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Coronavirus Brings Out the Car Deals: Is Now a Good Time To Buy?

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Maria Neira
March 30, 2020

Automakers are rolling out new car deals in hopes of luring in customers to help keep sales going. And now that many Americans have received their stimulus checks, they may be considering using it for a down payment on a car. From 0% financing to deferred first-payment plans, here’s a roundup of automaker’s latest car deals happening now. 

Automakers topped the 17 million mark in car sales in 2019. But how will 2020 numbers look? Coronavirus. Social distancing. Unemployment. The days are uncertain and ever-changing for many. But for those who are confident with their job and financial situation, is now a good time to buy a new car?  

If you’re thinking of buying a new car, be sure to research how to get the best auto loan and use an auto loan calculator to estimate what your monthly payment would be on a new car. 

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Top car deals


Hyundai, best known for their Elantra model sedan, is offering a car deal of 0% financing to well-qualified buyers and deferred payments for three months on select models. Plus, if you purchased or leased a Hyundai vehicle between March 14 and April 30, 2020, Hyundai will cover your payments for up to six months if you lose your job due to recent world events.


GMC is promoting a 0% APR for 84 Months to “very well qualified” buyers on most models, including the 2020 Sierra 1500, Acadia (excluding SL model), and Terrain (excluding SL) models. They will also defer monthly payments for 120 days on many models. 

GMC is also appealing to customers with their Shop. Click. Drive. system. Customers are able to find a vehicle, calculate payments, and initiate the purchase process entirely online. 


Qualified buyers who finance through Lincoln Automotive Financial Services can defer their first payment on a new vehicle for up to 120 days. Lincoln is offering this deal on 2019 and 2020 vehicles through the end of April.


RAM is luring in car shoppers with no payments for 90 days on select vehicles (excludes RAM ProMaster, Chassis Cab and Heavy Duty 3500 models). They are also offering 0% APR for 84 months on select RAM vehicles for well-qualified buyers who finance through Chrysler Capital.


If you buy a new Honda and finance with Honda Financial Services, you could be eligible for a deferred first payment for 90 days. In addition, they are offering a loyalty purchase assistance cash offer of $1,000 to be used toward the purchase or lease of a new Honda. From April 17 to June 1, Honda is also promoting special APRs on certified pre-owned Civics, Accords and CR-Vs.


American automaker Ford introduced their “Built to Lend a Hand” program. They are offering a six-month payment relief program. Here’s how it works: Customers can defer payment for up to three months, and then Ford will pay for three months in the form of Ford Credit Bonus Cash. Ford is making this available to qualified buyers on select 2019, 2020 and 2021 models. 


The Buick deal is 0% APR for 84 months to well-qualified buyers on select models. They are also offering deferred payments for 90 days on most models. 


Volkswagen announced they have suspended all production in Europe as a result of the coronavirus pandemic. In hopes of keeping sales coming in, they are offering a six-month deferment on the first payment of select models. In addition, qualified buyers could receive 0% financing for 72 months. 


Kia has introduced their “Accelerate The Good” program to entice car shoppers. Customers are able to defer payments for 120 days on available select 2019 and 2020 models with 0% APR up to 72 months.

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