Is Financing a Ford Right for You? Exploring Options

Image via Bob Maxey Ford.

Financing a car by getting a car loan is a very common way to start driving a new vehicle. However, loan-based Ford financing options aren’t the only way to get behind the wheel of a new Ford. Leasing is an option, too. Each type of financing will appeal to different people. Let’s explore the various financing options Ford offers.

Exploring Ford Financing Options

Standard Purchase

A standard purchase is what you may think of by default regarding car financing. It’s a typical loan with a fixed interest rate, and the loan term can last anywhere from 12 to 84 months. You’ll fully own your vehicle once you’ve paid off your loan, no matter how long your loan term is.

You pay the same amount for your car every month, build equity month by month, and have no limitations on what you can do. You can customize your vehicle’s appearance, replace and upgrade parts of it as you desire, and drive as much or as little as you like.

Flex Buy

Like with a standard loan, a flex buy lets you own your car when the loan is paid off. You can customize the vehicle, drivers as much as you need to, and do whatever you want to the car, because it’s yours. It’s how you pay that’s different from a standard purchase.

With a flex by loan, you can choose a 66 or 75-month term. You’ll pay less for your car for the first 36 months of your loan term, and the payments will increase when you reach month 37. As the name suggests, the payment discount options are flexible, making flex buying an appealing option for people in a variety of financial situations. This financing option also has a fixed interest rate, and every payment builds equity.

Red Carpet Lease

Leasing is suitable for people who don’t want to customize their vehicle and who may have a tighter budget. Leasing is typically lower-cost than buying a car, both upfront and month by month. Multiple lease terms and mileage limitations are available. You do have to stick to a mileage limit, so think carefully about how much you drive before you decide to lease. Ford offers 8 different mileage options and a 24-month lease or a 48-month lease.

Which Option Is the Best Choice?

Leasing is most suitable for people who need the lowest monthly cost possible and don’t mind not owning their car. A flex buy loan may be more suitable for people who need a long loan term and flexible payment options, while a standard purchase is ideal for anyone who wants to make a consistent monthly payment right from the start while owning their car.

Come to Bob Maxey Ford (Detroit) in Detroit, MI, to pick out your new Ford vehicle. We can help you get a car loan or apply for a lease.

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