One important decision you have to make when buying a new or pre-owned Ford is how to finance the purchase. While you could go to a bank or credit union to secure a loan, there are some compelling reasons to consider car financing through your dealer instead. Here are our top reasons to get financing at your Ford dealer.
1. Convenient Financing
With dealer financing, the dealer acts as the middleman between you and the lender. The dealership’s finance department will work with you to find a loan that fits your budget and credit profile. They will handle all the paperwork involved in securing the loan, thereby saving you the hassle of applying through your bank or a credit union. This process makes the car-buying process smooth, fast, and convenient.
2. Low Interest Rates
One misconception with dealership financing is that it offers extremely high interest rates. However, this isn’t true. Because dealerships have relationships with multiple lenders, they can secure a loan with a lower interest rate than you could get on your own. Many dealerships even run promotions on interest rates periodically throughout the year. These promotions can save you thousands of dollars over the life of your loan.
3. Financial Incentives
Financing your Ford through your dealer may come with additional financial incentives that can sweeten the deal. For example, you could get manufacturer discounts or cash rebates by securing a loan through your dealership. Some dealers even offer trade-in cash assistance. If you have a good credit score, you will likely qualify for these financial incentives and save money on the purchase.
4. Faster Loan Processing
Banks can take up to a week or more to process and approve your car loan. This long waiting period can be frustrating, especially if you need to purchase a car immediately. Dealership financing guarantees fast loan processing. On average, the process can take anywhere from a few hours to a few days, depending on the complexity of the loan application.
If you have a good credit score and sound financials, you can get approved on the same day and drive off with your new car. To ensure a smooth process, have all your financial information and documentation in order before applying for a loan through your dealership.
5. Service Discounts
Dealership financing comes with additional benefits and incentives after the purchase. Some dealers offer service discounts on routine maintenance, oil changes, alignment, and brake service. These incentives can help you save money on vehicle maintenance. By getting your routine service done at the dealership by expert technicians, you can maintain your Ford in excellent working condition.
Dealership financing can simplify the process of securing a loan for your car. If you are in the market for a new or pre-owned Ford, visit us at Joe Mahan Ford and check out our impressive inventory. We also offer various finance programs to suit your financing needs.
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