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List of Electric and Hybrid Ford Models Coming

List of Electric and Hybrid Ford Models Coming

Ford is coming out with an extensive range of electric and hybrid vehicles. If you are in the market for a newer vehicle, these tips will help you get the most bang for your buck.

The first thing we should stress is how important it is to make the transition from your current vehicle to either a hybrid or an EV.

If your car is more than five years old, it won’t be as fuel-efficient as the latest models coming out by Ford, with rising gas prices, you need to get the car that is the most fuel-efficient.

Qualifying for a car loan

We should take a moment and discuss how you plan on financing the purchase of the vehicle. The majority of Canadians have a car loan, and you will need to take out a loan to finance the purchase of your vehicle.

The first thing that lenders will want to look at is your credit score to see if you meet their minimum underwriting requirements.

To qualify for a car loan, your credit score should be over 600, and if you want to get the lowest interest rate possible, your credit score must exceed 680.

These requirements could change, but if your credit score is over 700, you will have no problems locking in the best financing terms.

You could sign up with Equifax and TransUnion to find out your credit score and identify what is causing your credit score to be lower than desired.

One of the most common reasons that a person will have a low credit score is not making their payments on time or not paying the minimum amount due.

Your payment history is the single biggest factor that goes into calculating your credit score, even missing a single payment could send your credit score spiralling.

The good news is you can rebuild your credit score by never missing another payment; sign up for pre-authorized payments, so you never have to worry about missing payments.

Along with having a satisfactory credit score, the next and equally important variable that goes into underwriting a car loan is your income.

Do you earn enough money to settle your current debts plus take on the new car loan?

Lenders will not approve a car loan if your total debts plus the proposed car loan are greater than 40% of your gross income, so be sure to consider this when drafting your budget.

Where to get the best deal on a new Ford hybrid or EV

Hands down, the best place to secure a great deal on a new Ford hybrid or EV is at your local dealership.

The dealership has staff that can help you secure the best car loan at the most competitive interest rates. These dealerships underwrite a huge number of car loans every day, so they know which lenders give the best deals.

The dealership will have their credit experts onsite to go over your profile and let you know what steps you can take to improve your credit score, so head on over to your local Ford dealership today.

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Categories: Auto Loan

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