When I bought a new Subaru a few years ago, I thought I got a great deal. It was the end of the month, so the sales staff was motivated to knock $4,000 off the price and offer low 1.90% APR financing.
Even though I saved some serious cash on my car, with a little more research, I probably could have done better.
“You might be surprised at some of the new car incentives available through car dealers,” said Paul De Angelis, a former car salesman in Idaho Falls, Idaho. “They don’t really tell you about them because they don’t want you to know. If you don’t ask, you could miss out.”
New car incentives are special offers promoted by automakers or car dealerships. They lower the price of cars to encourage people to buy new, but they often aren’t widely advertised.
In some cases, De Angelis said, dealers might be willing to take up to $5,000 off the price of a car that they are trying to move quickly, or if there is a quota to meet. “The less a dealer wants a car on its lot, the bigger the incentives.”
Here are a few offers to ask about when you’re ready to buy a new vehicle.
6 new car incentives that offer big savings
1. Active military service member discount
Not only can your military service help you pay off your student loans sooner, it can also nab you discounts at the dealership.
“Most car manufacturers offer discounts or special programs to members of the military,” De Angelis said.
How much you get depends on the car manufacturer. For example, the Nissan Military Program offers between $500 and $1,000 off the price of a new car for active duty military. Even better, you can combine this military discount with other offers.
Other manufacturers, including Ford, Toyota, Kia, Hyundai, GM, and Subaru, also offer military discount programs. However, it’s important to carefully read the eligibility requirements; you might only be able to claim the discount if you buy within a year or two of your military discharge date.
2. College grad special rebate
Are you a recent college grad? If so, you might be able to access a special rebate or other offer. With Toyota’s program, recent (and soon-to-be) grads can get up to $750 off on certain models.
“You just have to be a college student if you want to get a $500 incentive from Ford,” said De Angelis. College grads are also eligible for this rebate. When you apply for this discount, you will need to show proof of your status as a student or recent alumnus.
3. First responder appreciation program
“Some of the best incentives on new cars come from Ford,” said De Angelis. “One of the programs that Ford offers — that some of the other car manufacturers don’t — is for first responders.”
If you work in law enforcement, for a fire department, or as an EMT or paramedic, you might be able to get $500 off the purchase price of your new Ford, according to De Angelis.
However, not all first-responder jobs are covered. The Ford program doesn’t cover dispatchers, search and rescue workers, or registered nurses. Double-check your eligibility ahead of time.
4. Educator discount
Some companies offer a special educator discount. The GM educator program, for example, offers discounts on eligible Chevrolet, Buick, and GMC vehicles. However, De Angelis pointed out that this offer only applies to specific models.
The older the model year, the more likely it is to be a part of the program. The exact discount differs by model, so speak with the dealership about available offers and their requirements.
5. Organization or association member deals
Depending on your affiliations with clubs or organizations, you might be able to find a steal at the dealership. For example, “You can get up to $500 off a Ford vehicle if you belong to the American Quarter Horse Association,” De Angelis said.
Check to see if your membership in a particular association offers access to special cash considerations. Contact your trade association to see if they have available partnerships.
6. Savings match
Saving up for your new car can pay off in more ways than one: Dealers may be willing to match a portion of your down payment.
For example, Hyundai will match your down payment up to $500. To qualify, you must open an account through the social savings site BoostUp, and then start saving. When you’re ready to buy, use your BoostUp funds for your down payment to get the savings match.
“This isn’t the only way to get a match, though,” said De Angelis. “Depending on the promotion, you might be able to get dealer cash to match a part of your down payment with cars from other manufacturers.”
How to find new car incentives
While dealers don’t widely advertise their car incentives, you can see what programs you may be eligible for with a little digging.
Search online for new car incentives by the manufacturer. In a search engine, enter the name of the manufacturer, then add “purchase incentives” after. Your local dealer’s website may also have a section devoted to special offers.
Do your homework before you show up at the dealership. “Get an idea of what the sale price should be, and what incentives are available from the manufacturer before you go in,” said De Angelis.
Once you get there, see what other deals your salesman can offer. “Don’t forget to just ask what incentives are available,” De Angelis suggested. “Many dealers can offer bonus cash and other incentives as well.”
The more you can combine deals and incentives on your car’s purchase, the less you’ll pay when you’re ready to buy a car.
Interested in a personal loan?Here are the top personal loan lenders of 2020!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Opploans.
Direct Deposit required for payroll.
Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
3 Includes AutoPay discount. Important Disclosures for Payoff.
4 Important Disclosures for FreedomPlus.
5 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
6 Important Disclosures for LendingPoint.
7 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
8 Important Disclosures for Earnest.
9 Important Disclosures for Avant.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.
Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 – 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.99% – 20.01%1||$5,000 - $100,000|
|6.14% – 35.99%||$1,000 - $50,000|
|6.98% – 35.89%*||$1,000 - $50,000|
|99.00% – 199.00%2||$500 - $4,000|
|5.99% – 24.99%3||$5,000 - $35,000|
|5.99% – 29.99%4||$7,500 - $40,000|
|6.79% – 20.89%5||$5,000 - $50,000|
|9.99% – 35.99%6||$2,000 - $25,000|
|6.95% – 35.89%7||$1,000 - $40,000|
|5.99% – 17.24%8||$5,000 - $75,000|
|9.95% – 35.99%9||$2,000 - $35,000|