What Is a Good Rate for a Car Loan?
Though the MSRP is a major factor in determining whether a new Ford is in your budget, you don't want to overlook the importance of the interest rate accompanying any auto financing plan. When factored into the lifetime of a car loan -- which can often be as long as 72 or 84 months -- even a marginally lower interest rate can return significant savings by the end of the payment period. This is why our Ford finance team is so intent on finding you the lowest rate possible.
Luckily, the specialists at our Ford dealership near Paris are experts in doing exactly that. After all, our goal is to get you the lowest interest rate possible on an auto loan no matter your credit score or budget. We've lost track of the number of nearby Ford fans we've helped find the perfect rate for their needs.
If you're ready to get started, our team is here to help. Read through the following advice, then stop by today to learn how to qualify for a low interest rate auto loan or review the Ford specials we have available.
#1
What Should You Consider When Choosing a Car Loan?
Several factors go into choosing the best car loan for your needs. The first thing you'll want to think about is the duration of the loan. You'll enjoy lower monthly payments if you choose a longer loan, but you'll ultimately pay more in interest, which is best thought of as the cost to borrow money.
Our local auto finance specialists can share more about these and other factors when you visit us to shop our new Ford specials.
#2
How Does APR Work?
The Annual Percentage Rate (APR) is the yearly interest rate charged on a loan. It's important to note that the APR is distinct from the loan principal, which is the amount borrowed from the lender. Each monthly payment you make is comprised of both principal and interest.
When you officially pay off your loan, you will have paid back the entire principal along with any applicable interest, loan fees and other borrowing costs. This is why it's important to get as low of an APR as you can -- the lower the APR, the less you'll pay in interest, which translates to lower borrowing costs.
#3
Is It Better to Finance Through a Dealer or a Bank?
Ask your sales associate about previous accidents and service records when you’re narrowing in on a specific used car in Austin. A vehicle history report can provide context that will guide your decision beyond the model, mileage and aesthetic condition.
#4
Ford Financing Near Me
To learn more about good car loan interest rates, new Ford specials and used car loan options, please contact Dutch's Ford. We'll share our expertise, explain how car loans work in greater detail and ultimately set you out on the road to financial literacy from behind the wheel of a new Ford.