Husker Cadillac is your source for stylish new Cadillac sedans and SUVs as well as quality pre-owned models. If you are in the market for a new or pre-owned car in the Lincoln area, you may be eager to take home a beautiful vehicle soon. However, you also may be wondering how you will afford to pay for the automobile. One of the more common payment options that residents use is a car loan. An auto loan gives you the convenient ability to spread the cost of the vehicle out over several years with regular monthly payments. Before you get started with an auto loan application, you may want to determine if this is the right option for you and if you may qualify for the financing that you need.
Each of our Lincoln area auto buyers has a unique financial situation. Some have ample cash on hand to pay the full sales price without batting an eye. Others may have that kind of money saved up, but they do not want to spend it all in one place. Many others need to apply for a car loan or a lease. If you are included in this latter group, you may be wondering if applying for a car loan is a smart idea.
With a lease, you pay a startup or initiation fee up-front, and you will make auto loan payments for a few years. You also typically have a maximum mileage limit that you must stay within, and you will return the vehicle to us at the end of the lease term. With a loan, on the other hand, you may not have to make a down payment in every situation. The payments can be adjusted based on the loan term that you select, and this gives you the flexibility to make the amount more affordable as needed. There is no mileage requirement to worry about, and the vehicle is entirely yours after the loan is paid off.
When you ask if a car loan is a smart idea, it is important to consider what your budget is and how long you plan to drive the vehicle. When you compare your answers to these questions with the pros and cons of a loan versus a lease, the solution that is wise for you to move forward with will be clear.
Is There a Minimum Credit Score to Finance a Car?
If you have decided that paying for your new Cadillac with a car loan is a wise idea for your specific situation, you may be wondering what it takes to qualify. At Husker Cadillac, our financing department will actively explore many loan programs that could be a good fit for you. Regardless of your credit scores, we will search for a financing option that gives you affordable monthly payments and helps you to get into the car that you are interested in.
Applying for a car loan may be a good option for you, and our financing team is eager to meet with you and to help you learn more about the many auto loan programs that may be well-suited for you. Now is a great time to reach out to our financing team and to begin the loan process.