When shopping for a new vehicle, the payment piece may initially seem daunting. If you do not have the funds available upfront to cover the entire cost of the car, seeking financing is your best option. Planning and budgeting your Ford finance journey will aid in making the process stress-free, so you can truly enjoy your new ride. Read on for our recommendations when it comes time to crunch the numbers.
The Down Payment
Before making a trip over to the dealership, evaluate how much you can put down initially. Whether you are browsing new or used vehicles, it’s a good idea to have at least 20% of the total cost available for a down payment.
Keep in mind that the value of a new vehicle starts depreciating as soon as you drive off the lot. The more you can pay initially, the less you will have to finance.
Consider the Terms
Simplify your visit by making sure your credit is good to go beforehand. You should also consider the duration of your loan when determining your monthly payment. Four years could work well for somebody who can afford to put down 20% of the initial cost.
When discussing your terms, crunch the numbers and factor in all expenses relating to the vehicle. This includes fuel, maintenance, and your monthly payment. Look at your net income and plan on factoring 10% of it towards your total auto expenses to get an idea of if you can afford the vehicle.
Feel free to ask any of our finance center staff at Helfman Ford about what numbers and terms could potentially work best for your situation. We aim to be transparent and flexible when it comes to the numbers surrounding financing. Contact us today!
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Finance