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 tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare data for free to help you make informed 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 deals that are displayed on this site come from companies that pay us. This compensation can affect the way and when products are featured on this site, including for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law for our loans, mortgage, and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offers that may 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 specializes in helping readers to navigate the ins and outs of securely borrowing money to purchase a car. The article is edited by Chelsea Wing Edited by Student loans editor Chelsea has been with Bankrate since the beginning of 2020. She's committed to helping students to navigate the steep costs of college and simplifying the complex world that are associated with student loans. The Bankrate promises
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We are compensated for placement of sponsored products and, services, or when you click on certain hyperlinks on our website. This compensation could impact how, where and when products appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether the product is available in your area or at your own personal credit score may also influence how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial service or product. If you are looking to explore financing for a new car you'll have a range of choices for details about promotional finance that include rebates. Rebates allow you to get money back when you purchase a car, and reduces your overall loan amount. However, manufacturers and dealers have different ways of structuring their incentives. Before you sign a contract to purchase a brand new car, ensure that you are getting a rebate that will save you money. What is a rebate for the car? An auto loan rebate is an incentive that gives you cash in exchange for the purchase of a car. This serves as motivation for you to buy the car in the specific scenario that the dealership is in charge of. But since rebates are offered by manufacturers, you'll need to go to a dealership that works directly with the manufacturer to get the rebate. You might also have to select a particular car model, which is usually one of the top options, in order to qualify for the rebate. How auto rebates work Rebates are offers that give buyers some thousands of dollars off the price of their vehicle. This doesn't impact your purchase price , as you are able to bargain with the dealer prior to considering rebates. However, it can reduce the price you pay for a vehicle. Rebates generally last only a few months, and you'll need to meet specific criteria in order to be eligibleFor instance, you may have to select a certain model of car or qualify for . Do you think an auto-rebate is worth it? Auto loan rebates are something to look for if they're available. Rebates can be applied to the amount of your deposit, your closing costs, or even your entire loan amount. In some instances you could see your loan reduced by several thousand dollars. But, don't buy a vehicle simply because of the possibility of a rebate. Most of the time the range of vehicles available for a rebate is limited and most rebates are restricted to new vehicles -- and often, the higher-cost versions of these new cars. The draw of a rebate can lead you to spend more on the wrong car for your needs or your budget. What are the steps to receive an auto-rebate? Unlike zero percent financing, rebates on cars don't have any set requirements. If you choose a car model and trim with rebates, you're eligible. Look for manufacturer discounts on new vehicles and rebates are often advertised alongside lease deals and special interest rates. An auto rebate can be sent directly to you, however it can be a part of your down payment. This means you need to pay less in total as it will save you money in the beginning and throughout the duration of your car loan. In some states, you may even be able to get rebates applied to purchase price before taxes are added, however you'll need to verify the rules of your state in order to request a rebate. Auto rebate is different from. low-interest financing Rebates as well as , such as a 0 percent APR deal, will save your money in different ways. Rebates offer you an amount that is fixed that is typically applied to either an initial down payment, or closing expenses. A low-interest loan however can reduce your ongoing interest and could lower your monthly installment. Auto rebates are likely to help you save the most on your vehicle overall. Even though you will pay the interest for your loan however, it's interest on a much lower amount. The 0% APR rate will also save you money over time, however the primary benefit is a reduced monthly payment. If you have good credit, you could be able to have the most beneficial of both worlds- taking rebates from dealers and finding a low interest rate from an . The bottom line The key to determine if a rebate is a wise financial choice comes down to how much it will be worth. Find rebates on car models that you were already thinking about and be aware of how that rebate will be used. It is possible to use a financing calculator to compare how much you'll save with various 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 ins and outs of securely borrowing money to buy a car. 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 to navigate the daunting cost of college as well as dissecting the complexity that are associated with student loans.
Student loans editor
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