Frequently Asked Financing Questions About Financing
Get your questions answered and on the road with Kamloops Ford Lincoln, where financing a vehicle has never been easier! We will guide you through the financing process and help you with every step along the way. No matter your credit situation, we will do everything in our power to help you qualify for your next car loan. Fill out our online car credit application to get started!
Feel free to contact us if you have any questions, or read through some of our Frequently Asked Questions to see if we already have the answer you're looking for:
Why finance with Kamloops Ford Lincoln?
The Go Auto finance process is fast, competitive, and features offers tailored for specific customer needs.
How does financing with Kamloops Ford Lincoln Work?
It's simple to finance a new or used vehicle at Kamloops Ford Lincoln: start by selecting a vehicle that meets your needs, and then use our online car credit application to apply for credit. One of our representatives will contact you shortly and we will get you approved right away. Once you are approved you can meet with us to determine a financing plan that works for your individual needs.
How do you decide if I am approved for credit?
Some of the primary factors that financial institutions take into account include your initial down payment, information on the model, age and cost of the vehicle you will be financing, as well as information about your application including income, time spent at current job, time at residence, and your credit history.
What is my credit score?
Whenever a financial institution evaluates whether to approve someone for credit, they will evaluate the risk involved in lending money based on an individual's credit history. This information is generally provided by a credit reporting agency which will provide information on you history of paying back loans. A number of factors are taken into consideration when reviewing an applicant's credit history including:
- Timeliness of payments, past and current
- Length of credit history
- Type and amount of debts
- Other public records
If you would like to learn more about your credit score, the government of Canada offers a detailed publication (PDF) with sample credit reports with explanations and additional notes.
How can I find out more about my credit history?
There are two major credit reporting agencies operating in Canada that can provide you with detailed information regarding your credit history. They will provide you a copy of your credit report which will contain your credit score. Contact them here:
I have excellent credit, what can Kamloops Ford Lincoln do for me?
We can offer you competitive rates and terms on your car loan with minimal time and effort on your part.
I have bad credit; what can Kamloops Ford Lincoln do for me?
We have a set of options in place to help our customers with bad credit, including a Credit Rebuilding Program that will help you regain your credit with an affordable loan. We will get you the credit your need and the car you want at Kamloops Ford Lincoln.
This is my first-ever vehicle purchase; can I still qualify for car financing?
Many customers at Kamloops Ford Lincoln qualify for financing on their very first vehicle. Ford has a number of attractive programs available, and we often have special options for first-time buyers as well as special rates for recent graduates. Talk with one of our finance professionals for details on the programs we have available for you.
What's the best finance rate I can get?
Kamloops Ford Lincoln partners with a number of financial institutions to provide our customers with a competitive selection of financing packages. Elements including the vehicle you are considering, your initial down payment and other factors will affect the rate you can get. Apply for financing at Kamloops Ford Lincoln and we will evaluate your profile and show you the options available to you.
What factors affect monthly payments?
Factors that will affect your monthly payment include the amount financed, the term of your contract, your down payment and the annual percentage rate on your loan.
How much should I budget for my car payment?
The general suggestion to determine the largest monthly payment you can afford is not to exceed 15% of your gross monthly income. If your income is $2,000 a month, then you should not be spending more than $300 per month on your car payment. This rate does not take into account the cost of other debts and expenses that you may experience from month to month.
What documents should I bring when financing a car?
You will need to bring a valid government-issued drivers license, a current pay stub, and a void cheque. Contact one of our Sales Representatives for a full list of what you will need to purchase a vehicle at Kamloops Ford Lincoln. You will require other items if you also plan on selling or trading in your current vehicle.