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The Benefits of Applying for Car Financing Before Setting Foot at a Dealership

If you are interested in purchasing a new vehicle, one of the questions that you may find yourself wondering is whether you should apply for car financing with the dealership before you head out to look for a new car or whether you should just wait and apply for financing if you find the car of your dreams. Here at Dan Murphy Ford, we allow you to apply for financing before you ever set foot on our lot. There are many benefits to doing this. Here are a few of those benefits.

Lets You Know If You Can Get Approved For Financing

If you have bad credit, you may wonder whether you can get approved for car financing. It can be stressful picking out a car, when in the back of your mind you are wondering if it is even possible for you to get the loan to buy the car. If your credit is challenged, applying for a loan online before setting foot at the dealership gives you peace of mind that you are able to get a loan for your car, taking some of that stress out of buying a car.

Helps You Determine What a Price Range For Your Car

Another benefit to applying for car financing before setting foot at a dealership is that, if you are approved for a loan, you will know how much you are approved for and  what the monthly payments will be. This helps you determine the price range for the car you can afford. For example, there is no point in looking at $35,000 cars if you can only get a loan for $25,000. You will know this if you apply for a loan ahead of time.

Allows You to Compare Interest Rates

The last benefit of applying for auto financing before setting foot at a dealership is that it gives you the opportunity to compare interest rates and find the lender who offers the best rate for you. Sometimes dealerships have the best rates for you. Other times, your bank or credit union may have better rates. When you apply for a loan ahead of time, you can compare rates, which ultimately helps you to find the best possible rate available to you at any given time.

When you are looking for a new Ford in the greater Ottawa area, head to Dan Murphy Ford. We would love to show you our inventory of new and used Fords and help you find the right car and get the right financing for your needs.