Used Vehicle Financing
Are you ready to start the process of financing your new-to-you car? You have the perfect car, truck, or SUV in mind and now all you need is to do is the money part. Well, if you’re in the Ramsey, Ridgewood, or Mahwah, NJ, areas, come and see us at Mahwah Ford.
Our team has put together this quick used vehicle financing overview, so you can get right to the nitty gritty. We want all our friends in the Waldwick, Oakland, and Wyckoff, NJ, areas, to be fully informed when they step into our financing center, so read on to learn the highlights of the used car financing process.
Benefits of Financing Used vs New
Now, you may be wondering what the difference is between financing a new and used car, and what the benefits are of financing used over new. We’re here to give you the answers you’re looking for.
First is choice. When you buy used, you’re likely to find most of the same vehicles you see on the current market, as well as models no longer in production.
Then there is depreciation—the value of a new car lowers as soon as it leaves our lot. Most depreciation takes place in the first few months of ownership, but with a used car, since you aren’t the first owner, most of the depreciation has already occurred.
How Financing Works
If you’re curious about how the financing process works, we’re here to give you the highlights. There are three main aspects to consider: loan amount, APR, and loan term.
- Loan: This is the amount of money the financing institution is willing to give you to pay for the vehicle that you will need to pay back.
- APR: This is your annual percentage rate, which encompasses your interest rate as well as other fees.
- Loan Term: This is the amount of time you’re given to repay your loan—a longer term usually leads to lower monthly payments, while a shorter term typically has a higher payment.
All these things work together to give you an overall idea of your financing situation.
Used Financing Tools and Resources
So, you’re the type that likes to get things done ahead of time. We offer a few online tools to get you started before you ever step foot into our dealership. If you’re planning on trading in, we offer a Value Your Trade tool, so you can get an approximate value on your current vehicle.
We also offer a credit estimator, which will give you a personalized estimation based on your credit score and the car you want. Ready to hit the ground running? You can apply for financing straight from our website. That way, you’ll be ready to go when you visit our dealership.
Finance Your Next Used Vehicle With Us
When the time comes for you to buy your next vehicle, think of our team at Mahwah Ford first. We happily serve the following communities: Mahwah, Oakland, Ramsey, Ridgewood, Waldwick, and Wyckoff.