When you purchase a new car, truck, or SUV, you have a few options available to you. The most common is financing your vehicle, which entails paying a down payment and then using a loan to pay off the rest of the vehicle. Alternatively, you can lease a vehicle or pay for the vehicle in full.
If you are new to financing a vehicle, please consult our vehicle financing frequently asked questions (FAQs) below.
How much can I afford?
After making a down payment, you must make monthly loan payments until your vehicle is paid off, typically over three, four, or five years. How much you pay will depend on the price of the vehicle, the size of the down payment, and the interest rate your credit earns you. What you can afford to pay each month will depend on your own income, current debts, and monthly expenses like housing, groceries, and utilities.
What is APR?
You may hear several terms thrown around during the finance process; the most common is APR, which stands for annual percentage rate. This is the yearly interest you must pay on your vehicle loan.
How do I apply for a car loan?
Applying for a car loan at Bob Thomas Ford is simple. Our finance experts will walk you through the process as you purchase a new car. In short, you will need to provide us with verifiable personal information about your financial status; we will also run a credit check to ensure you are qualified to purchase your selected vehicle.
Can I use my bank?
Alternatively, you can seek out financing from your personal financial institution. However, we recommend checking with our own lenders to see if we can get you a better deal than you’d find at your personal bank.
Still have questions about financing a new vehicle at Bob Thomas Ford? Contact our finance department directly by visiting our dealership or calling us at (203) 281-7500.