Financing A Car

Welcome to Evansville Ford – where we simplify your journey to owning the car of your dreams. Financing a car can be a complex process, often filled with jargon that makes the task seem daunting. Our Madison Ford dealer understands this challenge and we are ready to make your car-buying experience as seamless and transparent as possible. Our Ford Motor Credit team is equipped to help you navigate each step, ensuring you have all the facts and figures needed to make an informed decision. Whether you’re eyeing a sleek Mustang, a hardy Explorer, or the ever-dependable F-150, we’re here to help you navigate the financial landscape with ease. Your ideal Ford finance special is waiting for you at Evansville Ford, and we can’t wait to give you the keys to your next ride!

Frequently asked questions about financing a car

 

What credit score do I need to finance a Ford?

The credit score required to finance a car, like a Ford, can vary greatly depending on the lender, your financial situation, and the specific terms of the loan. Generally, the better and higher your credit score, the better the interest rate and Ford finance terms you’ll be able to secure.

 

If your current credit score is around 700 or above, you’re likely to qualify for more favorable rates. If your credit is between 600 and 700, you can typically still obtain Ford Motor Credit financing, but the interest rates might be higher. Even if your current score is below 600, you may still be able to access car financing through subprime lenders or with the help of a cosigner, though the interest rates will typically be higher in these cases.

 

At Evansville Ford, we work with a variety of lenders and aim to find financing solutions for customers across the credit spectrum. Our Ford dealer near you also offers professional guidance and helpful resources to help you evaluate and improve your credit.

 

Please note that each customer’s situation is unique and the above information is all general in nature. For specific advice related to your situation, we recommend reaching out to our finance department or a financial advisor.

 

What kind of financing options does Ford offer?

Ford offers a range of auto financing options to cater to widely varied customer needs and preferences. The available Ford Motor Credit options to finance a car include:

 

  • Ford Credit Retail Financing: This is a traditional auto loan. You make monthly payments and once the loan is paid off, you own the car outright. This type of financing is suitable for those who want to own their vehicle for a long time and don’t want to worry about mileage limits.
  • Ford Red Carpet Lease: This is a leasing option where you essentially rent the car for a set period of time, usually around 2-3 years. At the end of your Ford lease, you will have the option to buy the car, start a new lease with a new vehicle, or simply return the car. Leasing can be a great decision for those drivers who like driving newer cars and want to keep their monthly payments lower.
  • Ford Options: This is a newer product that provides the customer with options at the end of the term. You can return the vehicle to Ford, purchase the vehicle for a predetermined amount, or trade in the vehicle for a new Ford car.
  • Commercial Financing: This is for businesses and fleets, and includes both commercial retail financing (similar to traditional auto financing) and commercial Red Carpet Lease options.

 

Each of these Ford finance specials comes with its own benefits and potential drawbacks, and the best choice for your needs will depend on factors like your budget, driving habits, and long-term vehicle ownership goals. The financing team at Evansville Ford can help you understand these options and choose the one that best fits your needs.

 

Can I get pre-approved for Ford financing?

Yes, at Evansville Ford, we make it easy for you to get pre-approved for Ford financing. Our online pre-approval process is simple, straightforward, and can save you time at the dealership. By completing the online form, you can get an idea of the options available to you for financing a car before you even step foot in our Madison Ford dealership.

 

Our pre-approval form is designed with your privacy in mind. We use secure encryption to ensure your personal information is protected. Once the form is submitted, the finance experts at our Ford dealer near you will assess your information and reach out to you as soon as possible to discuss your options. This way, when you’re ready to choose your dream Ford vehicle, you’ll have a clear understanding of your budget, which can help streamline your purchasing process. Remember, getting pre-approved doesn’t obligate you to anything—it simply gives you a clearer picture of your financing possibilities.

 

People also ask the following questions about financing a car

What is Ford Credit?

Ford Credit is the financial services subsidiary of Ford Motor Company. Established in 1959, Ford Credit has been dedicated to providing financing options for customers purchasing or leasing new Ford vehicles from dealerships.

 

Ford Credit offers a variety of auto financing products, including traditional retail installment contracts for new, used, and certified pre-owned vehicles, as well as lease contracts through its Red Carpet Lease program. Ford Credit serves customers directly, but also works closely with Ford dealerships like Evansville Ford to offer financing at the point of sale, often with promotional rates and terms.

 

Ford Credit also provides online tools and services to manage your account, make payments, and even apply for credit online. This makes it easier to manage your auto financing and stay informed about your loan or lease.

 

How long are the terms for Ford financing?

The term lengths for Ford financing can vary, but typically range from 24 to 84 months, depending on the specifics of the loan or lease agreement. The term length you choose when financing a car can affect your monthly payments and the total cost of your loan. Please note that these are general ranges and actual terms can depend on various factors including your credit history, the specific vehicle, and current market conditions.

 

A shorter term loan will mean higher monthly payments, but you’ll pay off your vehicle faster and pay less money in interest over the life of your Ford loan. A longer term loan will lower your monthly payments, but it will take longer to pay off your vehicle and you’ll pay more in interest over the life of the Ford finance loan.

 

For lease agreements, typical terms range from 24 to 48 months. At the end of your Ford lease term, you can decide to return the vehicle, purchase it for the remaining value, or start a new lease with a new vehicle.

 

At Evansville Ford, our finance team can help you understand these terms and guide you in choosing the best financing option based on your budget and financial goals. 

 

Can I trade in my current vehicle as part of my financing deal?

Yes, at Evansville Ford, we welcome trade-ins and will be glad to evaluate your current vehicle. The value of your trade-in can be applied towards the down payment on your next car for sale in Madison, which can lower the amount you need to finance and potentially reduce your monthly payments.

 

Our team will assess your Madison used car based on many different factors, such as its make, model, year, mileage, and overall condition, as well as current market trends. You can even get an initial estimate for your trade-in using our online tool, which can give you a realistic idea of your budget for your new vehicle.

 

Remember, trading in your vehicle can simplify the process of transitioning from your old car to a new one, since you can handle both transactions at the same place and time. As always, our Madison Ford dealer is here to help make the process of trading and financing a car as smooth and beneficial for you as possible.