GMC Financing: What To Know in 2024

Whether you’re in the market for a GMC pickup or SUV, there are several financing options to help you pay for your new ride. Borrowers with excellent or good credit will likely qualify for the lowest interest rates through GM Financial or a financial institution like a bank or credit union. If you have fair or bad credit, you’ll find your best rates by shopping around for loans from reputable online lenders.

Once you have a loan offer in hand, you can use our study on average GMC monthly payments to vet your offer based on how it compares to payments of borrowers with similar credit.

How do your GMC payments compare to the average?

 Use our auto loan calculator to determine how much car you can afford.

Below you’ll find tables with estimates for average monthly payments for the most popular GMC models. You can use these tables to approximate your payments if you’re still shopping for an auto loan, or, if you already have a quote for a loan, you can compare the payment in your offer to our estimate. Just find the payment that corresponds with your credit score and preferred GMC model.

You may notice that payments for borrowers with excellent credit are sometimes higher than those for borrowers with good or fair credit. This is because borrowers with excellent credit often choose shorter loan terms to reduce the amount of interest they’ll pay over the life of the loan. Their monthly payments are higher, but their loans are less expensive.

Note that these average monthly payments are estimates. Your final monthly payment will depend on several factors, including your total down payment, credit score, selected loan term, add-ons and any deals or offers you might qualify for.

Estimated average monthly payments for new GMCs

Estimated average monthly payments for used GMCs

GMC finance options

If you have fair to excellent credit, you’ll likely find the best rates with GM Financial, a bank, a credit union or an online lender. A loan from a buy here, pay here dealership should be your last resort — explore each of your other options first.

 GM Financial

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Finding GM financing deals and offers.

If your credit is good enough to qualify, you’ll likely find some of the lowest interest rates and best deals by financing your GMC with GM Financial. GM Financial doesn’t disclose a minimum credit score, but it’s easy to find out whether you’ll likely qualify for a loan by applying for prequalification with GM Financial online.

Financing directly with GMC — also known as manufacturer or captive financing — is convenient. Once you’ve prequalified, you can request a quote from your local GMC dealer and work directly with them to get a loan for your car. Your GM Financial rates will depend on several factors, including your ZIP code, the car model and any special offers or sales events.

GM Financial offers several incentives to finance with them, including special GMC offers, extended warranties and discounts. We’ve outlined some of our favorite benefits of financing with GM Financial below.

GM discount programs

GM Financial offers several discount programs for eligible borrowers. If you fall in any of these categories, you may qualify for a rebate or discount on your new GMC: current and former GM employees, employees of GM suppliers, first responders and members of the military. Offers vary, so check the GM discount programs page for current eligibility requirements and GMC specials.

Promotional interest rates

Depending on the model you’re interested in, you may be able to find GMC financing deals in the form of a discounted annual percentage rate (APR). For instance, as of the writing of this article, GM Financial is offering a 0.9% APR offer on 2023 and 2024 GMC Sierra 1500s. These offers often come with deferred monthly payments, meaning you won’t have to make monthly payments for a certain amount of time.

GM certified pre-owned

Certified pre-owned GM cars come with a six-year or 100,000 mile powertrain limited warranty and a 12-month or 12,000 mile limited warranty. Your GMC will undergo a 172-point inspection and come with a free vehicle history report. Plus, if you’re not happy with your car, you have three days or 150 miles to exchange it.

 Bank and credit union auto loans

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You qualify for discounted rates through your bank or credit union.

Many banks and credit unions offer discounted interest rates to current customers, making them particularly appealing for borrowers looking for financing deals. Check with your bank or credit union to see if they offer any financing incentives that will lower your interest rate. For instance, if you’re a Preferred Rewards member at Bank of America, you can get up to 0.50% off your interest rate on your Bank of America auto loan.

Credit unions often offer low interest rates because they’re regulated by the federal government, and APRs are currently capped at 18%. Credit unions sometimes offer car-buying services, which can help you find a loan with a discounted interest rate.

The process of applying for a loan with a bank or credit union is simple. You’ll likely apply for prequalification for your loan, which will involve a soft credit check — one that will not damage your credit. Once you’re prequalified, you’ll likely be able to see your potential loan terms, including what interest rates you qualify for.

 Online auto loans

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Comparing several loan offers in order to find the best rate.

If you want to make sure you’re getting the best rates, shopping around for a loan from an online auto lender is a smart move. Borrowers with fair or bad credit are more likely to qualify for an auto loan from an online lender than from a financial institution or GM Financial.

Shopping around doesn’t have to be a long process, either. You can get up to five financing offers from different lenders by filling out a single form with LendingTree’s auto marketplace. Comparing rates won’t affect your credit score, and having several offers in front of you will ensure you’re getting the lowest rates for your new or used GMC.

 In-house financing

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You have bad credit and no other options.

Buy here, pay here dealerships offer in-house financing, or loans that come from the dealership rather than a financial institution or traditional lender. In-house financing can be tempting for borrowers with bad credit, since eligibility requirements are typically low, making it easier to qualify. But buy here, pay here loans often come with predatory interest rates that make them expensive and difficult to pay back.

Before you sign on with a buy here, pay here dealership, consider lenders that specialize in car loans for bad credit. If you don’t qualify for a loan with a reputable online lender, make sure you can afford the car payment in your offer from the in-house financing dealership.

How we calculated average monthly GMC payments

To calculate average monthly GMC payments, we found estimated starting MSRPs for some of GMC’s most popular models. Then, we subtracted an average down payment from each MSRP. According to Edmunds, the average down payment on a new vehicle was $6,907 in Q3 2023. For used vehicles, it was $4,111. The resulting figure represents the total amount our hypothetical borrowers financed.

From there, we used our auto loan calculator to figure out average monthly GMC payments, using average APRs and loan terms as reported by Experian’s State of the Automotive Finance Market Q3 2023. You’ll find this data in the tables below. Please note that loan terms were rounded to the nearest whole number during our calculations.