Buying a new or used vehicle is always exciting, but sometimes, all the paperwork can be a bit daunting, especially if you need a loan to finance your car. Understanding the financing process ahead of time can prepare you for what to expect and make the whole process run more smoothly.
Mike White Ford in Coeur d’Alene and Sandpoint, Idaho, strives to make car buying as hassle-free as possible. While there’s no getting around paperwork, we take some of the stress out of the financing experience by offering a range of solutions to help make your purchase comfortably fit within your budget. Whether you’re applying for a loan through our dealership or bringing pre-approved financing from your preferred lender, we’ll help get you on your way behind the wheel of a new (or new-to-you!) vehicle.
Our Dealership’s Financing Process
When you choose to finance through Mike White Ford, we work with a network of lenders to discover the best loan options for you. Here’s what you can expect when applying for financing with us:
- Application Process: If you prefer, you may start your application online or visit our dealership in person, either ahead of time or when you have decided which vehicle you want to purchase. You will sit down with a member of our finance team, who will work with you to fill out a loan application by collecting basic personal and financial information, including employment status, income, and credit history, to determine your loan eligibility.
- Credit Check & Loan Approval: Our financing partners will evaluate your credit score and financial background to determine loan terms. If your credit record is strong, you may qualify for a lower interest rate or better loan terms. If you have a lower credit score, we’ll still work with you to find a financing option that fits your budget.
- Reviewing Loan Offers: Once we receive multiple offers from various lenders, our finance experts will present them to you, explaining interest rates, loan terms, monthly payments, and any down payment requirements. We’ll help you compare options so you can make an informed decision.
- Finalizing the Loan Agreement: After selecting the best loan for your needs, we’ll walk you through the paperwork, ensuring you understand all terms before signing.
- The Choice is Yours: If you are unsatisfied with the available financing options, you are always free to rescind your purchase offer.
Alternative Financing Options
Many car buyers opt to finance through our dealership; however, some prefer to secure their own loan ahead of time, particularly if they receive an attractive offer from a lending institution. If you already have pre-approval from a bank, credit union, or other lender, we’ll happily work with your lender to streamline the financing process. Here are some things to consider when pursuing that avenue:
- Pre-Approval Advantages: Getting pre-approved can help you set a clear budget before you set foot in our showroom and negotiate better loan terms with our financing department. Pre-approval also speeds up the buying process since much of the financing work is already done.
- Dealer vs. Outside Lenders: Our dealership financing options are competitive and often more convenient, but we encourage buyers to explore all options. Banks and credit unions will often offer lower rates to their members, while dealership financing can provide access to special manufacturer incentives or lower initial payments.
- Trade-Ins & Down Payments: If you have a trade-in vehicle, we can apply its value toward your down payment, reducing the amount you need to finance. This can also improve loan approval odds and even lower your interest rate. Sometimes, we can find a better financing deal than your pre-approved offer.
Why Finance with Mike White Ford?
Choosing to finance with us offers several advantages:
- One-Stop Convenience: We handle everything from loan applications to approvals in-house, saving you time and stress.
- Access to Multiple Lenders: Instead of you having to shop around for loans, we will bring you multiple offers to compare in one place, and we have access to lenders you may not be aware of.
- Flexible Credit Options: Whether you have excellent credit, are rebuilding your credit after a financial setback, or are a first-time buyer with a limited credit history, we will work to find financing solutions that fit your circumstances.
- Transparent Process: Our finance specialists have the knowledge and experience to answer questions and ensure you understand all loan terms before you sign any agreements.
Let Mike White Ford Get You on the Road!
Applying for a car loan doesn’t have to be complicated. At Mike White Ford, we strive to make financing a new or used vehicle straightforward and stress-free, whether you finance with us or bring your own lender. Visit our dealership showrooms in Coeur d’Alene or Sandpoint, or start your loan application online today to find the best financing solution for your next vehicle!