Lease and Financing F.A.Q.
Get in a New Vehicle
Waterloo Ford Lincoln offers exclusive leasing and financing programs designed to get you into your new ride in a simple process. This article was put together to answer some common, basic questions we get asked often.
Lease or Finance?
Both leasing and financing programs offer the advantage of getting you in a new vehicle right away, while allowing you to pay for your vehicle over and extended period of time rather than all at once. While they carry similarities, leasing and financing are great for different reasons and tend to cater to different circumstances or lifestyles.
If it makes more sense for you to upgrade to a new car every few years that maintains services warranties and the benefits of driving new, low-mileage vehicles, then a leasing plan might best suit your needs.
If you would rather make an investment in an asset for you to keep, maintain and enjoy over a longer period of time, perhaps a financing plan is best for you.
What Do I Need?
So, you’ve decided you’d like to apply for a financing or lease plan, you’ll just need a couple things before we get started. When coming in for your appointment, bring with you a valid government-issued drivers license, a void cheque and a paystub that reflects your current employment or income.
Stamp of Approval
Approval of your application is based on a few factors, namely your selection of vehicle, your employment history, residence, income, credit history and the total value of your down payment (cash and trade-in). All of these items are considered with your application, once all the paperwork is in order, we can get you in your new vehicle the very same day!
How Much Do I Pay?
Depending on how much value you have financed, length of the payment plan and annual interest rates (APR), your monthly car payments can fall in a wide range of values. We often suggest that buyer’s look at financing or leasing vehicles that fit a budget that suits their finances, this way monthly payments may be minimal. It is also suggested that the more one is able to put down as a down payment, the less monthly vehicle payments may ultimately be.
How Much Should I Budget Towards a New Vehicle?
Generally, it is recommended you consider budgeting approximately 15% or less of your total monthly income. This means for every $1000 you make per month, consider budgeting up to $150 per month to put towards your vehicle’s lease or financing plan.
Get Pre-Approved Today
At Waterloo Ford Lincoln, we try to make it as easy as possible to get you into a brand new vehicle with a competitive lease or financing plan. As such, we’ve put together a simple pre-approval process you can start from the comfort of your own home. Get Pre-Approved today with our easy 3-step approval by visiting this link and filling out the form: http://www.waterlooford.com/car-loans-in-edmonton-ab
If your question hasn’t been answered here, please don’t hesitate to call Waterloo Ford in Edmonton AB at 1-780-423-4330, or toll free at 1-855-902-5007, we are always happy to provide you with information over the phone.