Financing your car is a big decision. The longer the term you choose, the more interest you will pay in the long run. The Ford finance professionals at Helfman Ford in Stafford, TX are eager to help you with all your vehicle financing.
Car Fatigue
Car fatigue is something most people do not consider when they decide to take a long loan term. When we buy a car, it’s because we love it. But as time goes by, we may decide we are ready to upgrade to a new car. If you have taken out a long loan, for example, a 72 or 84-month car loan, and only four years have passed, this could pose a challenge. You could be stuck with a car you can’t unload for another several years unless you want to roll the remaining months into your next car loan.
Interest Costs
With long loans, the payments are lower per month. However, the longer your loan is, the more interest you will pay over time. For manageable monthly payments and lower interest costs over time, many financial experts recommend going with a four-year loan.
Negative Equity
If you owe more than your vehicle is worth, this is called negative equity. Long-term loans typically lead to negative equity, because every year your vehicle loses value. If you have negative equity (also known as an upside-down car loan), you must pay the difference before you can trade in or sell your vehicle.
Finance Your Next Ford Car at Our Stafford, TX Dealership
At Helfman Ford, we have all the tools you need to secure financing for your Ford car. You are invited to visit our Stafford, TX Ford dealership to explore Ford financing options today.
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Finance