Blog / Columbus, OH Ford Dealer

Navigating Auto Financing Through Your Ford Dealership

A couple shaking the car salesman's hand after financing their new vehicle.

If you have your heart set on a new Ford, you've made a great choice. Once you find the set of wheels of your dreams at your Ford dealership, you'll have to decide how you'll pay. These are some auto financing available to you.

Check Your Credit Score

Checking your credit score is wise before you choose how to finance your new Ford. It gives you as much information as possible about whether and how you can afford to pay for the vehicle. Depending on your credit score, you might have more options or fewer. If your score has room for improvement, repair it before financing.

Start Saving for Your Down Payment

After you know where your credit stands, start saving money for your down payment. It should be at least 20% of your Ford's price. Giving the dealership a down payment can also potentially help you save on interest rates on an auto loan. It can also lower your monthly payments.

Ask About Auto Add-Ons

Be aware of potential auto add-ons that might come with your Ford. Sometimes, the dealership will automatically tack these things on and charge you extra when you begin making payments on your car. Ask about these added costs and how they might extend your auto loan. You're allowed to say no if you don't want add-ons.

Consider the Annual Percentage Rate

The dealership will provide you with an annual percentage rate (APR) to expect with your loan. If this amount is too high for your liking, you can negotiate better terms just as it's common to do with the price of a car. It's crucial to get the best APR you can afford before signing your contract.

Learn About Special Offers

Some buyers are eligible for special offers that let them save money on their auto loans. For example, those active in the military and veterans can get discounts on certain Ford models. Finding out if you're eligible for these special offers can help you save a considerable amount on your loan.

Consider the Loan's Terms

Knowing the loan's terms can help you decide the best financing option for your budget. Although it might be tempting to accept lesser monthly payments, you'll be responsible for higher interest rates and have to pay longer. Paying more each month allows you to pay off the loan faster and gives you a lower interest rate throughout its term.

Ask About Manufacturer Incentives

Inquire about manufacturer incentives that can help you save on your car loan. This might include an introductory 0% APR on certain Ford models. Get information about these incentives from the dealer in writing.

If you're ready to buy your new car and need information about financing, we can help. Contact us at Coughlin Ford of Heath in Heath, OH so we can answer your questions.

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