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 decisions by offering interactive financial calculators and tools as well as publishing original and objective content. This allows you to conduct your own research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgage,, and other products for home loans. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be open to you. Don Mason/Getty Images
3 min read Published October 21, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to buy cars. Edited by Chelsea Wing Edited by student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She’s dedicated to helping students navigate the high costs of college and dissecting the complexity in student loans. The Bankrate guarantee
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We are compensated in exchange for placement of sponsored products and, services, or when you click on certain hyperlinks on our site. This compensation could affect the way, location and in what order products appear in listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other factors, like our own website rules and whether a product is available in your area or at your own personal credit score can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial service or product. When the time comes to explore financing for the purchase of a new vehicle you’ll have a range of options to choose from for information about promotions, including rebates. Rebates will give you a portion of the money on the purchase, which reduces your overall loan amount. However, both dealers and manufacturers structure their incentives differently. Before signing buying a new vehicle, make sure the rebate actually saves you money. What is a rebate for an automobile? An auto loan rebate is a reward that grants you cash back in exchange for the purchase of an automobile. This serves as motivation for buyers to purchase the car for the specific situation that the dealership has control over. However, since rebates are provided by manufacturers, you’ll have to visit a dealership that works directly with the manufacturer to get the rebate. You may also need to select a certain model, typically one of the top options, in order to get the rebate. How do auto rebates work? Rebates are special promotions that offer buyers a few thousands dollars off the cost of their vehicle. The rebates won’t affect your purchase price , as it is possible to negotiate with the dealer before discussing rebates — but it could reduce the amount you spend on a car. Rebates usually last for several months and you’ll need meet certain requirements in order to be eligiblesuch as, for instance, you may have to select a certain kind of vehicle or apply for . Are auto rebates a good idea? It is a good idea to consider an auto loan rebates are worth looking into if they are available. Rebates can be used to reduce the amount of your deposit, your closing costs, or to your overall loan amount. In some cases you could see your loan reduced by as much as a thousand dollars. However, you shouldn’t buy an automobile solely because of the possibility of a rebate. In most cases the variety of cars offered for rebates is limited, and most rebates are restricted to newer vehicles and typically, the more costly versions of these new cars. The draw of a rebate may tempt you to buy a car that doesn’t suit your budget or needs. 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 are eligible. Find manufacturer offers on new cars Rebates are usually advertised alongside lease offers and special interest rates. Auto rebates could be directly sent to you, however it can also be part of your down amount. This means that you’ll 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 may even be able to have the rebate applied to your purchase price prior to taxes , but you’ll have to verify the rules of your state when requesting an offer. Auto rebate is different from. low-interest financing Rebates and , such as a 0 percent APR deal, save you money differently. Rebates offer you an amount that is fixed that is normally used to pay for an initial down payment, or your closing costs. A low-interest loan however will reduce your ongoing interest and could lower your overall monthly payment. Auto rebates are likely to make the most savings on your car in the long run. While you’ll have to pay an interest rate on the loan but it will be an interest-only amount. A zero percent APR deal will also save you money over time, however the primary benefit is a reduced monthly payment. People with good credit could be able to have the best of both worlds- taking a rebate from the dealer and finding a low cost interest from an . The main thing to knowing if the rebate you receive is a good decision in terms of financial savings is how much the incentive could be worth. Look for rebates on car models that you were already contemplating and know how the rebate will be applied. It is possible to use a financing calculator to determine the amount you can save by using different financing options. Learn more
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This article is 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 is with Bankrate since the beginning of 2020. She’s dedicated to helping students navigate the high cost of college as well as breaking down the complexities in student loans.
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