Financing & Leasing
Lakeland Ford makes it easy to secure affordable financing or lease terms when you purchase a new or used vehicle. Our finance experts are committed to finding you the best deal, no matter your credit situation. We work closely with trusted financing sources and can help find you a loan with a low rate and flexible terms.
Buying Vs Leasing a Ford
Deciding whether to buy or lease a new Lakeland Ford can be a difficult choice. It is important to know the differences between the two options so you can figure out which is best for you.
When you buy a vehicle, you are paying for the entire vehicle. Typically buyers make a down payment, either pay the sales tax in cash or roll the amount into the loan, and then make monthly payments with a set interest rate. This option is great for those who drive many miles, or plan on keeping their car for a long period of time.
When you lease a vehicle, you are only paying for the amount of the vehicle you use. The sales tax is included in the monthly lease payment, which is determined in part by a money factor that is much like an interest rate on a new car loan. Typically the first monthly payment is made when you sign the contract. Leasing is a great option for those who want lower monthly payments and a new vehicle every few years.
What Can I Afford?
The total cost of the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.
Member of the Association of Finance & Insurance Professionals
The services AFIP provides its constituents assist and protect dealership customers. The AFIP Certified F&I Professional logo is the mark of an individual who has given time and energy to understand the laws regarding the sale and finance of vehicles. Certified professionals make a pledge to abide ethically in all dealings with all customers. Customers can also contact AFIP for help understanding vehicle purchase-related documents and to help resolve contract errors or disputes without legal hassles.
The AFIP Certified professional’s knowledge and ethical training enhances the customer experience in several ways:
- Customers receive clear, honest explanations from professionals who know what they’re talking about.
- AFIP Certified professionals work to meet the customer’s genuine needs in selecting products.
- AFIP Certified professionals provide full disclosures and makes every effort to verify that the customer understands what he or she is signing.
- Customers can feel confident that every aspect of the transaction has been completed in accordance with state and federal regulations.