There are many reasons Ocean, NJ drivers should consider buying a pre-owned car from Lester Glenn Ford. Not only do we have an extensive selection of great Ford vehicles, but they are also priced to sell. If you’re considering buying a used Ford car, here are five financing tips you should consider.
1. Know Your Credit Score
Even if you have bad credit, you can still get a car loan from our financing department. However, the lower your credit score is, the higher your interest rate will be. Before you stop by our Ford dealership, get a free credit report online so you know exactly where you stand.
2. Get a Short Term
While our team will work with you to get the best loan options possible, you should try and get a shorter loan term in order to save money in the long run. While it may be tempting to stretch your payments out over five years or more, your interest rates will drastically increase.
3. Put Down as Much Money as Possible
You should aim to put at least 20 percent of the total price as a down payment. This will be taken off your initial loan and lower your monthly payments.
4. Opt for a Non-Recourse Loan
If you default on your loan, the financing company may repossess your vehicle. Sometimes, the car will not be worth as much as what is left on the loan, so you’ll be left with a deficit. A non-recourse loan will protect you from this issue.
5. Get a Co-Signer If You’re Young
For new drivers who are just starting out or have little to no credit, be sure to get a co-signer that has a good credit history to help lower your monthly payments.
For more helpful tips on how to finance a used Ford car, visit our Ford finance center in Ocean, NJ. We’ll help you find you the best deal possible on one of our used models.