General Motors has rolled out a new subprime financing deal for the 2020 and 2021 model-year Chevy Silverado 1500.
With this new subprime financing offer, customers will be able to purchase a 2020 or 2021 Chevy Silverado 1500 at 10.9 percent APR with financing for up to 72 months. This deal can be had with the purchase of either a 2020 Chevy Silverado 1500 Regular or Double Cab or a 2021 Chevy Silverado 1500 Regular or Double Cab. A down payment may be required in order to secure the vehicle with this financing rate. This offer is valid from April 1st through to May 3rd, 2021 and the customer must qualify for financing through GM Financial. The dealer may also request a participation fee of up to 2 percent or a $200 flat fee.
GM also offered a similar subprime financing deal on the 2020 and 2021 model-year Chevy Silverado 1500 in March. That deal entailed a financing rate of 10.9 percent APR for up to 72 months and applied to 2020 and 2021 trucks in the LT trim level. Subprime loans such as this are typically for customers who have a low credit score or a high credit card balance, and fail to qualify for prime interest rates.
Pricing for the 2021 Chevy Silverado 1500 starts at $30,595 including destination and freight for the Regular Cab, Long Bed Work Truck trim level with rear-wheel drive and the base 4.3L LV3 EcoTec3 V6 engine. The cheapest non-Work Truck trim level is the Custom, which starts at $38,520 including destination for the Double Cab, Standard Bed body with the turbocharged 2.7L L3B four-cylinder engine and rear-wheel drive. The next highest trim level, the LT, starts at $41,695 for a Double Cab, Standard Bed model with the 2.7L L3B engine and rear-wheel drive.