Many drivers rely on flexible Ford financing plans to help them make monthly payments for their vehicles. If you want to secure a better interest rate or lower your monthly payments, you can replace your current loan with a new one by refinancing. Schmit Bros. Ford has the details about how you can refinance your vehicle.
What’s Required to Refinance Your Ford Vehicle?
If you’re interested in refinancing your Ford vehicle, you must meet specific criteria to qualify. Drivers who are up to date with their monthly payments are more likely to be eligible for refinancing. Ideally, your vehicle should have a mileage of under 120,000 or be less than 10 years old.
We also recommend bringing essential documents when applying for refinancing, such as proof of income, proof of insurance, and a statement with the current balance of your loan.
How Does My Credit Score Impact Ford Refinancing?
Having a higher credit score makes it easier to get your refinancing application approved. This can help you reduce your interest rate and monthly payments. Hard inquiries can temporarily lower your credit score while financing, but you can rebuild it by making timely monthly loan payments.
When’s the Right Time to Refinance Your Vehicle?
One of the most popular reasons to refinance a Ford vehicle is if you want to shorten your loan term to pay it off faster, which can lower your interest rate. Refinancing is also a valuable option if your credit score has improved since taking out your original loan or if you want to add or remove a cosigner from your current financing plan.
Refinance Your Vehicle with Our Ford Financing Experts
Refinancing is an ideal option for drivers seeking to update their Ford financing terms. Ready to get started with Ford refinancing? Visit our Ford dealership in Saukville, WI, to begin your application.