These and other new-car deals vary by manufacturer as well as by car make and model. You may also find that available offers can differ based on your location. Keep in mind that you may not qualify for a rebate. And some rebates are designed for specific groups of buyers, like recent college graduates, active-duty military members or first responders. You may be asked to enter your ZIP code so you can see offers available at local dealers. While rebates are typically associated with new-car purchases, some automakers will offer incentives on certified pre-owned cars from time to time.
As with new-car incentives, rebates and other offers on certified pre-owned cars often come with specific requirements to qualify. An automaker may require you to get a loan through its finance company, and the offer may be limited to certain models.
At first glance, saving hundreds or thousands on the price of the car may seem like a no-brainer. Rebates on cars are a great way to potentially save money. Car manufacturers usually allow only one deal per purchase.
Sometimes you get to choose which offer to take. But keep in mind when evaluating the low interest rate offer that only those with excellent credit qualify for the lowest published rates. Consider the specifics to see whether the lower interest rate or the cash rebate is the better option for you. The dealership offers a month loan with the option of a cash rebate or a zero percent interest rate.
If your goal is to end up with the lowest monthly payment, the cash rebate is typically the better alternative. However, variables such as how much money you put down, the total purchase price of the vehicle, any trade-in values, your local sales tax rate and the length of the loan can affect the total you pay. A longer loan term can lower your monthly payment, but you pay more total interest over the life of the loan.
The right choice for you depends on your priorities and financial situation. Understanding how car loans work can help you make a smart financial decision so you can drive away happy. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice.
Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.
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Many times, the cash rebate is the better deal. However, you need to calculate the loan balance and monthly payments for each to determine the best option for you. Cash rebates can happen at any time, but they are very popular during holidays, especially near the end of the year.
Posted in Car Buying Tips. Toggle navigation. Select a Model. Get Prices Now. August 31, Wondering what the heck advertisements for cashback, bonus cash, or cash allowance really mean? Does someone hand you cash when you buy the car? It's easy to explain, but it's not always a good deal. Let's take a look. Table of Contents What Exactly is Cashback? What Does Cashback Mean at a Dealership? Frequently Asked Questions What does a cashback mean for a new car? Is cashback a better deal than low interest financing?
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