options. Find out more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to purchase an automobile. The article is edited by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She’s committed to helping students navigate the high cost of college and simplifying the complex world in student loans.
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