The Complete Guide to Financing a New Car in Burlington, WA
Looking to finance a new car in Burlington, WA? If so, then you’ve come to the right place. Our team of experts here at Dwayne Lane’s Skagit Ford have created this guide to help you learn more about what we have to offer. When you are ready to explore financing options for a fresh vehicle, contact us as soon as possible.
Credit Score and Budget
Your credit score is a number that tells lenders how much risk is involved with a loan. Naturally, you can expect that figure to be an important one. Knowing the credit score that you have means that you can understand what financing options are available to you. This will let you make an informed decision when you decide to budget for a new car. We do have some advice, as well. Before your next journey down I-5, consider taking a look at your post-tax monthly income. The amount that you set aside for vehicle expenses, which includes gas, insurance, monthly payments, and regular maintenance should be around 20 percent of that number. Any higher and there is a risk of not being able to meet your obligations.
Required Paperwork
If you decide to trade in your current Ford F-150 or other vehicle, you’ll need the title and registration. If you still have a loan, then bring any relevant documentation in so that we can negotiate with your creditor to use the funds to put towards it. Otherwise, stop by with your driver’s license, proof of income like pay stubs, car insurance cards, and evidence of residency. This will let us verify your identity and make the entire process run smoother so that you can get back to your commute along the banks of the Skagit River.
Financing Options
At our location, you will have various financing options available. For starters, you could take out a lease on a new Ford model. If you prefer ownership instead, then make sure to take advantage of our incentives. Our team can also negotiate with lenders so that you can get a good rate for your purchase. Do you have bad credit or lack one altogether? That won’t be an issue. We have loans that can be negotiated, even if you need to refinance an existing one.
After Purchasing
One of the strongest decisions that you can make is to set up automatic payments to ensure that you can build a good history. This will also be more convenient for you. Additionally, your time can be freed up to consider scheduling regular maintenance, as this will save you money on repairs over the long term. When you’re ready to buy a new Ford model, feel free to contact our Finance Department at your convenience.
Key Financing Terms to Know
- APR (Annual Percentage Rate is the yearly cost of borrowing, including interest and fees
- Down Payment is the upfront amount you pay, reducing the loan amount
- Loan Term is the length of time you have to repay the loan (typically 24-84 months)
- Monthly Payment is your regular payment amount, based on loan, term, and APR
- Trade-In Value is the value of your current vehicle, applied towards your purchase
- Residual Value when leasing is the vehicle’s expected value at the end of the lease
- GAP Insurance is the optional coverage that pays the difference if your car is totaled and your owe more than it’s worth
