Chevrolet kicked off the year by reintroducing low financing rates, big incentives, and steep discounts across many of its models. Not only has Chevy brought back 84-month loans at 0% APR that it last offered at the onset of the COVID-19 pandemic, it's also offering cash back of up to $7,000, CarsDirect reported last week.
It's the first time the car buying and research site has seen such long-range 0% financing combined with significant cash back offers, on both outgoing and new model years. The 2020 Chevrolet Bolt EV tops all the deals with 0% APR for 84 months plus $7,000 cash back. That lowers the starting price of the electric crossover to under $30,000.
Chevy's best-selling model can also be had for a song; the 2021 Chevy Silverado pickup truck with a crew cab comes with 0% APR for 72 months, plus $2,500 in down payment assistance; the 2021 Colorado mid-size pickup has the same financing deal but with $1,150 in assistance.
In March and April of last year, automakers slashed financing charges and offered steep discounts as a way to support consumers and their businesses when the pandemic shut down large parts of the economy, with patriotic programs such as "Built To Lend A Hand" and other marketing ploys. GM first introduced interest-free financing for up to 84 months and 120 days of deferred payments. It helped buoy a down year and keep auto sales robust, with shoppers cashing in on what some called "free money."
Other 2020 models with 0% APR for 84 months and cash back include Chevy's crossover SUVs, including the Chevy Trax ($2,300 back), Chevy Equinox ($4,150 back), and Chevy Traverse three-row SUV ($1,350 back). CarsDirect reports similar deals on 2021 models.
Buick and GMC are also offering 0% APR for 72 months and cash back up to $4,000 on models such as the 2020 Buick Enclave.
The Chevy deals end February 1, 2021.