Shopping With Ford Dealers - Figuring Out What You Can Afford

If you are in the market for a new car or truck and you always buy Fords, then you will head to the nearest Ford dealers in your area with pleasure to peruse the selection. Before you go, however, you should do an assessment of how much money you can afford to fork over for a new or used vehicle.

The time to do the mathematical calculations as they relate to your income and budget is not when you are sitting in the office of one of the Ford dealers! You should sit down with a pen and paper beforehand and do a careful assessment of your personal financial situation.

You want to get a suitable motor vehicle at a price that is right for you. This is why before you begin to shop, you need to do your research. This will prevent disappointment and unexpected problems from arising when you are browsing the selection of shiny new cars at the dealership.

Start with the basics, which amounts to how much you can realistically afford to spend for an automobile and the amount that you are willing to pay. If you have to borrow money to purchase a car, then shop around for the loan before you look for a vehicle. Just as you can obtain a pre-approved loan for a home, you can do the same for a car loan.

Calculate the amount that you would have to pay monthly on the loan and make sure that you include interest charges in the total cost. Before you start talking with the Ford dealers keep in mind that you are likely going to require a down payment of approximately 20 percent. The only case where this might not apply is if you plan to trade in your present vehicle and it is worth a great deal more than the down payment.

The price of the automobile you wish to buy and the down payment, as well as any other related fees such as the sales tax, will have to be covered by the total amount of the loan. There may be instances where a factory rebate is being offered by the dealership. You can discuss the loan options available to you with a lender at the bank or credit union before you start automobile shopping. It is important that your financial institution works with you to set a price range that is realistic for the money you are earning and your family budget. Then you can head off to visit the Ford dealers to look for your next car or truck!