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 tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products appear on this site, including, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our loans, mortgage,, and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not include the entire universe of businesses or financial offerings that could be available to you. Don Mason/Getty Images
3 min read Published 21st October 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to buy a car. Written by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since the beginning of 2020. She’s committed to helping students navigate the high costs of college and dissecting the complexity that are associated with student loans. The Bankrate guarantee
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We receive compensation for the placement of sponsored products and services or through you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, like our own proprietary website rules and whether a product is available in your area or at your own personal credit score can also impact the way and place products are listed on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. If you are looking to explore financing for a new car, you will have several choices for details about promotional finance, including rebates. Rebates give you money back on the purchase, which can reduce your total loan amount. However, both dealers and manufacturers design their incentives in different ways. When you are buying a new vehicle, make sure the rebate actually saves you money. What exactly is a rebate offered on a car? An auto loan rebate is a incentive that offers you cash in exchange for purchasing an automobile. It is a way to motivate you to purchase the vehicle for the specific situation that the dealership controls. Since rebates are offered by manufacturers, you’ll have to visit the dealership that has a direct relationship with the manufacturer to qualify. You might also have to select a particular car model, which is usually one of the more expensive options, in order to qualify for a rebate. What are auto rebates? Rebates are offers that give buyers a few thousands dollars off the cost of their vehicle. It doesn’t affect the cost of purchase — it is possible to discuss with the dealer before discussing rebates — but it can reduce the price you pay for a vehicle. Rebates usually last for a few months, and you’ll have meet certain requirements in order to be eligible- for instance, you might have to choose a particular model of car or qualify for . Are auto rebates worth it? Auto loan rebates are something to look to see if they are offered. Rebates can be added to your down payment, your closing costs, or to your entire loan amount. In some instances, your could be lowered by several thousand dollars. However, you shouldn’t buy the vehicle solely due to the possibility of a rebate. In most cases, the selection of vehicles offered for rebates is limited and most rebates are restricted to new cars — and, often, the more expensive models of the new ones. The draw of a rebate could tempt you to spend more on the wrong car for your budget or needs. How do you get an auto rebate Unlike 0 percent financing, rebates on cars don’t have any set guidelines. If you pick a model and trim with a rebate, you qualify. Find manufacturer offers on new cars and rebates are often advertised alongside lease deals and special interest rates. Auto rebates can be sent directly to you, however it could also be part of your down payment. This means you’ll have to pay less in total and can save money upfront and over the duration of your car loan. In some states, you might be able to have the rebate applied to your purchase price before taxes are added, however you’ll need to check with your state’s regulations when requesting an offer. Auto rebate vs. low-interest financing Rebates as well as deals like a 0 percent APR deal, save your money in different ways. Rebates provide you with an amount in one lump sum that is typically used to pay for your down payment or closing expenses. The financing with low interest is another option that, in turn, cuts down on the interest rate on your loan and can lower your overall monthly payment. A rebate on your car is likely to make the most savings on your car in the long run. Even though you will be charged the interest for your loan but it will be the interest rate on a lower amount. A zero percent APR deal can save you cash over time, but the main benefit is a reduced monthly payment. If you have good credit, you may be able to get the most beneficial of both worldsreceiving an incentive from the dealer and getting a lower cost interest from an . The bottom line The key to determine whether a rebate is a wise decision for your finances is how much it will be worth. Find rebates on car models that you were already considering and understand how that rebate will be applied. It is possible to use a financing calculator to determine how much you will 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 helping readers to navigate the ways and pitfalls of borrowing money to purchase an automobile. 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 high cost of college as well as dissecting the complexity in student loans.
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