Welcome to your GMC Sierra finance website. This is the place to start when looking to finance a new or used truck.
This is the way it is: financing a new truck is usually a lot cheaper than financing a used one. You pay more for a new truck but pay less to finance; you pay less for a used truck but you pay more to finance it. Some call it an enigma.
There are many ways to finance your new GMC Sierra. You can go through the dealership and go with GM financing, you can contact an auto loan company, you can go to your local credit union or bank. After you decide on one of these, you can access new car financing from this website. By applying online, you can save yourself money, time and energy. Below are the requirements you and any co-applicant usually must have:
- You (and/or your co-qualifier) must be at least 18 years old
- Time of residence at the last two places you lived must be more than 6 months
- You must have a valid social security number
- Minimum income is $2,000 per month or $24,000 per year
- Time at job for your last two employers must be greater than 6 months
- You cannot presently be declaring bankruptcy
Here are some of the minimum requirements the GMC Sierra you want to buy usually must have:
- The vehicle must be 6 years old or newer
- Have less than 100,000 miles on it
- You must be financing or refinancing more than $7,500
You may also want to think about re-financing your GMC Sierra because if you quickly signed up for a truck loan when you bought your new Sierra, it could be that you did not get the best deal. You may be paying too much per month and your interest rate may be higher than it needs to be. From here, you can research rates and terms to see if you can improve on them and maybe lower your monthly payments.
New truck loans can still be had at some dealerships for 0% and as much as 3.5% elsewhere. And you will probably pay between 5 and 10% for a used truck loan, depending on if you purchase from a private party or dealer.
In addition to market forces, your interest rate will also depend on your credit rating. To improve your interest rate, improve your credit rating. It's that simple. Here are some suggestions.
Before applying for a loan, make sure your credit report information is free of errors and problems. Clear up items like debts that are not yours and false late-payment information. Make sure the information on the report is current. Have you got outstanding debts or bills? Pay them off before applying for your loan.
Another option is leasing a new GMC Sierra. This can be advantageous if you have a business because you can usually write off the payments as part of your expenses if you use your GMC Sierra for business. But if you use your used GMC Sierra for business, you can only write off the interest. How much? It depends on how you have your business set up.
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