Financing Your Cadillac EV: A Complete Guide

Financing Your Cadillac EV: A Complete Guide

Unleash the full potential of Cadillac electric vehicles (EVs) and elevate your driving experience with a deep dive into the cost of ownership and financing options tailored to match your lifestyle.

This guide will cover:

• how to lease or finance a Cadillac EV
• incentives that enhance the affordability of Cadillac EV ownership
• how to include home charging in your EV budget
• EV finance tips tailored for Cadillac drivers

Is it better to lease or finance a Cadillac EV?

Your decision about whether to lease or finance a Cadillac EV depends on your budget, lifestyle, driving habits and long-term plans.

Cadillac Financial offers competitive leases for new EVs, with terms typically from 24 to 36 months and customizable mileage options. Lease payments may be lower compared to financing your vehicle, and many lease terms coincide with the length of the manufacturer’s warranty. You can enjoy the latest technology and features, with the understanding there are mileage limits and lease-end fees. At the end of your contract, you can purchase your EV, turn it in or lease (or finance) a new vehicle.

If you choose to finance a new or certified pre-owned EV instead of leasing, terms up to 84 months may be available. With a purchase, there are no mileage limits. You own your vehicle after completing your contract, so you can customize it however you wish. Monthly payments may be higher than with a leased vehicle because you are paying for the entire cost of the EV during the finance term.

Evaluate the total cost of owning an EV to make a choice that fits your needs. This cost includes down payment, monthly installments, insurance, maintenance and tax incentives. The U.S. Department of Energy has created a calculator to help estimate the lifetime cost of owning an EV.

What incentives are available when purchasing a Cadillac EV?

One of the most enticing aspects of buying a Cadillac EV is the incentives that may be available. These can include federal tax credits, state rebates and utility company incentives. By taking advantage of these programs, you can reduce the total cost of your EV.

The Clean Vehicle Tax Credit offers a one-time credit for up to $7,500 on qualifying EV purchases. Your eligibility to claim the credit depends on the vehicle and your individual circumstances, including adjusted gross income. (The IRS provides important information here.) You should consult with your tax, legal or accounting professional to determine eligibility.

In addition to the Clean Vehicle Tax Credit, it’s worth exploring state and local incentives that may be available in your area. For example, California residents may qualify for extra rebates under the Clean Vehicle Assistance Program. You may also qualify for tax credits and rebates for the purchase and installation of an EV charger and for off-hours electricity usage. But this depends on where you are located.

Does Cadillac offer home charging solutions, and can I finance equipment?

To help accelerate EV adoption, Cadillac is deploying Level 2 chargers (offering 150 miles of range in four to eight hours of charging¹) and EVgo fast-charging stations at key destinations across the U.S. and Canada. To see how GM is helping to electrify charging deserts in rural communities, visit gmenergy.gm.com. You can also learn about public charging options and maximizing range.

Many Cadillac EV owners also choose to add an EV charging solution to their home. Talk to your dealership about options to include a home charger in your vehicle contract. In select states,¹ you can apply with GM Financial to finance home energy products and installation through GM Energy. You can apply to prequalify in under five minutes to see how much financing you may qualify for. The prequalification won’t impact your credit. You can then choose your charging products and services and receive a quote.

What other considerations do I need to think about that are unique to EVs?

It's crucial to factor in the cost of electricity and potential savings on fuel expenses when calculating your budget. Second, knowing the warranty and maintenance costs of EVs will help you plan for future expenses.

Speak to your dealer about extras available for your electric vehicle. These include EV-specific protection plans and prepaid maintenance offerings. You can add them when you purchase your vehicle.

Are you ready to go electric?

No matter which Cadillac EV you’re interested in, take financial steps to prepare before you head to the dealership. You can apply to prequalify with no impact to your credit score now, so that you understand how to navigate EV auto financing. If you’re ready to start shopping, visit our current offers page.

¹Actual range and charge times may vary based on several factors, including ambient temperature, terrain, battery age and condition, loading and how you use and maintain your vehicle.
²The GM Financial Personal Loan for home EV products is currently only available in CA, FL, MI, NY and TX with more states coming soon.

By Jessica Llanes, Cadillac Financial

Jessica Llanes is an off-road adventurer, EV enthusiast and bon vivant raised in New Orleans. When she’s not traveling, she enjoys sharing a homecooked meal with friends, curling up with an Agatha Christie novel, or binge-watching classic episodes of Top Gear (or Top Chef).