Taking the Steps to Purchase a New Vehicle
Taking the Steps to Purchase a New Vehicle
Financing Your Ford Vehicle
The time has come for you to purchase a new vehicle and you might be unsure about how to get started. At Wood Motor Ford, we strive to give all our drivers the customer service they deserve and the assistance they need when finding and financing a new car, truck or SUV.
To help you feel more informed, let’s go over some of the basic steps to financing a new vehicle and the different kinds of auto-finance options available.
- Plan your spending budget. You need to know how much you are willing to spend up front and monthly for the next 3-5 years. Once you know your budget, it will make shopping for a vehicle much easier. Here is a Car Payment Calculator.
- Find a vehicle. You have your budget, so now it’s time to start looking for the perfect vehicle. This is also the time when you should be thinking about how much cargo space you want, gas mileage, and other features that are important to you. If you’re not sure what you want, one of our sales associates will be more than happy to assist you.
- Speak with one of our finance experts. Budget: check. Vehicle: check. Now you’ll meet with a professional in our finance center to talk about which option would be best for you. This process will take into account your budget, down payment, and your credit. There is an option for everyone, and we are confident you’ll find one that’s perfect for you.
- Get behind the wheel of your new vehicle. You’ve signed the papers and now it’s yours! The last thing to do is to get behind the wheel and enjoy your new vehicle. Don’t forget to choose the experts at Wood Motor Ford for all your service and maintenance needs.
Frequently Asked Financing Questions
Although those steps seem pretty simple, there can still be some confusion on certain points. At Wood Motor Ford, one of the most common vehicle-finance questions we get is about the different options available. Below is a quick rundown of the two main auto-finance options: vehicle loan or vehicle lease.
What Exactly Is a Car Loan?
A car loan is possibly the most popular auto-finance option when it comes to purchasing a new vehicle. A car loan is typically paid off, with interest, through monthly payments over the course of several years, depending on the terms of your loan. Once the loan is paid off, you own the vehicle. This is the perfect finance option for drivers who know what they want and are ready to make the long-term commitment.
What Exactly Is a Car Lease?
The biggest advantage of an auto lease is the flexibility most offer. Some people think of a lease as a long-term rental. After about 3 years (for most leases), it’ll be time for you to return your vehicle to the dealership. From there, drivers typically do one of the following:
- Buy the vehicle
- Lease a new vehicle
- Buy a new vehicle
This is the flexibility a lease can give you. If you like the idea of driving a new vehicle every few years, a lease can give you that freedom.
How Do I Decide?
There are a few important things to keep in mind—budget and lifestyle, for instance—when deciding which auto-finance option is right for you. Speak with the finance specialists at Wood Motor Ford in Jane Missouri near Neosho MO and Bella Vista AR to find out more about these financing options and discover which one is best for you. We are dedicated to getting you behind the wheel of the vehicle of your dreams.
More information about Leasing vs Buying A Car
