Our Expert Answers Your Ford Finance Questions

Happy couple enjoying while choosing and buying new car at showroom.

Have Ford financing questions? Our resident expert has answers.

Meet Mike Blackmer, Business Manager at Hines Park Ford, who has years of experience helping folks find great rates on both new and used cars. He's kindly agreed to answer some auto financing questions that we commonly hear from our clients.

After getting insight from Mike, feel free to reach out to us with any additional questions you may have. Our goal is to make the new car loan process easy to understand and accessible to everyone, so visit our Ford dealership in Lyon Charter Twp to secure the perfect interest rate or loan option today.

Ford Financing FAQs


What are the current interest rates for buying a car?

Current rates range from as low as 5.25% to as high as 25%. The rate you qualify for will depend on factors such as your collateral, credit score and down payment.


How can I secure a good interest rate?

Your credit score and down payment will determine the best qualified rate.


How much of a down payment do I need to finance a car?

While some people finance a new Ford with 0% down, putting 10-20% down will likely result in more favorable finance terms.


What other costs should I expect when buying a car?

In addition to the cost of the car, common expenses can include sales tax, document fees and any other applicable title, registration and plate costs.


How can I determine the value of my trade-in?

The best way is to have a local dealership such as ours conduct an in-person appraisal, but sites like JD PowerNADA guides can provide an estimate based on market averages. Use these online trade-in calculators to get a ballpark figure of what your car may be worth, then visit our facility to get a true valuation.


Does my credit score impact my loan rate?

Absolutely. If your credit score is below what lenders consider average, your implied rate will increase. On the other hand, a high credit score can make it much easier to secure affordable auto loan rates.


I have a low credit score -- can I still finance a car?

There are still options available, but some banks may require a larger cash down payment in an effort to reduce their risk.


I don’t have a credit history yet -- can I still finance a car?

Limited credit history isn't always a bad thing, and lenders may consider other factors -- such as a cash down payment or a co-signer -- when considering whether to approve you for a car loan.


What is the best length for a car loan?

The best length is one that is affordable to your budget. Remember: you can always pay more but you can never pay less. This is the only universal rule in finance.


Can you offer a better interest rate than my pre-approved rate?

Because we work with multiple banks, we often have access to more competitive rates than our clients might otherwise be pre-approved for.


Can I reduce my monthly car payments later on?

The only way to do this is to reduce the principal balance in combination with refinancing the loan. This would reduce the loan amount along with the interest to be paid.


Can I sell my car while still paying it off?

Yes! You can sell a car with an outstanding loan balance so long as you have the funds to satisfy the amount of the lien securing the title.


Can I add a warranty when I buy a car?

Yes! Ask our team how you can add an extended service plan, which is the closest thing you'll find to a factory warranty.


Get Directions

56558 Pontiac Trail, New Hudson, MI, 48165
Hines Park Ford 42.520528, -083.611513.