The Ford financing process doesn’t need to be overwhelming. At Schmit Bros Auto, we’re here to answer your pressing financing questions, and to provide the tools and resources you need to finance with confidence. Learn about the common mistakes to avoid and find the right vehicle at the right price when you visit our dealership.
Not Checking Your Credit Score
Your credit score is one of the most important factors to consider when you finance a vehicle. It tells lenders how reliable you are to lend money to, which is why a higher credit score leads to more favorable loan options, like lower interest rates and longer term lengths. It’s important to check your credit score at the start of the vehicle financing process, so you know what your vehicle options are and what kind of budget to set.
Not Trading In Your Car
One of the best ways to save on your next vehicle is by trading in your current model, if you can. When you trade in, the value of your vehicle goes to the down payment of the next car, which means you don’t need to take the time to save up for a larger down payment. You’ll also save on sales tax, since the trade-in vehicle’s value is deducted before the sales tax is calculated.
Not Using the 20/4/10 Rule
If you’re not sure where to start when it comes to your new vehicle budget, the 20/4/10 guideline can help. It recommends putting down 20 percent of the vehicle value on the day of the purchase, and paying the car off within four years. It also recommends spending less than 10 percent of your monthly income on transportation costs.
Find Ford Financing in Saukville, WI
No matter what your vehicle financing needs might be, Schmit Bros Auto is here to help. We offer financing tools to make the process easy, including an online finance application and payment calculator. Visit our dealership to get started.