Interested in Ford financing? If this is something you have never done before, you probably have some questions. Today, our experts at Lester Glenn Ford are answering common questions we get about financing.
What is Financing Exactly?
Financing is just another word for borrowing money. If you have bought a home, financing is very similar to taking out a mortgage.
Essentially, you first have to figure out how much money you can spend right now. Then, when you determine which car you want to buy, you subtract that amount from the sale price. That’s how much you will need to borrow.
If you are looking to replace your current car, the trade-in value of your older model can be put towards your down payment.
How Long Will I Have to Pay Off a Loan?
Your loan term – also known as its length – is really up to you. Typically, most car loans last between two and eight years.
The shorter your loan term is, the higher your monthly payments will be. And while the inverse is also true (the longer your loan term, the smaller your payments will be), you have to keep in mind that this will also increase the amount of interest you will have to pay.
Can I Finance a Used Vehicle?
Financing is a great way to get the car you need without having to spend a lot of money all at once. Plus, you can reduce your costs even more by deciding to finance a used vehicle instead of a new model.
How Can I Start the Financing Process?
At Lester Glenn Ford, we make financing easy, and you can start the process right now. All you need to do is fill out our online application and get pre-approved for a loan. Then, one of our financing pros will contact you to talk about next steps. Visit us today to learn more!