What Is a Good Interest Rate for a Car Loan?
As you shop for a new Ford in Texas, don't disregard the interest rate accompanying any car financing agreement, as this can have an outsized impact on how much you ultimately pay to park a new car in your driveway. To ensure you get the best rate possible, the team at our Ford dealership near Pharr is dedicated to thoroughly reviewing all your options with you.
We do this because we want to make sure that you get the lowest rate possible over the duration of the loan, which can oftentimes be as long as 72 or 84 months. Over the years, we have assisted many local Ford enthusiasts in securing the most competitive rate they qualify for.
If you're ready to get started, check out the following advice, then speak with our specialists to apply for a low interest auto loan or to claim one of our new Ford specials.
What Should You Consider When Choosing a Car Loan?
You'll want to think about several factors as you shop for the best car loans in Texas, but take special note of the duration of the loan. Remember, interest is the cost of borrowing money over a specific period of time. This means that the total interest expense will increase as the loan term is extended, even if the monthly payments are lower when spread over a longer repayment period.
To put it another way: all else being equal, an 84-month loan will generate more interest expense than a 60-month loan, even though you'll have a lower monthly car payment with the longer loan. This concept can be explained in greater detail at our nearby Ford dealership.
What Is a Good APR Rate For a Car?
It's hard to say -- since everyone's credit score, payment history and budget is different, there is no single APR that everyone should target. Rather, you'll want to try and get the lowest APR you qualify for as you shop for a new Ford in Mission.
It's also worth noting that, if you're currently only eligible for an APR that isn't what you were targeting, you can always consider refinancing a car loan down the line. It's something our Ford finance team will be happy to share more about.
Is it Better to Finance Through a Dealer or a Bank?
Spikes Ford offers Texas drivers highly competitive new car financing rates, and we also work with several local lenders to ensure you aways have plenty of options. To get started, just apply for Ford financing online or reach out to our Ford credit specialists.
Ford Financing Near Me
Want to learn more about auto interest rates? Contact Spikes Ford. Our team will provide you with a more comprehensive review of how car loans work, and we won't rest until we've put you in the driver's seat of a new Ford truck or SUV you love at a price you feel great about.