Part of securing a Cadillac financing offer is knowing how much money to put down upfront at signing. Making the right down payment can significantly impact your monthly payments and financial standing. As part of our Cadillac Financing Tips series, Fields Cadillac Jacksonville has assembled this down payment guide to help you understand the basics.
What Is a Down Payment?
Your down payment is an agreed-upon amount of money that you pay when signing a financing offer. Many financing offers require you to put a specific amount of money down, but others may be more flexible. Our Cadillac financing experts can help you determine how much money should be put down on a model at signing.
How Much Should I Put Down?
The general rule is to put 20% of the total vehicle cost down on your financing offer. This gets you a head start in paying down the premium and reduces your overall monthly payments. You can easily calculate this amount yourself or consult our financing team to get tailored advice.
Can I Put More Down?
If you can afford it, we recommend you put even more money down on your vehicle at signing. While you aren’t obligated to do so, it will reduce your overall principal even more. That means you’ll pay even less each month, both in your expected monthly payments and your interest rates. You shouldn’t pay outside of your financial comfort zone, but putting a little extra money down will work in your favor.
Get Cadillac Financing Advice in Jacksonville, FL
Whether you’re looking for advice on your down payment or you want to start the Cadillac financing process, our team is ready to help you. Contact Fields Cadillac Jacksonville to talk to our financing experts and discuss terms. Take a test drive today!
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