Not everyone can afford to pay cash upfront when buying a new or used vehicle. After all, cars are often one of the most expensive investments people regularly undertake outside of housing. Understanding your available financing options before shopping is beneficial, if not technically essential. Evaluating financing options will help you know how much car you can afford and make the entire purchasing experience more comfortable and less time-consuming.
At Mike White Ford, we are pleased to be able to offer our customers a range of financing options. Our financing professionals make every effort to tailor financing plans to meet the various needs of each of our customers.
To take some of the mystery out of the process, here is a brief run-down of how you can finance a new car at either of our dealerships in Coeur d’Alene or Sandpoint, Idaho.
Standard Purchase: Building Equity with Each Payment
Mike White Ford’s standard purchase option allows you to finance a new, used, or Certified Pre-Owned Ford with a loan, either from Ford Financing or from a local bank or credit union. In many cases, customers may have a vehicle financing offer in hand from their own financial institution, and we are happy to work with outside institutions to put a loan in place. In many cases, we will help our clients obtain the best financing deal available, which can result in lower interest rates or longer terms. Sometimes, Ford may have a special offer, such as below-market interest rate loans. Our financing staff will always let you know if they are aware of a better deal for your purchase.
This type of financing is the most common. It has the advantage of enabling customers to build equity in their vehicles. Depending upon the vehicle, customers can take advantage of low or no-down-payment purchases, and loan terms typically range from 12 to 84 months. This flexibility allows our customers to select a monthly payment that aligns with their financial goals. With each payment, the principal on the loan diminishes until the vehicle is eventually paid off, ensuring a consistent and manageable approach to vehicle ownership.
With these loans, borrowers usually retain the option to pay their vehicles off early by paying more toward the principal, and it is still possible to sell or trade-in your vehicle before the loan has been paid off. If this happens, the lender will have priority over any of the proceeds to make sure that the loan is paid first.
Flex Buy: Tailored Payments for the First Three Years
For those looking for a more flexible payment structure, Ford offers Flex Buy, a Ford Credit-exclusive option designed to enable clients to lower their payments for the first three years of the loan compared to a standard retail contract. With terms of 66 or 75 months, you can select the option that best suits your budget.
The benefits of Flex Buy include the absence of mileage limitations, customization freedom, and lower payments during the critical first three years. Additionally, there are two-term choices and two payment discount choices, allowing you to personalize your financing arrangement. The Flex Buy program is exclusive to Ford dealerships in certain states. If you want to learn more about this program, please get in touch with us at Mike White Ford.
Red Carpet Lease: Enjoying a New Ford with Ease
For those who prefer the leasing route, Mike White Ford’s Red Carpet Lease offers a range of mileage options and versatile lease-end choices. This option allows you to drive a new Ford with payments usually lower than similar-term financing payments.
Leasing is not for everybody, but it can enable you to drive the car you want when it might otherwise be out of your price range with a straight purchase. It is also a good option for those who prefer to change cars more frequently. The benefits of Red Carpet Lease include low initial costs and monthly payments, flexible options at lease-end, multiple available terms, and complimentary Gap Protection. When leasing, various mileage options are available – in other words, with a lease, you agree to drive below a specific mileage limit, subject to fees. Leasing will still require you to obtain vehicle insurance and maintain the vehicle as if you own it, as you will be liable for any damage to the leased vehicle when the lease term is up.
Find the Car You Want With the Financing You Need
Mike White Ford’s financing options provide a spectrum of choices to accommodate different preferences and financial situations. Whether you prefer the traditional approach of building equity with each payment, the flexibility of lower initial payments with Flex Buy, or the leasing advantages with Red Carpet Lease, Mike White Ford aims to make your vehicle ownership experience seamless.
If you are interested in purchasing a new or used vehicle, the financing department at Mike White Ford is ready to assist you. As a local and family-owned dealership with showrooms in Coeur d’Alene and Sandpoint, we are committed to providing personalized service to ensure you get the vehicle you want with the financing you need. Contact Mike White Ford today and let our team guide you through the exciting journey of getting a new car.