Finance
Welcome to the Tuscaloosa Ford Finance Center
You’ve reached this page because you are about to purchase a car in greater Birmingham, or you are thinking about buying a car and want more information on the Ford auto loan financing or used car financing process. Well, you’ve come to the right place. Here is some basic information to get you started. Every situation is completely different and must be assessed on a case-by-case basis. We will address some frequently asked questions about Ford finance packages and Ford lease packages here in this finance guide. Once you're done reading, contact us to take the next step at Tuscaloosa Ford!
What Do Banks Look For?
Whether you're considering a Ford lease, Ford auto loan financing, or used car financing, your application will be considered by the lender from multiple angles. As the terms of your Ford finance loan are drawn up, your lender will consider the following:
- Value of Car
- Employment Status
- Terms of Loan
- Credit Score
- Debt to Income Ratio
- Collateral
- Credit History
- Down Payment
- Main:(659) 210-2294
- Sales:(659) 210-2294
- Service:(659) 251-2964
- Parts:(659) 251-2911
- Mon - Sat9:00 AM - 7:00 PM
- SunClosed
- Mon - Fri7:00 AM - 6:00 PM
- Sat8:00 AM - 2:00 PM
- SunClosed
- Mon - SunClosed
- Mon - Fri7:00 AM - 6:00 PM
- Sat8:00 AM - 2:00 PM
- SunClosed
One misconception is that all you need is a good credit score. A credit score is one ranking factor, but your credit history and collateral are also part of the application process.
How does Five Star fit in the Process?
At Tuscaloosa Ford, we match you with the Ford finance lender that best suits your needs and offers the most attractive car leasing, Ford auto loan financing, or used car financing terms. We are not the bank, but we pair you with a good one, and we know what they're looking for, so we can provide you with expert loan counseling. That way, you know what to expect. While we don't take sides, we are here to give you an honest assessment of your options, so that you can drive away with a vehicle you love at an affordable monthly payment.
What documents do I Need?
Before you apply for a Ford lease or Ford auto loan financing near Bessemer, you'll need to gather a few documents. These include:
- Driver's License
- Social Security Card
- Recent Pay Stub
- Down Payment (Cash, Money Order, or Cashier's Check)
What Are The Differences Between Leasing and Financing?
One decision you'll need to make is whether you prefer a Ford finance loan or a Ford lease. With car leasing, you get exclusive but temporary access to a vehicle for what is usually a period of 2 to 3 years. You only have to pay for the depreciation that occurs on your loan over the course of the term. This results in lower down payment requirements in lower monthly payments.
When you choose Ford auto loan financing or used car financing, you take out a loan on the full value of the vehicle. You'll need to make a larger down payment and have higher monthly payments. That said, you can sell the car at any time and the funds from the sale are yours! You also don't have to worry about monthly mileage limits.
Both of these paths have their advantages. Leasing tends to be much easier on your monthly budget and requires lower start-up costs. Meanwhile, financing tends to be more cost-effective in the long run, but it requires more sacrifice.
Take the Step with Tuscaloosa Ford!
We hope that this has given you some insight into what goes into an auto financing application. You can easily get an estimate by using our Car Loan Calculator tool, which can be found on our website. If you have any further questions, just give our Ford finance and Ford lease specialist a call at (659) 210-2294. They're more than happy to walk you through your options and clear up any confusion. While you're here, take a moment to explore the exclusive lifetime warranty that comes with our new vehicles, as well as the limited warranty that comes with our used vehicles!