Finance your new or pre-used Ford
Begin your journey at Terrace Ford Lincoln
Our Finance team aims to:
- Welcome you and give you an informative and relaxed car-buying experience
- Listen to your needs and understand what you want so that we can put together a flexible financing or leasing solution.
- Get you into your next SUV, truck, or car - even if you have a low credit score or no credit rating at all.
Get pre-approved online
Begin pre-approval right now at home with our online calculator! No need to come to our showroom!
Pick your payment
Your credit score has an impact on your loan's interest rate, so check your score with no impact on your score! We offer financing options for all credit situations.
& leasing options
Terrace Ford Lincoln financing and leasing
You can either finance or lease a vehicle, and we'll help you decide what's best if you're not sure which is right for you. Terrace Ford Lincoln works with Canada's big banks and lenders to get customers the right options for financing and leasing. Even if you are a first-time buyer or have no credit rating, there is a solution for you. We can even contact our parent company Go Auto, which has its own finance company, Yes Plan, to get you approved if the banks say no.
We can provide financing solutions through a lender, Go Auto, or explore Ford's Standard Purchase plans to see which is best for your circumstances. Use our calculator to work out your payments.
Leasing from Ford
Leasing is a great option for some drivers. We have our own leasing as well as Ford's Red Carpet leasing. All leasing programs give a choice of kilometers per year and lease-end choices.
Drivers who lease usually have three choices when their lease ends. Your lease-end agreement will contain details about your options. These are the most common options at lease-end:
- Buy the vehicle
- Lease or buy a new Ford
- Return the lease vehicle to Terrace Ford Lincoln
Please be sure to inspect your lease for excess wear. If you leased directly from Ford, you can review the wear and tear guidelines mailed to you prior to lease-end or download Ford's wear and tear checklist, at the link below.
Do financing or leasing affect your insurance?
Quite a few car buyers ask us: “Will my insurance cost more if I lease a car?” No, your insurance won't cost more whether you lease or buy. Let's look at some of the key points about buying, leasing, and insurance.
How is car insurance calculated?
Auto insurance premiums are determined by your postal code. Underwriters take a look at the number of accidents in your neighbouhood as an average. The next factor is the make and model you drive, and your driving habits. As you can see, you pay the same for insurance, whether you buy or lease.
Who has an interest in the vehicle?
Financing or leasing both mean that a business is holding an interest in your vehicle. It's usually a bank or the manufacturer. Usually, the name of the leasing company or the financier must be on your insurance policy. This process is in place so that a lender’s investment is protected.
What happens if I have an accident?
We hope this never happens, but if your car is in an accident or written off, the finance or leasing company will be paid first. After that, you may receive a payment if your vehicle is valued at more than what you owe on it. If you owe more than the vehicle is worth, gap insurance comes into play to cover those costs. Contact your insurance company for details.
Where can I find more information?
For more information on leasing and buying, and what coverage you have, please contact your insurance company. They will be able to answer all your questions.
Ford Commercial Options
If you are a business, get flexible automotive financing and leasing packages from us or from Ford Canada.
The benefits of commercial buying
- Traditional financing
- Terms are flexible
- There ae no hidden fees
- Combined billing is available, if you want.
Ford's Red Carpet Leasing
- Lease payments are usually lower than finance payments
- You can invest cash in your business without tying it up in vehicle purchases
- With short-term leasing, get newer more often
- GAP insurance available.
Ford Commercial lease
- Lease new or used vehicles
- Variable lease terms
- All kinds of vehicles, including vans, trucks, and cars available
- Upfit vehicles
- High kilometrage and heavy-use vehicles are available for leasing.
Ford Commercial Line of Credit
- Apply for a line of credit and free up capital. Credit up to $250,000 available
- There are no setup or non-utilization charges
- Credit is available for Retail, Red Carpet Lease, and Commercial Lease financing.
- Combined makes payments simple because it consolidates your monthly statements
- It is available for retail and Red Carpet Lease, and Commercial Lease customers
- Combined billing is free for you if you have two or more accounts!
Want need more information?
- Contact Terrace Ford Lincoln at 365-601-9447 for more information and we'll get you all the information on leasing that you need.
What should I bring to my finance appointment?
When you are ready to buy or lease, please bring your valid government-issued driver's license, current pay stub, and a void cheque. Depending on the specifics of your purchase, you may be required to bring additional information. For a complete list of what you'll need to buy or trade in a vehicle with Go Auto, call us ahead of time and speak with a sales consultant.
Will I be approved?
Most likely! The things that determine if you'll be approved are: the age of the vehicle you want to buy, its cost, and mileage. Next is your employment history, residence, and income. Your credit history, which is the information in your credit file, is another factor. Finally, a down payment, which can be the total of cash and trade equity, can play a part in approval.
How are my car payments calculated?
Three things affect your monthly payment. The first is the total amount financed, next is the term or length of the loan contract, and finally the annual percentage rate (APR) on offer. At [[dealerName,]] we offer competitive rates from Canada's largest lenders to fit nearly every budget and credit profile.
How do I budget for my car payments?
Spend no more than 15% of your gross monthly income on your car payment. This is the advice given by most financial experts. For example, if you make $3,300 a month you should spend no more than $495 on your car payment.
What is my credit score?
Your credit score is a number that financial institutions use to predict any risk when a borrower buys a car, house, or any other big item. They want to know how likely a borrower is to pay bills on time and pay off the total amount borrowed. A credit score ranges from about 350 to 850. The higher your credit score, the more likely you are to get approved for a car loan. The systems that generate your credit score look at your credit report and take several factors into account when determining your credit score, including, for instance, your payment history, and the number of inquiries made on your credit report.
How is my credit score calculated?
Your credit score is a number that ranges from about 350 to 850. The systems that generate credit scores look at quite a few things, including if payments were on time, the amount of and type of debt you have, and the number and age of your credit inquiries created by applying for credit public records, such as liens and judgments.
Should I finance or lease?
This is a great question, and it always depends on your budget and future plans. In a few years, if you aim to move away and not take a car with you, leasing could be the right option. As well, leasing a vehicle is good for drivers who like having a car under warranty with the latest features. On the other hand, if you want to own a car for the long term and build equity, then buying is the way to go. Our Finance team will be happy to discuss the pros and cons and help you make the right decision for your lifestyle.
Can I qualify for financing on my first vehicle?
Of course. Many Terrace Ford Lincoln customers qualify for financing on their first vehicle purchase. If we can't assess your credit score based on your current credit history, you may still qualify for other programs, like those for recent college graduates. Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information.
Does Ford have their own financing?
Yes, Ford Canada has plenty of flexible financing and leasing programs available. At Terrace Ford Lincoln, we work with Canada's top lenders for financing and leasing or work with Ford. We also have financing options from our parent company, Go Auto. Contact us today to discuss.
Who is a well-qualified buyer for Ford?
Anyone is qualified to buy from Ford. We can find solutions for all kinds of people, including those who have low credit scores or have declared bankruptcy. We also assist first-time buyers, newcomers to Canada, and students with buying a vehicle.
How long does it take to get approved for Ford Credit?
Approval can happen in a few minutes or a few days. If you bring the correct documents with you the approval process is much smoother.
How late can I be on my Ford payment?
Try not to be late on bills or payments, because it will affect your credit score. With your car payment, being late means you could get hit with financial penalties and damage credit score. If you think your payment will be late, contact us or your lender immediately.
Is it hard to get financed through Ford Credit?
No, it's no hard at all. As mentioned, even if you have a low credit rating, we have options for you. Please feel free to begin the pre-approval process or call us on 365 601 9447 to discuss your requirements and financing options.