Auto Financing & Truck Loans in Huntsville, AL

Shopping for a new vehicle requires looking at more than just horsepower, fuel economy, and heated seats. To get behind the wheel of your next car, you also need to figure out how to pay for it — and that's where our finance department at Woody Anderson Ford in Huntsville, Alabama, can help.

Our financial specialists bring years of experience in helping you understand your options for auto financing with the goal of finding a lease or loan that fits your household budget. They've built trusted relationships with lenders who serve customers across many household income levels and with less-than-perfect credit scores. We aim to get you into a sedan, SUV, or truck you love at a price you can afford.

How the Finance Department Works

Using our finance department at Woody Anderson Ford helps save you time and money. Our professionals work directly with banks, credit unions, and other lending institutions to get near real-time reviews of your requests for credit.

We can quickly match you with lenders that can grant your credit request based on their history and lending standards. Our team can help educate you on the trade-offs between prices, down payments, and interest rates. We're here to help you find the most competitive rates to get you the monthly payment that works for your budget. 

One of the first decisions we'll have to make together is what kind of financing you seek. Our team can help you request new vehicle loans, typically extending over five or six years; used vehicle loans, which tend to have slightly higher interest rates; and lease agreements, generally arranged through individual auto manufacturers.

Generally, longer loan periods produce lower monthly payments but cost you more in interest. Conversely, shorter loans require higher monthly payments but limit your long-term interest costs. Every buyer's circumstances are different; our finance professionals at Woody Anderson Ford will help you evaluate the variables to produce the best possible situation. 

Getting Financed

Getting qualified for a loan requires providing information such as your income, household expenses, and debt load. Lenders want you to meet specific criteria that help establish your ability to repay the loan. You'll also have to give permission for the lender to inspect your credit report.

At Woody Anderson Ford, the first step in providing that information is to fill out our application for auto financing. It may be helpful to complete this application before you visit our dealership, as it will help establish your creditworthiness. 

You may have to verify your income by providing a pay stub and your identity by showing your driver's license. The process typically includes signing a release for your credit report, which is crucial in determining the outcome of your loan request.

It's also possible to work with lenders directly, obtaining loan pre-approval and qualification before visiting the dealership to consider vehicle options. However, working through our finance department at Woody Anderson Ford allows you to capitalize on our existing relationships and explore financing with multiple lenders at once. We may be able to offer promotional rates that would otherwise be unavailable. 

Dealer-arranged financing also tends to move more quickly, as it combines various steps into a one-stop shop, saving you time by addressing the application, credit review, and decision at the same time as you pick out your new car.

Getting Approved for an Auto Loan

Going through the approval process can seem confusing. At Woody Anderson Ford, our finance team will take the time to explain the various factors involved. Here's a rundown of the factors that go into decisions about extending credit:

Credit score: Financial institutions evaluate your creditworthiness through a credit score, which considers factors such as your on-time payment and credit utilization history. A higher credit score makes you more likely to get approved for a loan, but we can help with bad credit financing, too.

Income: To prove your repayment capabilities, you must establish that you have enough dependable income to afford the monthly payments. 
Debt-to-income ratio: In addition to income, lenders will also consider the total amount of debt compared to your income. Higher ratios suggest limited resources for loan repayment. 
Down payment: By putting your own money into the loan upfront, you reduce the amount from the lender, which lowers their risk. Lenders typically look for a down payment of 10% to 20% of the car's purchase price.
Employment history: Showing an established and stable employment record helps reassure lenders that you'll continue receiving money to allow you to pay on the loan.

Types of Financing Available

Our finance managers at Woody Anderson Ford, serving Huntsville, Alabama, and surrounding areas, focus on three main types of financing.

The most common is financing for new cars. These loans typically come with lower interest rates because the vehicle is just off the factory line. Our consultants can also help connect you with appropriate manufacturer incentives or other offers.

We can also assist you with used car financing. One advantage of working through us for used cars is access to the Ford-certified pre-owned program. Because vehicles in this program have been thoroughly inspected by our experienced technicians, Ford Credit can often offer competitive loan terms. In general, used car interest rates are higher than new car rates.

Finally, our team can also help provide potential offers for car leases. A lease will result in a monthly payment like a loan, but the payment is calculated differently and is typically lower. You don't own the car in connection with a lease and have to return it at the lease end.

Find the Right Vehicle at Woody Anderson Ford 

At Woody Anderson Ford, our team is committed to helping you find the right vehicle at the right price. We're a full-service Ford dealership providing customers in the Huntsville area with a comprehensive selection of new and certified pre-owned Ford sedans, SUVs, vans, and trucks. We also offer used vehicles from other manufacturers. Our team is committed to providing the best service, parts, specials, and financing to support your purchase and maintain your vehicle for years to come. Call us or contact us online to discuss your needs.