Ford Credit & Loans New Hampshire
To get the best possible interest rate on a car loan, it's important to understand two things: the current marketplace for interest rates, and your personal financial situation and its possible limitations. AutoFair Ford's Finance department is here to answer any questions, we strive to find just the right financing plan for you. Taking the first step is easy, just fill out our Quick Quote Finance form. Although financial credit has become tight in this economy, it is more of the misconception of the situation that has kept consumers from purchasing new vehicles. All types of credit, from good to bad, can qualify for an auto loan. No credit, no problem! We will work with you to secure a no credit car loan if your situation demands it. AutoFair Ford has strong relationships and is committed to finding you the perfect car loan company to suit your car finance needs.
Auto Loan and Car Credit Basics
Plan Ahead for Auto Financing
The smart shopper will consider how to finance the car she wants to buy at the beginning of the shopping process. This will avoid unpleasant surprises later in the game. And, by tackling this question before you can make an unemotional decision that fits your lifestyle. You need to estimate three figures:
Monthly payment: if you are going to take out a loan, how much can you afford to pay each month?
Down Payment: How much cash can you put down to reduce your monthly payments?
Purchase price of the car: the first two questions will produce the answer to this final question. Once you've determined how much you can spend for a down payment, a monthly payment and the purchase price of the car, write these figures down.
Credit Rating and Lenders
The bottom line is borrowers with better credit get lower rates. In fact, it is estimated that only 15 percent of car buyers qualify for zero percent offers from automakers. Credit score is largely taken into account when determining this. Only a dealer can offer new-car finance rates from the automaker; those rates are sometimes the lowest available.
Loan-term length
Loan-term length is the number of years that you agree to pay off your loan in, usually from one to ten years. With automobiles, common lengths are two- and three-year loans. More recently, automakers are offering zero percent financing on five-year loans. In general, though, longer loans come with higher interest rates. In the end, you should opt for the shortest term that you can feasibly work into your finances. A term length that is too long sometimes leaves consumers vulnerable to owing more on an auto loan than their car is worth.