When it comes to buying a car, one of the most intimidating aspects is auto financing. Many car shoppers are unfamiliar with the process and unsure of how to get the best auto loan rates -- often they're not even aware of what questions they should be asking.
That’s why the Greenway Ford Finance Director, Albert Dehalt, is here to demystify the auto financing process and shed light on some of our most commonly asked questions. Take a moment to review our car loan FAQ, then reach out to the team at our Ford dealership near Winter Park to discuss your individual situation.
Auto Financing Frequently Asked Questions
01What are current interest rates to buy a car?
Current rates are averaging around 8%.
02How do I get a good interest rate?
Money down, a great credit score and short-term loan usually result in a good rate.
03How much of a down payment do I need to finance a car?
Money down depends on you, your credit, LTV (loan-to-value ratio) and bank requirements.
04What additional costs will I be responsible for when buying a new car?
Taxes, dealer fees, title, registration, admin fees and doc fee, which goes to state.
05How can I find the value of my trade-in?
You can come to our Orlando Ford dealer, or use 3rd party tools like Kelly Blue Book.
06Does my credit score impact my loan rate?
Your credit score absolutely impacts your rate.
07I have a low credit score -- can I still finance a car?
Yes, even with a low score you can finance a car.
08I don’t have a credit history yet -- can I still finance a car?
Yes, without credit, you can still finance a car.
09What’s the best length for a car loan?
Best length depends on the individual, however a short-term loan like 36 of 48 months is usually best so that you'll accumulate less interest over time.
10Can you offer a better interest rate than my pre-approved rate?
We can definitely offer a better interest rate than your pre-approved rate.
11Can I reduce my monthly car payments down the road?
You can reduce monthly car payments by refinancing.
12Can I sell my car while I’m still paying it off?
No, you cannot sell your car if you are financing it.
13Can I add a warranty when I buy a car?
Yes, you can absolutely add a warranty when buying a car.
Finance a Ford Near Winter Park, FL
For more information about auto loan rates, car lease terms and whatever else you're curious about, contact Greenway Ford. You can also get ahold of Albert directly by emailing him at lbertdehalt@greenwayauto.com or giving him a call at (407) 275-3200 ext. 4119. We look forward to hearing from you!