Ford Finance Center in St. Charles, IL
Financing & Leasing
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What to Bring to the Finance Center
Our team is committed to simplifying your car-buying journey at Hawk Ford of St. Charles. To make the financing process easier, we recommend bringing the following items to your appointment at our finance center:
- Driver’s license or government ID
- Proof of income (W2s, paystubs, or letter of employment)
- Proof of residence (apartment lease, bank statement, pay stub, or utility bill showing your name and address)
- Vehicle trade-in (vehicle title, registration, and all original equipment)
- Source of down payment
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What Can I Afford?
The amount you can afford to pay monthly for the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.