Many aspects of your financial situation will determine your Ford interest rates, and staying informed is key to budgeting for your new vehicle purchase. The team at Helfman Ford is reviewing some of the important factors that will have an impact.
Income
Income is one of the biggest determining factors when financing your Ford car. A full-time job makes you look good to lenders. It tells them you are creditworthy and can make your payments on time. The longer you have been in the same job, the better. Not only will your odds of getting a loan be higher, but it’ll be more likely that you will get a favorable interest rate.
Credit Score
Your credit score will not only determine whether you are approved for a loan, it will influence the interest rate as well. Higher credit scores will result in lower interest rates and those with less-than-optimal credit will have higher interest rates.
Trade-In or Down Payment
Trading in your old vehicle can substantially lower the amount you need to finance and therefore mean less interest will accumulate over the life of your loan. A substantial down payment will have the same effect if you don’t have a trade-in. Not only will you pay less interest over time, but a high down payment often indicates to lenders that you are more likely to make your payments on time, potentially lowering your interest rates.
Terms
The length of your term will impact your interest rate as well. Shorter-term loans mean you will pay less interest in the long run, and it may also result in lower overall interest rates.
Learn More About Ford Interest Rates at Helfman Ford
Visit our Stafford, TX Ford dealership to learn more about what affects your Ford interest rates. Our financial experts are happy to answer your questions, so stop by today!
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