Although the frenzied chaos of Black Friday early bird shopping has tempered somewhat in recent years, the weekend after Thanksgiving remains one of the busiest and most bargain-packed periods of the year for retailers.
It’s no exception with the new-car business, except that this year, especially given razor-thin dealer inventories and sky-high prices that have plagued the business in recent months, the slam dunk year-end clearance deals have all but dried up. What’s more, manufacturers’ cash rebates are considerably lower and in shorter supply than they’ve been in decades, with lease offers being noticeably costlier due to higher interest rates and transaction prices.
This time around, however, the cut-rate financing deals automakers’ captive financing divisions are offering look to be the biggest money savers. The average annual percentage rate for a new-vehicle loan increased to 6.3 percent last month, compared to 4.2 percent in October 2021, according to Edmunds.com, and is the highest recorded rate since April 2019. We found several brands promoting financing rates as sweet as 0.0 percent as part of their Black Friday promotions, though with terms generally limited to three or four years.
What kind of savings are we talking about? As an example, a buyer taking out a $40,000 new-car loan at the aforementioned average 6.3 percent will pay $5,356 in interest over a four-year period. Those taking advantage of a zero-percent financing deal for the same amount will save that much in interest over the life of the loan, which is far more than any cash rebate being offered this month. Getting a 2.9 percent promotional rate for the same amount over 48 months would save a buyer a still healthy $2,943.
And needless to say, the costlier the car, truck, or SUV, the greater the savings will be on a low-interest loan. But the best deals of all in this regard are those that bundle a low interest rate with a cash rebate, with the sweetest offer coming from Alfa Romeo that combines zero percent financing for four years with $1,250 cash back on 2022 models. In addition, we found several programs this month that let the buyer delay making payments for the first three months.
We’re featuring the best Black Friday new-car financing deals from a dozen separate brands below.
Some dealers with healthier inventories may be prone to strike deals of their own to help move the metal, especially if it helps them meet sales goals or makes them eligible for automakers’ incentives of their own. However, be aware that any 2022 model-year leftovers may be otherwise unpopular rides in odd colors or undesirably equipped, so bargain hunters will want to keep their options open in this regard, perhaps even ordering a new model from the factory if one that meets their needs are otherwise unavailable.
And take note that automakers’ incentives sometimes vary by region, usually to address local supply and demand issues, so be sure to check a manufacturer’s website under a “special deals” or “local offers” tab, or contact a local dealership to see what’s being offered locally. Also keep in mind that low interest financing programs like the ones featured here are only available to borrowers who have top-tier credit scores; those with pockmarked credit histories will be required to pay more.
Best Black Friday Financing Deals
- 2022 models: 0.0% for up to 48 months plus $1,250 cash back ($750 on Quadrifoglio models).
- 2023 models: 0.0% for up to 48 months plus $750 cash back.
- 2022 Equinox: 2.99% for up to 60 months.
- 500X: 1.9% for up to 60 months.
- 2022 Pilot and Ridgeline: 1.9% for 24-48 months, or 2.9% for up to 60 months.
- 2022 Accord, CR-V, and Passport: 2.9% for 24-48 months.
- Select 2022-2023 models: 0.0% for up to 36 months with payments delayed for 90 days.
- 2022 Compass: 0.0% for up to 36 months plus $1,000 cash back.
- Select 2022 and 2023 models: 2.90%-3.99% for up to 48 months.
- Select 2022 and 2023 models: 2.99%-3.49% for up to 48 months.
- Select 2022 models: 2.49% for up to 36 months.
- Select 2023 models: 2.9% for up to 36 months
- 2022-2023 Outlander: 1.9% for 36 months with payments delayed for 90 days.
- 2023 Eclipse Cross: 2.9% for 36 months.
- 2022 and 2023 models: 2.19%-2.69% for up to 36 months.
- 2023 Leaf: 2.69% for up to 72 months.
- 2022 1500: 0.0% for up to 48 months with payments delayed for 90 days.