How to Secure a Low Monthly Car Payment
How to lower your monthly car payment in El Dorado, AR
If you want to know how to get a low monthly car payment on a brand-new Ford, then you’ll want to continue reading. At Karl Malone Ford, we know a thing or two about giving our customers the deal they want. We created this guide to highlight the many ways that you can lower your current monthly payment (or your future one), no matter your situation. For even more help in securing a low monthly payment, you can utilize our payment calculator to determine what price range best fits your needs first. Follow the steps below to see how you can get a low monthly payment on your next ride.
How to lower the monthly car payment on your next Ford purchase:
Consider the Affordability of a Lower Trim
Our Ford models have many trims to choose from. You’ll find models like the new 2023 Ford F-150 carrying trims like the Raptor®, Lariat, XLT and XL — just to name a few. By choosing a lower trim, like the Ford F-150 XL (also known as the base model), you can save thousands and ultimately lower your monthly payment tremendously.
Choose a Used or CPO Model Over a Brand-New Ford
By choosing a used or CPO (Certified Pre-Owned) vehicle, you’re choosing a more affordable option. You can expect a reasonable monthly car payment on a model that is one to two years old or older. You also have a variety of models to choose from when you shop used, including some premium luxury options. You can pick out the exact details you want in your used model like the body style, seating materials and next-level features like a panoramic sunroof. Plus, here at our dealership, all used and CPO vehicles come with a CARFAX® Vehicle History Report™ for your peace of mind.
Extend Your Loan to the Maximum Term
Did you know you can extend your loan terms to the maximum length of time allowed by your creditor? Asking your loan officer if it’s possible to extend your loan to the maximum term limit may be ideal in helping lower your monthly payment. Although factors like credit history, credit score, income and present debt may affect your loan terms, it doesn’t hurt to ask if you qualify for an extended loan term. You can typically expect the average loan term to be five years (60 months) long, with some lasting as long as seven years (84 months).
Consider Placing a Larger Down Payment
Making a large down payment on your new or used vehicle can help reduce your monthly payment amount as well. And if you don’t have a large down payment in hand, any extra cash you can put towards your purchase will help more than you know. You can also opt for trading in your current ride and using its value toward your new vehicle. This can help lower your monthly payment by a lot. You can value your trade today and receive an offer in minutes.
Remember That Your Credit Affects Your Monthly Payment
One of the first steps in financing a vehicle and figuring out what your monthly payment will be is pulling your personal credit report. Our finance team determines your purchase eligibility based on your score, and your score also affects whether or not a larger down payment or co-signer is required to help lower your financing costs (including your monthly payment). You can check your Equifax credit score for FREE to fix any errors or issues that may affect your approval. Checking your credit score before you apply for financing can help give you an idea about where your credit stands before you start the financing process.
Visit us online to browse the latest new Ford SUVs, trucks and muscle cars on our lot today. Or get pre-approved from the comfort of your home and place a custom order for your ideal Ford. No matter your budget, our expert finance team is here to make your car-buying experience a lot easier. And at Karl Malone Ford, we love to say YES!
To find out more about how you can lower your monthly payment, contact us today or stop by our dealership at 1730 West Hillsboro Street, El Dorado, AR 71730. We look forward to serving our customers near Magnolia, Smackover, Strong and Monticello.