Chevy reintroduces 0% APR, big incentives on 2021 Silverado, 2020 Bolt, others
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.