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Your new and used automotive financing expertsAt McCaddon Cadillac, we offer competitive financing rates and terms on our great selection of new and used trucks, cars, and SUVs. Our finance experts are here to guide you through the financing process and help you get into your new vehicle. Contact McCaddon Cadillac's finance team today or if you're ready to start the financing process, you can fill out our secure finance application online.
YOUR NEW AND USED AUTOMOTIVE FINANCING EXPERTS
Justin Gasman is Master Certified in Professional Financial Services and has been working in the automotive industry for over 15 years. He is a Colorado native who enjoys spending time with his family and friends when he's not helping customers with their vehicle needs.
What is a simple interest loan?
A simple interest loan accrues interest daily from the day it's signed until the day it's paid off. Interest is based on the remaining principal, interest rate and number of days in the year. However, as the principal is paid down, monthly interest decreases as well.
What about a co-signer?
A creditor may require that you have a co-signer on the finance contract to make up for any deficiencies in your credit history. As a co-signer, you assume equal responsibility for the contract. The account payment history will appear on both the borrower’s and co-signer’s credit reports. For this reason, use caution if you are asked to co-sign for someone. Co-signers are legally obligated to repay the contract, so make sure you know the terms of the contract and can afford to take on the payments before you agree to co-sign for someone.
What is GAP, and why is it important?
If your vehicle is stolen or declared a total loss, Guaranteed Asset Protection (GAP) insurance covers any outstanding balance on your vehicle financing - including your insurance deductible.
Provides peace of mind: you are financially protected in the event your vehicle is stolen or declared a total loss. It pays both your insurance deductible and any amount outstanding on your vehicle financing. Ensures a total loss of your vehicle does not become a financial catastrophe.
Enables you to afford a replacement vehicle in the event your vehicle is totaled. Covers the term of your vehicle financing and can be canceled early for a partial refund if you decide it is no longer needed.
How Do I Apply for An Auto Loan?
You can work with the financing department at McCaddon Cadillac Buick GMC over the phone or in person to get approved for financing, but it’s especially convenient to set the process in motion ahead of time by filling out our online application.
Is it Better to Buy or Lease a New Car?
The best decision to buy vs lease a new car isn’t the same for everyone. For those who want to drive a brand-new car every year or two, leasing makes more sense. For those who want the best overall value and lower long-term costs, buying is the way to go.
Manufacturer’s Limited Warranty – What is Covered?
The powertrain warranty only covers the internally lubricated parts inside the engine, transmission and drive axels. The powertrain warranty does not cover the computers, fuel injection system, water pump, alternator, starter, and the wiring harness.
Vehicle Service Contract
My vehicle is still under manufacturer's warranty. Why should I purchase additional coverage?
More miles on your vehicle means it's more likely something will go wrong. Our comprehensive service contract works alongside your manufacturer's warranty, in many cases covering additional mechanical features, and extends your coverage for 6 years or 100,000 miles, whichever comes first. Plus, our extended contract covers items that are connected to repairs such as towing and rental car. Comprehensive roadside assistance is included.
Can the VSC cost be added to my monthly payment?
If you are financing your vehicle, your small additional investment in each payment can protect you from incurring any large, unexpected out-of-pocket expenses that can certainly be a blow to a monthly budget.
How Do I Get a Copy of my Credit Report?
It is a good idea to check your credit report before you make any major purchase. You can get a free copy of your report from each of the three nationwide reporting agencies every 12 months. To order, visit www.annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request form at www.annualcreditreport.com and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
If you are denied credit or you experience another adverse action based on information in your credit report, you may be able to get additional copies of your report for free. Usually, you will get your credit score as part of a credit score disclosure notice after you apply for financing. If you want a copy of your credit report, but have already received your free copy, you can buy your report for a small fee.
Contact any of the three nationwide credit reporting agencies:
- Equifax Credit Information Services: 1-800-685-1111 www.equifax.com
- Experian: 1-888-397-3742 www.experian.com
- TransUnion Corporation: 1-800-916-8800 www.transunion.com
Know the terms
Before signing any documents, whether at a dealership, bank, finance company or credit union, understand the following terms because financing has a language of its own.
- Amount Financed – The dollar amount of the credit provided to you.
- Annual Percentage Rate (APR) – The cost of credit expressed as a yearly rate.
- Assignee – The bank, finance company or credit union that buys the contract from the dealer.
- Credit Report – A document that includes information on where you live, how you pay your bills, and whether you have been sued, or have filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
- Credit Score – A number that reflects the credit risk you present based on information in your credit file. The better your history of credit, the higher your score. Your credit score may be used to help decide the rate and other terms you are offered.
- Down Payment – The initial amount you pay to reduce the amount you finance
- Extended Service Contract – Optional protection on specified mechanical and electrical components of the vehicle that may be available for purchase. It supplements any warranty coverage provided with the vehicle.
- Finance Charge – The cost of credit expressed as a dollar amount. You may be able to negotiate this figure.
- Fixed Rate Financing – Financing where the finance rate stays the same over the life of the contract
- Guaranteed Auto Protection (GAP) – Optional protection that pays the difference between the amount you owe on your vehicle and the amount you would get from your insurance company if the vehicle is stolen or destroyed before you have paid off your credit obligation.
- Monthly Payment Amount – The dollar amounts due each month on the loan, finance contract, or lease agreement
- Negative Equity – The amount owed on a vehicle above its market value. For example, if your credit payoff is $18,000 and your vehicle’s market value is $15,000, you have negative equity of $3,000.
- Negotiated Price of the Vehicle – The purchase price of the vehicle agreed on by the buyer and the seller. The price should reflect any rebates, discounts, or special offers that you can get at the dealership if you meet certain qualifications, which should be clearly disclosed.
- Repossession – If you do not make timely payments on a vehicle, your creditor may have the right to repossess it without going to court or warning you.
- Total of Payments – As disclosed on a loan or finance contract, the total amount you will have paid after you have made all the payments as scheduled. For a lease, this is the amount you will have paid by the end of the lease.