Car Financing & Leasing Near Herington, KS
Answers to All of Your Car Financing and Leasing Questions from the Team at Hillsboro Ford
Are you interested in buying a used car, truck, or SUV? Do you want to lease a new Ford model near Herington, KS? We know that there are many car shoppers who get a lot of anxiety when it comes to the auto financing or trade-in portion of their car shopping process. Often, this is because car buyers may not feel like they have the information they need to make the best choices for their individual situation.
Luckily, the finance center at Hillsboro Ford, located at 202 South Main in Hillsboro, KS, has the answers you need when you are trying to navigate the world of auto loans and lease deals. Below are some frequently asked questions (FAQs) that come to our finance team, as well as the answers.
Financing FAQs
What is the Difference Between Financing and Leasing a Car?
Financing and leasing are two options that customers have when it comes to paying for their vehicle. With the financing option, a car shopper will sign a contract where they agree to pay agreed-upon installments to one of our lending partners. Once the entire auto loan has been paid in full, the customer will own the car.
Folks who choose a lease agreement only pay for the portion of the vehicle's life that they are using. They agree to take possession of the vehicle for a predetermined amount of time and for a set mileage limit.
What Are the Benefits of Leasing a Car Over Buying?
There are many benefits of leasing a car over buying. Some of the include:
- A lower monthly payment while driving a new Ford vehicle
- The chance to upgrade your Ford model every few years without having to worry about negative equity
- Warranty coverage for the entire time that you have the Ford car, truck, or SUV in your possession
How Does Car Financing Work?
Car financing is a financial contract between a customer and a lender. The customer agrees to repay the lender over a set period of time. There are two different types of car financing solutions: buying and leasing. If someone is interested in car financing, they need to complete a credit application. The lender will determine what options for which the car shopper qualifies.
What Credit Score is Required to Finance or Lease a Car?
The answer is that it depends. Generally, the higher your credit score, the more likely you are to be approved for an auto loan or Ford lease. Higher credit scores will also lead to more favorable APRs and terms. If you have a lower credit score, you may get approved for higher APRs and shorter terms. You may also need a credit-worthy co-signer to get approved.
Can I Lease a Car with Bad Credit?
Anyone with bad credit who wants to lease a new Ford vehicle should speak to one of our finance professionals. They should apply for a Ford lease with our online credit application, so our finance team can determine which options might be available. Customers should also approach a credit-worthy co-signer to give themselves the best chance of approval.
What is the Typical Duration of a Car Lease?
Typically, a Ford lease lasts anywhere between 24 and 48 months.
What Happens at the End of a Car Lease?
At the end of a Ford lease, you will have a few options to consider. Car shoppers will also need to schedule a lease-end inspection with their leasing company. In the end, customers will get to choose between turning in their vehicle, buying it, leasing something new, or buying something else.
Can I Buy a Car at the End of a Ford Lease?
Yes, it is possible for someone to buy their leased vehicle at the end of the agreement. You can talk to our finance center about securing auto financing for your leased Ford car, truck, or SUV.
What is the Residual Value at the End of the Car Lease?
The residual value is the leasing company's best estimate of what a vehicle will be worth at the end of your lease. It is also what it would cost to buy the car at the end of the lease agreement.
Are There Mileage Limitations on Leased Cars?
Yes. Every lease agreement comes with a mileage limitation.
What Happens if You Exceed Your Mileage Limitation
Folks who go over their mileage limitation in a lease agreement will be charged for each additional mile.
Can I Customize or Modify a Leased Car?
Unfortunately, most modifications or customizations are not allowed on leased vehicles.
Contact Us
Hillsboro Ford wants to help you with your purchase or lease. Contact our team with any questions that you may have about auto loans or Ford lease agreements today.
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Hillsboro Ford
202 South Main
Hillsboro, KS 67063
- Sales: (620) 947-3134
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