GM Financial

GM Financial was formerly known as Americredit until it was acquired by General Motors in 2010. It’s now the auto loan finance arm of the General Motors company and will be the first finance option you’ll be offered on visiting any GM dealership across the country.

lendingclub auto loans
Best for
4 /5
Rating
$ /mo
Starting Price
Visit Site
Table of Contents

    How do GM Financial auto loans work?

    It can be a little difficult to pin down specific details on GM auto loans.

    The website doesn’t disclose what the interest rates might be, and instead provides information on what an ‘average customer’ looks like.

    The average repayment terms are 72 months, but GM doesn’t state any minimum or maximum terms.

    You should note that you’ll only be able to use your loan at GMC, Chevrolet, Buick, and Cadillac dealerships, and will be asked to choose your preferred branch in your application.

    Credit score

    GM notes that average credit scores range between 505 and 795, but again, it doesn’t actually state if there’s a minimum or maximum score.

    You’ll only find out if you’re eligible after you apply.

    How much can you borrow?

    GM states the average customer will borrow $30,000 but doesn’t disclose any upper or lower limit to borrowing.

    What types of vehicles are eligible for financing?

    You can finance any vehicle that’s available at the GMC, Chevrolet, Buick, or Cadillac dealership you've selected in your application.

    How do I qualify?

    Qualification requirements aren’t listed on the GM Financial website.

    Usually, applications for auto loans require you to be a US citizen and over 18 years old. 

    What documents do I need?

    Document requirements also aren’t disclosed. However, auto loans often require proof of income and ID.

    What are the fees?

    If you choose to lease a car with GM, you’ll be charged a disposition fee at the end of your loan period.

    This is to cover any damage or wear and tear when you hand back the vehicle. You may also be charged late payment fees, but these figures aren’t disclosed.

    How long does the loan process take?

    The online application process can be completed quickly.

    GM will contact you to confirm if you’ve been approved and arrange a date for you to visit a dealership to purchase your car.

    How to apply for an auto loan?

    You can apply online, or ask directly in any of the dealerships covered by GM Financial.

    What payment methods are supported?

    You can pay directly via the website using your loan account.

    GM doesn’t list any other payment methods, so you’ll need to get in touch if you’d like to pay any other way.

    GM Financial Pros and Cons

    Pros

    • Wide range of credit scores accepted
    • You can apply directly at a dealership

    Cons

    • Very limited information available before you apply
    • You’re restricted to cars at GMC, Chevrolet, Buick, and Cadillac dealerships

    Is GM Financial right for you?

    GM Financial provides very little information on its auto loans before you apply.

    In addition, you’ll be restricted to only certain dealerships when using your loan. 

    You might be better off going for a more flexible and transparent provider like Capital One.

    It gives you clear information on what to expect before you apply, provides no-obligation quotes and you can use your loan at any dealer.