Diving into the auto financing process can be a daunting prospect, but you needn't worry, as the Ford financing experts at Crescent Ford are here to help you navigate every detail. We've helped countless car-shoppers claim the auto financing plan that suits their budget and their lifestyle, and the first step is showing you how the Ford financing process works.
To help you dip your toes into the auto financing waters, we've put together an extensive list of FAQs that we often get from customers. Have more questions? Reach out to the auto financing team at our Ford dealership near Elon for more details. We'll make the car-buying process streamlined and transparent!
Ford Financing Near Me
Who is our expert in all things related to auto financing for new and used vehicles? Jessica Hedgecock, Sales Manager and Customer Relations Manager at Crescent Ford! With over five years of experience in the automotive industry, Jessica has helped many local Ford shoppers get the payment plan, financing rates or lease terms that perfectly match their goals! Below you'll find her expert responses to frequently asked questions.
Car Financing FAQs
What are current interest rates to buy a car?
Interest rates can vary based on new car specials or Certified Pre-Owned specials from Ford. Your credit score and how long you want to finance can also make a difference. Right now, for used cars, you can finance for 36-84 months and interest rates range from 3.49% to 9.49% with approved credit.1
How do I get a good interest rate?
Interest rates are based on your credit history. Improving your credit score is the first step to increasing your likelihood of getting a good rate. Second is working with your local dealer. Crescent Ford works with over 30 lenders to ensure they are getting you the best rate.
How much of a down payment do I need to finance a car?
For financing, it may not be necessary to put any money down to finance a car or your lender may require you to put a certain percentage down. 10% is a common amount to put down, which will decrease the amount of interest you pay, and lower your monthly payments.
What additional costs will I be responsible for when buying a new car?
Any new car financed will have tax, title, and documentation fees. These fees are controlled by the state and have minimums that are required by law to charge.
How can I find the value of my trade-in?
We have tools on our website to estimate your trade-in value. For the most accurate assessment, we recommend scheduling an appointment for an in-person appraisal.
Does my credit score impact my loan rate?
Yes. Financing institutions look at credit to determine your financing rate. If you have a low credit score or no credit, not to worry, as we work with all types of credit.
I have a low credit score -- can I still finance a car?
Yes! Crescent Ford works with over 30 lenders to be able to provide as many people the opportunity to finance as possible. We work with all types of credit and are happy to assist you.
I don’t have a credit history yet -- can I still finance a car?
Yes! If you are a recent college graduate, Ford Financial Services has programs for first-time car-buyers. You can have someone cosign (which is just an easier way to say back you up financially), or we can assist you using one of our many lenders that work with all types of credit.
What’s the best length for a car loan?
The best length of a car loan is what works best for your budget. The shorter you pay on a vehicle, usually the less interest you pay and the faster you are free of a car payment. However, paying for a car in cash or financing for 36 months isn’t an option for everyone, which is why we offer financing for up to 84 months to ensure you are able to get the car you want at a payment plan that works for you!
Can you offer a better interest rate than my pre-approved rate?
We can certainly try! We work with over 30 lenders and can instantly shop those lenders for the best rate. If we can beat your pre-approved rate, great! If not, you know you have the best rate you can get.
Can I reduce my monthly car payments down the road?
Absolutely. Through our trade-in program, we are constantly looking at the equity you have in your vehicle. If you want to look into a new Ford down the road, we can see if we can beat your current payment through new incentivized rates and your vehicle’s equity to get you into a new vehicle at a lower payment. You also have the option to refinance, which can sometimes lower payments.
Can I sell my car while I’m still paying it off?
Of course! Keep in mind, however, you are still responsible for the amount you owe on your vehicle. If you owe $10,000 on your car and you sell it for $8,500, you are still responsible for the remaining $1,500 in payments.
Can I add a warranty when I buy a car?
Yes, and we think it is a great idea to do so. We have many offerings, from full warranty coverage to powertrain and even prepaid service. With how complex features are getting, like Apple CarPlay® and Lane Keep Assist, it’s no wonder that the cost to fix those features can be expensive. With an extended warranty, you can have peace of mind that your car is covered.
Have further questions? Contact Crescent Ford to speak with a member of our team about current auto financing rates, new car specials and other pertinent car-shopping information. We're here to be your guides through the process!
1See dealer for details. Accurate at time of publishing.