Are you a first-time car shopper searching for a Ford Focus? If so, then you may have some concerns about financing your new or used Ford model. Perhaps, you have an amount budgeted out, but you’re not sure how a first-time loan works. Our Folsom Ford dealership offers online tools to help you figure out your financing options from the comfort of your home. Plus, our team at Folsom Lake Ford is here to walk through your options. Learn more about common finance terms and what that means when buying a new vehicle.
Standard finance terms at Folsom Lake Ford
Finance or lease. You’ll have options for financing and leasing at our Ford dealership. When you finance a car, that means you take out a loan. Once you pay off the loan, then you own the vehicle in full. With leasing, you’re essentially renting the car. At the end of your lease, then you return the vehicle. Leasing often gives you lower payments for a new car. But, you also won’t own the car at the end of your lease.
Loan term. This refers to the length of your lease or loan. At Folsom Lake Ford, we offer a variety of loan term lengths. For a new car, the common loan length is 60-months or five-years. However, you may opt for a 72-month or six-year loan as well. The longer the loan terms, then the more you’ll pay in interest.
Interest or APR. APR stands for annual percentage rate. This number is multiplied by the amount financed. Then you pay a portion of this interest payment each month. Higher APRs cost you more money. To qualify for the best APR, you’ll need very good credit.
Finance a Ford Focus in Folsom
Learn more about your financing options by stopping into Folsom Lake Ford. We aim to make the car buying process easy and find the best deals to help you get the most from your budget.
