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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.
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.
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.
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.
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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