Top Ten FAQ's for New Car Buyers | Gerry Lane Cadillac
Buying your first vehicle is an exciting event. At the same time, it can be confusing and filled with uncertainties. Fortunately, the team at Gerry Lane Cadillac has you covered. We are the leading new and used car dealership in the area, offering a vast range of solutions.
From finding the best vehicle to the most ideal auto finance options, we will be with you every step of the way. Don't hesitate to reach out to us today for tailored automotive solutions. In the meantime, read on to answers to the top frequently asked questions for new car buyers.
From finding the best vehicle to the most ideal auto finance options, we will be with you every step of the way. Don't hesitate to reach out to us today for tailored automotive solutions. In the meantime, read on to answers to the top frequently asked questions for new car buyers.
Should I Choose a New vs Used Vehicle?
One of the top questions we receive at Gerry Lane Cadillac is whether a new vs used vehicle would be best. Simply put, there are no hard and fast answers or rules. What works for one individual may not work for the next.
Because of this, the team at Gerry Lane Cadillac offers a free needs assessment to uncover your unique needs, wants, and budget. Once we have a clear picture, we can suggest the best solution to help you achieve your goals. You can learn more about the pros of each in our recent post on buying new vs used.
Because of this, the team at Gerry Lane Cadillac offers a free needs assessment to uncover your unique needs, wants, and budget. Once we have a clear picture, we can suggest the best solution to help you achieve your goals. You can learn more about the pros of each in our recent post on buying new vs used.
What Is a Certified Pre-Owned Cadillac?
A Certified Pre-Owned Cadillac is a high-quality vehicle that offers you the best of both worlds — new car value at used car prices. Each Certified Pre-Owned (CPO) Cadillac is carefully inspected and must pass a rigorous 172-point inspection to ensure it adheres to certain appearance and mechanical benchmarks.
The vehicle is then reconditioned to factory quality. Because of this comprehensive process, all new Certified Pre-Owned Cadillacs come with a remarkable 1-Year/Unlimited Mile Warranty as well as 24-Hour Roadside Assistance for the Life of the Warranty. You'll also enjoy special finance rates and a host of other benefits.
The vehicle is then reconditioned to factory quality. Because of this comprehensive process, all new Certified Pre-Owned Cadillacs come with a remarkable 1-Year/Unlimited Mile Warranty as well as 24-Hour Roadside Assistance for the Life of the Warranty. You'll also enjoy special finance rates and a host of other benefits.
Should I Use a Down Payment?
A down payment is any amount of money you put down to lower the purchase price of a vehicle. And a down payment opens the door to several benefits for new car buyers. On one hand, it will lower the amount you need to finance which can lead to lower monthly payments. The down payment can also make you much more attractive to lenders, which can be critical if you have marginal credit or bad credit.
It can demonstrate that you are serious about the purchase while reducing the amount of risk lenders will need to take on. In addition, a down payment can prevent you from being upside down, which explains when you owe more than what the vehicle is worth. In the end, it's always a good decision to use a down payment on your purchase.
It can demonstrate that you are serious about the purchase while reducing the amount of risk lenders will need to take on. In addition, a down payment can prevent you from being upside down, which explains when you owe more than what the vehicle is worth. In the end, it's always a good decision to use a down payment on your purchase.
How Much of a Down Payment Should I Use?
Most experts suggest you should strive to put down about 20% of the purchase price of the vehicle. However, this may not always be realistic for new car buyers. Because of that, you can put down whatever you have available. Any amount you put down will go to directly lower the amount you are required to finance. At the same time, if you have a vehicle to trade-in, it can also be used as a down payment.
What Is an Auto Loan?
Because most people don't have $20,000 lying around the house, car buyers regularly turn to banks for auto financing, such as an auto loan. As the most traditional way to purchase a vehicle, an auto loan is when a bank or financial institution loans you the money to buy a vehicle. With a loan, you can apply for and complete all the paperwork at Gerry Lane Cadillac.
How Does an Auto Loan Work?
Once you are approved for the loan, the lender will pay us for the vehicle, so you can drive home today. Then, you will have a loan agreement with the lender where you will pay a set number and amount of monthly payments until you've paid back the total amount of the loan. It's important to understand the loan amount will include the purchase price, taxes, fees, and any interest accrued.
What Is a Car Lease?
While an auto loan involves you paying for the total purchase price of the vehicle, you'll only pay for the portion of the vehicle you use — the depreciation— with a lease. A car lease is an attractive financing agreement where you pay to drive the car for a set period of time and for a set number of miles.
How Does a Car Lease Work?
Similar to a loan, you will have regular monthly payments over a set period. At the end of the lease, you will return the vehicle to Gerry Lane Cadillac. Because you only pay for the portion of the vehicle you use, lease payments tend to be significantly less than the auto loan payment for the same vehicle.
Who Are the Best Candidates for a Lease?
Leases are very attractive to certain types of buyers who:
- Tend to enjoy driving a newer car every few years
- Want the latest and most advanced equipment
- Drive an average number of miles or less
In addition, most lease candidates are those who have strong credit scores.
Where Can I Get the Best Auto Loan Rates?
If you're looking for the best auto loan rates, the team at Gerry Lane Cadillac can help. Since we have opened our doors, we have established key relationships with the leading banks, credit unions, and financial institutions. We leverage these partnerships to offer our customers low rates and flexible terms.
Specifically, if you're looking for a new Cadillac, our new car rates and lease incentives are simply unbeatable. We regularly offer manufacturer incentives on all the top Cadillac cars, SUVs, and crossovers. At the same time, drivers will be hard-pressed to find a lender willing to match our used car auto loan rates. Most importantly, we make the process as easy and streamlined as possible.
Specifically, if you're looking for a new Cadillac, our new car rates and lease incentives are simply unbeatable. We regularly offer manufacturer incentives on all the top Cadillac cars, SUVs, and crossovers. At the same time, drivers will be hard-pressed to find a lender willing to match our used car auto loan rates. Most importantly, we make the process as easy and streamlined as possible.
Contact Gerry Lane Cadillac Today
As a new car buyer, you have a lot of important decisions to make. Fortunately, you're not alone. The team at Gerry Lane Cadillac will be with you every step of the way, offering guidance and assistance. Our goal is to help you find a vehicle you love at monthly payments you can afford.
Contact Gerry Lane Cadillac today.
Contact Gerry Lane Cadillac today.