Ford: a name that’s been part of the American story for over a century. Owning one of this automaker’s vehicles means joining a proud tradition of grit and glory. But before you race off to join this group of happy owners, there’s one more thing to sort out: finding the right car loan. Fortunately, Ford financing options make it easy to get behind the wheel of your favorite model.

Option 1: Traditional Financing

In this option, your dealership will help you apply for a loan from the numerous lenders in their network, including local banks, credit unions, and national lenders. Each lender submits their own loan terms and interest rates, allowing you to choose the most competitive offer. What’s more, this type of financing can be used for new, certified pre-owned, and even used cars.

Why Should You Opt for This Option?

First, as long as you make your monthly payments on time, the car is yours. You can drive it as much as you want without mileage restrictions or hidden fees. Second, the only thing you’ll be signing up for is the monthly payments. Beyond that, you can personalize your car however you see fit. Whether it’s upgrading the sound system, installing tinted windows, or adding custom rims, it’s all up to you.

Furthermore, with fixed monthly payments, you’ll know exactly what you’re paying each month. This makes it easier to budget and plan as you work towards full ownership. Lastly, each payment you make brings you closer to owning your car outright. So, you won’t be just driving; you’ll be building value, one payment at a time.

Option 2: Leasing

Leasing is a great option if you prefer driving a new car every few years and want to skip the hassle of selling it later. It often requires little to no down payment, and the monthly payments are often lower than traditional financing. At the end of the lease, you simply return the car to the dealership and can repeat the process with another vehicle, keeping things fresh without the long-term commitment of ownership.

Note that with leasing, you technically don’t own the vehicle. Instead, you’re paying for the use of the car over a set period, typically two to four years. Over that time, you’ll be required to stick to mileage limits and keep the vehicle in good condition. If you exceed the limit or the car shows signs of extra wear and tear, you may face added charges when the lease ends.

Looking to finance your next Ford? Contact Anderson and Koch Ford Inc. in North Branch, MN, for expert guidance and a range of financing options tailored to your needs.