Apply for Ford Financing in Houston, TX
At Tommie Vaughn Ford, we strive to make the new or used car financing process of your next vehicle as straightforward and stress-free as possible. As the only Ford dealership in Downtown Houston, we have the means to provide you with a new Ford lease or auto loan that best fits your needs.
Whether you’re considering leasing a new Ford or securing a car loan for one of our quality pre-owned vehicles, our expert finance team is here to guide you every step of the way, ensuring you understand all your options fully. Plus, we’re a family-owned and -operated dealership that’s been serving the area since 1956, meaning that we have longstanding relationships and partnerships with various financial institutions to secure competitive rates and flexible terms for our customers.
Want to trade up to a new Ford truck, EV or SUV? Estimate your trade-in value online and one of our team members will be in touch to discuss the next steps. Visit our Houston auto finance center today and let us help you secure an affordable financing solution so you can drive home in your dream vehicle!
Buying Vs Leasing a Ford
Deciding whether to buy or lease a new Tommie Vaughn Ford can be a difficult choice. It is important to know the differences between the two options so you can figure out which is best for you.
When you buy a vehicle, you are paying for the entire vehicle. Typically buyers make a down payment, either pay the sales tax in cash or roll the amount into the loan, and then make monthly payments with a set interest rate. This option is great for those who drive many miles, or plan on keeping their car for a long period of time.
When you lease a vehicle, you are only paying for the amount of the vehicle you use. The sales tax is included in the monthly lease payment, which is determined in part by a money factor that is much like an interest rate on a new car loan. Typically the first monthly payment is made when you sign the contract. Leasing is a great option for those who want lower monthly payments and a new vehicle every few years.
What Can I Afford?
The total cost of 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.
Finance Questions?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Write a note below and one of our friendly finance experts will get you an answer.