How Does Car Financing Work?

Ford Credit app 

Ready to get behind the wheel of a brand-new Ford? Or would you prefer to drive a used model around Buffalo? Either way, you may be wondering, "How does car financing work?" Basil Ford is here to help you understand the process, so that you can come to our dealership for a stress-free and well-informed experience.

How Does Financing a Car Work?

First and foremost, Cheektowaga drivers must apply for a loan, whether that's through our dealership online or with a bank or credit union. You also have the option to apply for a loan in-person at the dealership. Some important factors that we consider and that you should keep in mind include:

  • Credit Score
  • Loan Amount
  • Length of Loan
  • Debt-to-Income Ratio
  • Age of the Vehicle

If you are concerned about your credit score or you generally don't have a strong credit history, it may be worthwhile to ask someone close to you to cosign your loan. This may get you better rates. However, the team at Basil Ford is here to help you work out a finance plan that works for you, no matter your credit background.

man with salesman looking at financing

Choose Your Lender

After applying and determining that you have been approved for a loan, you may discover that you have a few different options on hand. Feel free to compare what we offer at Basil Ford to offers from banks or credit unions to determine what makes sense for your needs and budget. As you make these comparisons, figure out how much you can put down on the loan. Remember that you can always value your trade if you plan to get rid of a current vehicle. Also, calculate how much monthly payments will be. That way, you can drive away to Lancaster in confidence that you can definitely pay back your loan.

Finalize the Loan Terms

Before you finalize your loan and purchase a vehicle, you may need to negotiate on price and interest rates that work for you. Once you're comfortable and confident with the deal, you will sign the necessary paperwork, get behind the wheel, and drive home to Amherst behind the wheel of your new car.

Learn More About Car Financing at Basil Ford!

Get in touch with Basil Ford to learn more about the auto financing process, leasing vs. buying, and more. We're happy to help you get behind the wheel with a finance plan you can afford, as conveniently as possible!