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How to finance a Chevrolet Silverado

Discover ways to finance your new heavy-duty pickup truck — new or used.

The Chevy Silverado is a hardworking pickup truck that can tackle just about any job you throw at it. And its innovative features, including the industry's first power tailgate, make it a powerful and versatile vehicle. Find out your options for Silverado financing and four blunders to avoid when buying your new truck.

How to finance a Chevrolet Silverado

You have a range of options when it comes to Chevy Silverado financing.

Dealership financing

Dealerships consolidate the car buying experience by selling and financing your next Chevrolet Silverado all in one sitting. They act as the intermediary in two ways: between you and the manufacturer and you and the lender.

But dealership financing may not always offer the best rate. For example, a dealership in Texas might advertise 0% financing for 72 months on the 220 Silverado 1500. But this rate is only for well-qualified borrowers — those with excellent credit and a comfortable monthly income. Buyers who don't fall into this category may see higher interest rates and ultimately pay more for the loan.

Direct purchase

Chevrolet also offers financing through GM Financial. You can prequalify for a car loan online, and GM Financial will match you with a participating dealership. You'll need to contact the dealership to conclude your vehicle selection and complete the credit application to finalize the loan.

New car loan

Expand your Silverado financing options by going directly to lenders and applying for a new auto loan. Lenders, including banks and credit unions, set their own eligibility requirements and interest rates. Shop around to find the best deal for your situation.

Once you're armed with a preapproval from a lender, your dealership will have to outdo your current loan offer if it wants to win your financing business, too.

See more car loan options today

Compare a few of these auto loans to see if one fits the bill.

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Varies
Starting at 1.79%
Up to 10 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
Carvana
No minimum credit score
3.9% to 27.9%
Varies
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
car.Loan.com Car Loans
300
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
No minimum credit score
Varies by network lender
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
300
Varies
Varies
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
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Compare up to 4 providers

How to finance a used Chevrolet Silverado

Here are a few financing options for a pre-owned Chevy Silverado.

Financing a Chevrolet Silverado with Carvana

Carvana, known for its used car vending machines, also offers financing for your new wheels. Browse its fleet of pre-loved vehicles and apply for credit without ever leaving your couch.

It accepts all credit scores and has a minimum income requirement of $4,000. Plus, its convenient estimate calculator can give you an idea of what Carvana financing may cost, so you can quickly see how it stacks up against other lenders.

Financing a Chevrolet Silverado with Vroom

Vroom also has financing for Silverados through its lender network. You can apply online in just a few minutes, and its lending partners will review your application and make offers. Plus, if you finance through Vroom, it'll register your vehicle on your behalf.

Since every lender independently sets its rates and terms, you won't find hard and fast borrower eligibility. So you won't know what you qualify for until you apply. Unfortunately, loan applications also mean a hard pull on your credit, which could cause your credit score to drop.

Financing a Chevrolet Silverado with CarMax

CarMax offers access to multiple lenders, including Chase and Capital One, through one application. Get preapproved on its website, and its lenders will present financing offers. You choose a loan that fits your needs, and if you find a better deal, you can use its three-day payoff program to swap providers.

CarMax has a handy budget calculator that provides an estimated APR based on your credit score. But since car loans vary by lender, you'll need to apply to see what you really qualify for.

Mistakes to avoid when financing a car

Sidestep these common financing errors.

  • Not having a down payment. Providing a down payment, including a vehicle trade-in, lowers your monthly payment, reduces the amount you need to finance and can help lower your APR.
  • Not checking your credit. Look up your credit score to know what interest rates you qualify for, so you're not blindsided at a dealership.
  • Not shopping around. Compare a few car loans to find the best deal — otherwise you may be stuck with a higher APR than you could qualify for.
  • Getting stuck on the monthly payment. If you concentrate solely on lowering your monthly payment, you'll wind up extending the loan term and paying more interest over the life of the loan.

Bottom line

When you're ready to get behind the wheel on your next Chevy Silverado, explore your financing options. Take the time to compare car loans to get the most competitive rate.

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