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18982 Johnny B. Hall Memorial Hwy.
Deridder, LA 70634
Understanding the Car Financing Process | DeRidder, LA
When you go to buy a new vehicle, the best way to get a great deal for yourself is to have a thorough understanding of vehicle financing. Here, we’ll go over the basics of budgets and credit reports, different financing options, and what to do after financing.
The first thing to do before you start the financing process is to understand your budget and how much you can afford to spend each month on a car payment and car insurance. If your monthly budget is limited and you have time, you may want to spend some time saving money so that your monthly payment will be lower.
Another reason you’d want to save money before you go to the dealership is in case you don’t have a high credit score. A low credit score can seriously inhibit your ability to qualify for a loan, so the lower the loan amount, the easier it is to qualify. You can also take steps to improve your score beforehand.
There are plenty of financing options you might choose based on your situation. One of these is direct lending, or getting a loan directly from the bank. This takes more of your own time, but it lets you get credit terms in advance and shop around yourself.
You could also finance through the dealership. The salesperson will contact banks and try to find the best deal for you. This is a great option for drivers who have low credit scores, since banks often have access to lenders you would never consider.
Once you’ve financed a new vehicle, keep in mind that the lender has a lien on the vehicle until it’s paid in full. You also need to remember to make your payments on time or risk serious consequences like your car being repossessed.
For more information on financing, call Highway Ford today, your local SWLA Ford Dealership!
Prices and special offers are subject to change. Mileage listings are estimates and are not necessarily accurate odometer readings. Some vehicle information and vehicle pricing may be unintentionally missing or inaccurate, and Highway Ford will endeavor to correct such discrepancies in a commercially reasonable manner upon Customer notification of such errors or omissions, but pricing errors and listing errors are considered invalid and may or may not be honored at the sole discretion of Highway Ford and its participating dealerships.
Highway Ford (866) 347-7853
18982 Johnny B. Hall Memorial Hwy. Deridder, LA 70634