General Motors is offering a new subprime financing deal for the Chevy Colorado in the month of January to help more financially challenged buyers get behind the wheel of the mid-size pickup truck. Subprime loans are usually reserved for customers who have a low credit score or a high credit card balance, and fail to quality for the best or prime interest rates.
With this subprime financing deal, interested buyers can purchase a new 2021 Chevy Colorado with $1,500 down payment assistance and 10.9 percent APR for up to 72 months. This same deal also applies to 2020 model-year Chevy Colorado trucks, as well, although it does not include the entry-level 2SA trim level. That base trim has been discontinued for the 2021 model year.
As we pointed out in a previous article, Chevy is currently running a handful of sales promotions for the Chevy Colorado. One of the promotions offers a savings of $2,750 to all buyers on any 2021 model-year Colorado and, in addition, eligible GM Card holders will receive an additional $1,000 bonus, for a total of $3,750.
A combined incentive is also available for 2021 Colorado models and offers a discount of $1,150 plus interest-free financing for up to 72 months. Finally, the Bow Tie brand is also discounting select 2020 Colorado models by as much as $3,500.
GM introduced a number of changes and updates to the 2021 Chevrolet Colorado, including a revised front fascia, the deletion of the Base (2SA) trim level, three new exterior color options – Bright Blue Metallic, Cherry Red Tintcoat, and Sand Dune Metallic and three new wheel options, among more. Prices start at $25,200 for a WT (Work Truck) trim level with the 2.5L LCV four-cylinder engine, six-speed automatic transmission and rear-wheel-drive.
While the revised Colorado only recently arrived, the next-generation Chevy Colorado and future GMC Canyon aren’t far out and are expected to launch toward the end of the 2022 calendar year as 2023 model-year vehicles.