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How car rebates work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare information 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 Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation could affect how and when products are featured on this website, for example the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does not influence the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be open to you. Don Mason/Getty Images
3 min read Published 21st October 2022
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of borrowing money to buy a car. Edited by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since early 2020. She’s dedicated to helping students to navigate the steep costs of college , and dissecting the complexity that are associated with student loans. The Bankrate promise
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You have money questions. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We are constantly striving to give our customers the right advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the best financial decisions. The content created by our editorial team is factual, objective, and not influenced from our advertising. We’re transparent about the ways we’re in a position to provide quality content, competitive rates and useful tools for you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or when you click on certain links posted on our site. So, this compensation can influence the manner, place and in what order products are listed 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 factors, like our own rules for our website and whether or not a product is offered in your area or at your self-selected credit score range can also impact the way and place products are listed on this site. We strive to provide a wide range offers, Bankrate does not include information about each credit or financial product or service. When it is time to explore financing for the purchase of a new vehicle you’ll have a range of options to choose from for information about promotions that include rebates. Rebates give you money back on your purchase, which can reduce your total loan amount. However, both dealers and manufacturers have different ways of structuring their incentives. When you are buying a new vehicle, make sure the rebate will actually save you money. What is a rebate on an automobile? An auto loan rebate is an incentive that gives you cash back to purchase a car. It is a way to motivate buyers to purchase the car within the particular scenario the dealership controls. Since rebates are offered by manufacturers, you’ll need to go to a dealership that works directly with the manufacturer in order to be eligible. It is also possible to choose a specific car model, which is usually one of the more expensive options, in order to receive a rebate. How do auto rebates work? Rebates are offers that give buyers the chance to save a few thousand dollars off the price of the vehicle. This doesn’t impact your cost of purchase — you are able to bargain with the dealer prior to talking about rebates, but it could reduce the amount you spend on a car. Rebates usually last for several months and you’ll have meet specific requirements in order to qualify -For instance, you might have to choose a particular model of car or qualify for . Is an auto rebate worth it? It is a good idea to consider an auto loan rebates are worth looking for if they’re available. Rebates can be applied to your down payment, closing costs or your total loan amount. In some cases you could see your loan reduced by several thousands of dollars. However, you shouldn’t buy a vehicle simply because of a rebate. Most of the time the range of vehicles that are eligible for rebates is limited, and the majority of rebates are limited to new cars — and, often, the more expensive versions of these new cars. The draw of a rebate may tempt you to overspend on 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 do not have any specific requirements. If you select a model and trim with rebates, you are eligible. Look for manufacturer discounts on new cars — rebates are typically advertised along with lease deals and other special interest rates. A rebate from your auto dealer may be sent directly to you, however it could also be part of a down payment. This means that you’ll need to finance less overall as it will save you money in the beginning and throughout the course of the loan. In some states, you may even be eligible to have the rebate applied to the purchase price prior to taxes are added, however you’ll need to check with your state’s regulations when requesting the rebate. Auto rebate vs. Low-interest financing Rebates and deals like a 0 percent APR offer, can save your money in different ways. Rebates provide you with an amount in one lump sum that is normally put towards your down payment or closing expenses. Low-interest financing however will reduce your ongoing interest and could lower your monthly installment. An auto rebate is likely to make the most savings on your vehicle overall. Although you’ll have to be charged the interest for your loan, it will be interest on a much lower amount. A 0 percent APR offer can save you money over time, but the main benefit is a lower monthly payment. People with good credit might be able to enjoy the most beneficial of both worldsgetting a rebate from the dealer and obtaining a lower percentage of interest through an . The main thing to determining if a rebate is a wise decision in terms of financial savings is how much the incentive could save you. Look for rebates on car models you are 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. 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 assisting readers in navigating the details of taking out loans to buy an automobile. Edited by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She is invested in helping students navigate the high cost of college and dissecting the complexity of student loans.
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