Even during the best of times, buying a car can be pricey, and this is especially true right now. Fortunately, with Ford financing, you don’t need to have a lot of money on hand to obtain a great vehicle.
How Financing Works
Financing is pretty simple. Basically, when you find a car you want, you decide how much money you can put towards it immediately. This is the down payment. Whatever is left over, you will borrow from a lender. Then you will pay back that loan – along with the interest rate – over a set period of time.
Reducing Your Expenses
There are a few things you can do to cut your monthly payments, including:
Buy a Cheaper Car
The most obvious way to have lower payments is to buy a less expensive vehicle. A pre-owned model could reduce your expenses dramatically.
Have a Longer Loan Term
Another way to trim your payments is to opt for a longer loan. A 60-month term, for example, will mean much smaller payments compared to a 36-month term. It is important, however, to remember that the longer the term, the more interest you will end up paying.
Put More Money Up Front
Finally, supplying more money for the down payment will cut your costs over time. If you have an old car, using this trade-in could give you a nice amount to add to your upfront sum.
If you’re ready to start the financing process, Schmit Bros. Ford in Saukville makes it easy. Just fill out our online form to get the pre-approval process started. We will then work with you to create a monthly payment plan that fits your budget.