Ford

Beau Townsend Ford Lincoln

1020 West National Rd.
Directions Vandalia, OH 45377

  • Sales: (937) 898-5841
  • Service: (937) 898-9686
  • Parts: (937) 898-4443

Top 10 Auto Loan Questions

Do I have to finance with Ford Credit?
Ford Credit is a good option for financing or leasing your next vehicle, but Beau Townsend Ford Lincoln has numerous other banks and credit unions (Wright-Patt, Day Air, Capital One, Fifth Third, Huntington, AmeriCredit, PNC, Universal One, River Valley, General Electric, Wells Fargo, Code, Ally, and many others) available that we shop to help you receive the best financing options available on your next vehicle purchase. 

Do I need a down payment?
Most of our customers buy or lease with no money down. While having a down payment can help lower your monthly payment and create less risk for the lender, it is often not required.

Is my first payment due right away?
First payments dates are usually due 30 - 45 days from the date of purchase. We have the ability to push them out as far as 90 days to first payment with bank approval.

Is there a pre-payment penalty if I pay my loan off early? Your vehicle loan is simple interest with no pre-payment penalty. This means you only pay interest for the term the loan is actually open and not the term the loan was initially set up for if paid off early.

Will I need a co-signer to get a loan if I don't have much credit?
Not necessarily. A co-signer may make it easier to obtain vehicle financing but we have several programs, including First Time Buyer and College Student Purchase Programs, to help those with good jobs and no co-signers available.  

Can I get pre-approved on a vehicle loan ahead of time so I know what I can buy? Absolutely. Many people are afraid of possibly being denied financing. Beau Townsend Ford Lincoln can help out by getting you pre-approved and helping you find the vehicle that will fit your needs and payment. Here's a link to start the process.  It only takes a minute or two. 

Will my credit score drop when I apply for an auto loan?
Credit scores are not typically affected by multiple inquiries from auto lenders within a short period of time. These are usually treated as a single inquiry and will have little impact on the credit score.

Can I get an auto loan even though I recently filed Bankruptcy?
Yes. Beau Townsend Ford Lincoln has several banks that specialize in auto loans for people who have had recent blemishes on their credit report, including bankruptcy, slow pay, divorce, and even repossessions. In many cases, you can buy a vehicle with little or no money down. 

Can I get an auto loan even though I recently went thru a loan modification on my mortgage? Many people have been thru loan modifications on their mortgages over the past few years. Our lenders realize this has become a fairly common practice and now make exceptions for these instances. Generally, a loan modification by itself will not prevent you from receiving a vehicle loan. 

 I am currently in a Chapter 13 Bankruptcy. Can I get a car loan? Beau Townsend Ford Lincoln has lenders available specifically for people who need to purchase a vehicle while currently in a Chapter 13 Bankruptcy. Our finance team will let you know if you need to receive approval from the bankruptcy court to take on the new debt.

Contact our Finance Team

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