If you’re planning to buy your next Ford car, you’re probably going to need financing. At Folsom Lake Ford we make it easy to apply for financing online to get pre-approved. While it’s not a necessity, it can make things a little easier.
Here’s what you need to know about Ford financing and getting pre-approved.
You Learn How Much You Can Borrow
When you get pre-approved for financing, you end up getting an idea of how much you can get when you take out a loan. This is helpful in many ways, but most of all it can help you budget for a vehicle.
If you know that a down payment on a new vehicle is traditionally around 20 percent and you know how much financing you can expect to receive, then all it takes is a little bit of math to figure out how much car you can afford.
You Save Time
You can get pre-approved for financing before you even visit our dealership. This saves you time and can help you reduce how much time you have to spend finalizing your purchase.
You’ll be driving away in that new Ford vehicle you’ve had your eye on a little sooner than expected.
You May Get a Lower Rate
This isn’t guaranteed, but you could end up with a lower interest rate, or APR, on your loan when you go the pre-approval route. This is dependent on a few factors, including current dealership and manufacturer incentives and your own credit score and history. A reduction of APR by just one or two percent could mean big savings over the life of your loan.
If you’re in the market for a new Ford vehicle, talk to our Ford dealers and financing experts. Our knowledgeable staff can answer any questions that you have. You’ll be driving away in your new car in no time!