Hines Park Lincoln Answers Your Finance Questions

Happy couple enjoying while choosing and buying new car at showroom.

Auto financing might seem confusing at first glance, but you'll find that's not the case once you work with the auto loan specialists at our Lincoln dealership in Plymouth.

For proof, just talk to Mike Blackmer, Business Managerat Hines Park Lincoln. He has been living and breathing auto financing for years, and helping customers get great rates on new and used cars is one of his many specialties. He's been grateful enough to answer some of the common auto financing questions we hear from our customers.

Read through what he has to say, then follow up with us to have any further questions addressed by Mike and his staff. We're here to make new car loans easy to understand, so talk to us today to learn more.

Auto Financing Questions, Answered


What are the current interest rates for buying a car?

Current rates range from as low as 5.25% to as high as 25%, depending on factors such as collateral, credit and down payment.


How can I secure a good interest rate?

Your credit score and down payment will determine the best qualified rate.


How much of a down payment do I need to finance a car?

While some people finance a new Lincoln with 0% down, putting 10-20% down will likely result in more favorable finance terms.


What other costs should I expect when buying a car?

In addition to the cost of the car, common expenses can include sales tax, document fees and any other applicable title, registration and plate costs.


How can I determine the value of my trade-in?

The best way is to have a local dealership conduct an appraisal, but sites like JD Power or NADA guides can provide an estimate based on market averages.


Does my credit score impact my loan rate?

Absolutely. If your credit score is below what lenders consider average, your implied rate will increase.


I have a low credit score -- can I still finance a car?

There are still options available, but some banks may require a larger cash down payment in an effort to reduce their risk.


I don’t have a credit history yet -- can I still finance a car?

Limited credit history isn't always a bad thing, and lenders may consider other factors -- such as a cash down payment or a co-signer.


What is the best length for a car loan?

The best length is one that is affordable to your budget. Remember: you can always pay more but you can never pay less. This is the only universal rule in finance.


Can you offer a better interest rate than my pre-approved rate?

Because we work with multiple banks, we often have access to more competitive rates than our clients might otherwise be pre-approved for.


Can I reduce my monthly car payments later on?

The only way to do this is to reduce the principal balance in combination with refinancing the loan. This would reduce the loan amount along with the interest to be paid.


Can I sell my car while still paying it off?

Yes! You can sell a car with an outstanding loan balance so long as you have the funds to satisfy the amount of the lien securing the title.


Can I add a warranty when I buy a car?

Yes! Ask our team how you can add an extended service plan, which is the closest thing you'll find to a factory warranty.

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