College is an excellent time for young people to get some independence and spread their wings. However, without the proper vehicle, they may not be able to spread them too far. If you’re looking for a new or used Ford car for a college student, it is important to understand the Ford finance process and how to prepare for it. Lester Glenn Ford offers these tips.
Who’s Signing?
One of the first things to consider with financing is exactly who will be taking out the loan. If your student doesn’t yet have any credit history, you may want to consider being a cosigner on their loan. This will give them much better odds of getting approved. However, be aware that you’ll be responsible if your student misses any monthly payments
Figuring Out a Down Payment
Next, think about how much money you want to supply immediately. Putting down 20 percent of the sale price is recommended for a couple of reasons. It lowers the overall amount of money to be borrowed, which in turn reduces the monthly payments. It can also result in more favorable loan terms.
Calculating the Monthly Payment
Whether it is you or your college student that will be paying off the loan, it’s a smart idea to create an affordable monthly payment. Putting up more money for the down payment can help with this, as well as going with a longer loan term. The longer the term, however, the more money you will end up paying in interest.
Start the Ford Financing Process in Ocean Township, NJ
Once you have the numbers crunched, it’s time to get Ford financing started, and Lester Glenn Ford in Ocean Township, NJ, makes this easy. Just fill out our online application to quickly get pre-approved. Any questions? Get in touch with us.
