Buying your first car can be an exciting moment, but the logistics involved can also be overwhelming. To make the process transition more smoothly, here are some tips about Cadillac financing at our dealership. This helps facilitate the process and improves your odds of getting a loan approval.
Getting Pre-Approved
Many young car buyers have heard of the term “pre-approval” but aren’t fully certain what it means. It starts with a loan application at the dealership. The finance department will send your information to the lending institution, the latter of which will also perform a hard inquiry on your credit score. If you’re deemed eligible before finalizing the car purchase, then you have just been preapproved.
Pre-Approval Vs Pre-Qualification
Pre-approval and pre-qualification are often used interchangeably but the terms are different. Pre-qualification entails steps the car finance department may take to determine your eligibility to repay a loan before you begin the loan application and pre-approval process. To facilitate the pre-qualification process, have your finance documents ready, such as your latest tax return, bank statement, etc.
Beginner Budgeting Tips
To facilitate the loan approval process, there are additional steps we recommend. First, try to budget for a 20% down payment even if the minimum requirement is lower. You should also aim for the lowest repayment term possible. Repayment terms typically range between 24 and 84 months. A high down payment combined with a short repayment cycle minimizes the amount paid in accrued interest.
Get Assistance from Our Cadillac Finance Center in St. Augustine, FL
At Fields Cadillac St. Augustine, our finance center makes financing and leasing easy for beginners. Whether you’re interested in a new or pre-owned vehicle, we can assist you in the loan pre-approval and approval process.
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