at Athens Ford
Here at Athens Ford it’s our goal to make sure you get the Ford car, truck or SUV you want at a payment you can afford. Start the process by filling out the online finance application below!Apply For Credit
Our Financing Process
- Use our secure online financing tool to help get pre-approved for a loan. By filling out our online form, we can get started on finding you the best financing even before you leave your home.
- We work with dozens of lenders to ensure you get the best possible rate, and a payment that fits your budget. There are lots of lenders out there, and we’ll match you with the one that meets your needs.
- Review your budget and finances to select the best option for you.
How Finance Decisions Are Made
When it comes to buying a car at Athens Ford, we pride ourselves in providing our customers with complete transparency throughout the entire process, especially with regards to financing. To ensure you fully understand how our lenders make their financing decisions, we present these four important factors used in the decision making process:
- Vehicle: Make, model, year, mileage, and cost
- Personal Information: Income, length of employment, and length of time at residence
- Credit History: The information contained in your credit history
- Down Payment: How much you have in trade equity as well as cash
In order to be certain, you will be given the best financing offer, the vehicle you choose should be one that is within the range of your budget. You should also be prepared to come up with as much money for a down payment as you can. Simply meeting these two qualifications is likely to affect the outcome of your loan application. They will also help to improve the financing you are offered, and in the end, lower your monthly payment.
Factors Affecting Your Monthly Payment
At Athens Ford, your monthly payment calculation is based on these three very important factors:
- The amount of your loan
- How many months you finance your car for
- Your annual percentage rate (APR)
How Your Payments Are Affected
|Total Amount Financed||Number of Months Financed||Annual Percentage Rate||Monthly Payment||Details|
|$35,000||60 months||10.00||$743||Standard financing|
|$31,500||60 months||10.00||$669||Reducing 10% of the financed amount equates to 10% less in payments|
|$35,000||66 months||10.00||$691||Increasing length of loan by 10% equates to a 7% reduction in monthly payment|
|$35,000||60 months||9.00||$726||A 10% reduction in interest equates to a 3% payment reduction|
- By the Numbers
- Credit scores typically run between 350 and 850
- Risk Assessment
- As a rule the closer the score is to 850, the lower the risk is thought to be.
What Your Credit Score Means
If you’ve got an excellent credit score – say around 800 or so – then congratulations. You can expect to be offered the best financing rates and maybe have access to special promotional terms. However, if you have a credit score in the mid-600s, that’s considered just fair to good. In this case, we’ll still work to find you the best financing, but you may pay as much as 2 to 5 percent more in interest charges. If you happen to have poor credit, say around 500 or so, we can usually find financing for you, however it may be what’s known as a sub-prime loan. That means you’ll pay more in interest each month than someone with a higher score. In this case, it may be worthwhile to find someone to co-sign for you until your credit score improves.
Several different factors contained in your credit history are used by the credit reporting agencies to help determine your score. Some of the more commonly used factors are:
- If they’re made in a timely fashion and if you have a number of late payments.
- Debt Load
- How much debt you have and the type of debt.
- Credit Accounts
- How many open lines of credit do you have and how old are they.
- Credit Inquiries
- The number of recent hard credit inquiries shown in your credit history.
- Public Records
- Do you have any current judgments or liens in place.
Your Budget and Monthly Payment
When it comes to figuring out how much you can afford to spend on a new or pre-owned vehicle, there are a lot of factors to consider. Experts advise that you should spend no more than 10-percent of your monthly gross income on a vehicle. While that may be an interesting rule of thumb, it is affected by a lot of factors. For example, the more money you have for a down payment, the lower your monthly bill will be. Also, the lower the interest rate, the lower your payment. Here are some interesting facts about how your monthly payment is affected by adjusting certain factors:
Tips for Car Finance and Budgeting
Regardless of how good your consumer credit score may be, purchasing a luxury automobile is often a challenging task. If you're a first-time luxury buyer, have a shorter credit profile, or simply have a few dings to your credit, it mightbe quite grueling. So we've accumulated several finance and borrowing suggestions to make your entire car-buying experience as effortless as possible.
- Choose a car at a price tag that will fit your finances
- Your sales professional will assist in determining what price level of automobiles is appropriate for the payment you are considering. You can also use monthly payment calculator above to get an idea of what yourpayment maybe before you stop by.
- Optimize an upfront payment
- Raising your initial payment reduces your entire monthly payment, and will strengthen your offer and probability of acceptance.
- Ensure Accuracy
- Be sure to provide accurate and complete information on your credit application.
- Get an estimate on your trade-in vehicle.
- You should have an idea how much value there is in your current vehicle, in the event you’re thinking of trading it in, and to also obtain an improved understanding of the total purchase. In case you aren’t certain, wecanpresent you with a no-cost estimate of your current car, as well as contact your financing company so you can get the most accurate vehicle value.
|What to bring with you|
|A valid driver's license|
|Proof of Insurance|
|Proof of Current Income|
|Proof of Current Residence|
|Proof of Current Phone Number|
|In some cases, you may be asked for additional information. We’ll walk you through every step of the way and respect your privacy and concerns.|
|What to bring with you|
|Leading Credit Reporting Agencies|
|Your Monthly Budget|
|A valid driver's license|
|Many lenders suggest that you spend less than 15% of your gross monthly income (GMI) on your car payment monthly. Some examples include:|
|$5000 GMI = $750 or less per month|
|$10000 GMI = $1500 or less per month|
|Monthly payments normally range from $100 - $125 per $5,000 financed.|