How does GM financing work?

[FutureCamaroOwner]

I noticed on the build your own page on chevy.com that you can estimate your payment. On the site it says something like GM rate of like 6.4% or something like that. Does everyone that gets approved get at least that rate? My purchase is fast approaching and I want to know all my options. Is GM an easier or more difficult lender?

[mcarney]

At least in my case GM runs your credit through a bunch of different banks and whichever one gives the best deal they use for financing. If you have good credit it should be around 5. I know some people who have had 7-8%. The website is probably just using 6.4 as an average.

About a week after I got my Camaro I started getting "sorry but your application for credit has been denied" letters from various banks. I was able to get 5.4 I think through SunTrust.

[Patriot]

If your credit is better than 720, you will bet much better than that for 60 months, with some down, of course. Maybe 3%.

[FutureCamaroOwner]

One of my scores is over 720. The other 2 are mid and high 600

[Lurker67]

I just got financed for 2.99% for 60 months. That was through AAA - go figure... They had the best rate. Now if my car would only show up!

[gameovergt]

4.9% via GM. 60 months no money down

[Texhawk]

Local credit union has 2.99%. Shop around. Dealer may be able to match local rates.

[Lurker67]

If you can, use the dealer - otherwise you end up running around doing paperwork instead of them. They should be able to match the low rates.

[caddycruiser]

Originally Posted by Lurker67

If you can, use the dealer - otherwise you end up running around doing paperwork instead of them. They should be able to match the low rates.

Yes.

If GMAC happens to be the one, so be it. Otherwise, best source for rates is to let the dealer bounce you through their range of banks & see who comes back with the best rate. Unless you can find & secure a better rate yourself, that's the best idea & best way to get a good rate.

Ours, for instance, is through JP Morgan which offered back the best rate for my mother, the night at the dealership in December. It's always changing & different banks have different requirements. Give the dealer a shot, or look around carefully on your own & apply if they're not getting anywhere.