Finance a new or pre-owned Ford, or any pre-owned vehicle
MGM Ford Lincoln is here for you
Our Finance team aims to:
- Give you a relaxed buying experience
- Listen so we understand what you need
- Get you a flexible finance or leasing solution financing from one of more than a dozen lenders, even if you have no credit or a low credit score.
Get pre-approved online
You don't have to come to our showroom to begin the auto finance approval process. You can begin right now at home with our online calculator!
Select a payment you're comfortable with
Did you know that your credit score will have an impact on your loan's interest rate? This means it's a good idea to do a soft check on your rating. We have financing options for all credit situations.
& leasing options
Financing and leasing
MGM Ford Lincoln has relationships with Canada's big banks so that we can provide all customers with plenty of options, whether they finance or lease. We can provide solutions for both poor credit ratings and first-time buyers. We can also look at using Yes Plan, Go Auto's finance company, if the banks say no.
Depending on your needs and lifestyle, we can use either our finance options or Ford's Standard Purchase plans. Feel free to use the car payment calculator to work out your payments.
MGM Ford Lincoln offers a range of leasing options, including Ford's Red Carpet leasing. Each has kilometer options and lease-end choices.
Prepare for lease-end ahead of time and make the transition easier. At the end of your lease, you usually have three options. Please refer to your Lease-End Agreement for complete details.
- Buy your lease vehicle
- Get a new Ford - either purchase or lease
- Return your lease vehicle to MGM Ford Lincoln.
Be sure to inspect your lease vehicle for excess wear. If you leased directly from Ford, refer to the wear and tear guidelines that were posted to you before the end of your lease, or download Ford's wear and tear checklist, at the link below.
How financing or
your auto insurance
Some drivers want to know: “Will my insurance cost more if I lease a car?” No, it won't. Here are the key points to consider about financing, leasing, and insurance.
How is car insurance calculated?
Insurance rates are based on where you live, what you drive, and how you drive. The cost of your premiums isn't calculated on how you pay for your car. You pay the same for insurance, whether you buy or lease. Just be sure to let your insurance company know you’re leasing.
Who has an interest in the vehicle?
Financing or leasing both mean that someone is holding the interest on that vehicle: a bank, a dealership, etc. The name of the leasing company or the financier must be on your insurance policy. This process is in place so that a lender’s investment is protected.
What happens if I have an accident?
When a car is in an accident or written off, the finance or leasing company are paid first. After that, you will receive a payment if your car is worth more than what you owe. If you owe more than the vehicle is worth, gap insurance comes into play to cover those costs. Contact your insurance company for details.
Where can I find more information?
Your vehicle insurance agent is the best person to explain what your policy covers, along with the fine print. If you change vehicles or decide to lease instead of financing, contact your insurance company as soon as possible.
Ford Commercial Options
Ford Canada offers businesses flexible automotive financing and leasing packages to keep your business on the move.
- Traditional financing
- Flexible terms
- No hidden fees
- Combined billing available
Red Carpet Leasing
- Lease payments are usually lower than finance payments
- Allows for your cash to be invested in your business
- Short-term leasing allows newer vehicles more often
- GAP insurance.
- Open-ended lease program
- Vans, trucks, and cars available
- Upfit vehicles
- High kilometrage and heavy-use vehicles.
Commercial Line of Credit
- Apply for a credit line starting at $250,000 and free up capital
- No setup or non-utilization charges
- Available for Retail, Red Carpet Lease, and Commercial Lease financing.
- Available to retail and Red Carpet Lease, and Commercial Lease customers
- Simplify your payments by consolidating your monthly statements
- Combined billing is complimentary for you if you have two or more accounts.
Do you need more information?
Contact MGM Ford Lincoln for more information!
Get the new Go Auto App
Download the Go Auto App to start earning Go Card rewards today!
What should I bring to my finance appointment?
When you come to your finance appointment, please bring with you your valid government-issued driver's license, current pay stub, and a void cheque. You may need to bring additional information. For a complete list of what you'll need to buy or trade in a vehicle with us, call us ahead of time and speak to a sales consultant.
Will I be approved?
Probably, yes! The things that influence if you get approved for a car loan are the cost of the new or pre-used vehicle, its age, and its mileage. In addition, your employment history, residence, and income play a part, too. Your credit history, which is the information in your credit file is a factor. A down payment, which can be the total of cash and trade equity, can help, as well.
How are my car payments calculated?
Your car payments are based on how much you borrow, the amount finance, the term or length of the loan contract, and the annual percentage rate (APR) you are offered. At [[dealerName,]] we offer competitive rates from Canada's largest lenders to fit nearly every budget and credit profile.
How do I budget for my car payments?
Almost all financial professionals recommend that borrowers spend no more than 15% of their gross monthly income on their car payments. For example, if you make $6,000 a month you should spend about $900 on your car payment.
What is my credit score?
A credit score is a number that helps financial institutions figure out if a borrower has a risk of missing payments when they buy a car, house, or use a credit card. The score ranges from about 350 to 850 and is used to forecast if someone is expected to pay bills on time. In general, the higher a credit score, the more likely someone is to be approved for a loan. The systems that generate a credit rating look at a credit report and take several factors into account, including, for instance, payment history and the number of inquiries made on your credit report.
How is my credit score calculated?
A credit score is a number ranging from about 350 to 850. The higher the number, the more likely a customer is to get approved for a car loan. The systems that generate a credit score take several factors into account, such as the timeliness of re-payments, including late payments, the amount and type of debt someone has, and the number and age of your credit inquiries created by applying for credit public records such as liens and judgments.
Should I finance or lease?
This depends on your circumstances, budget, and future plans. If you want to own a car for the long term and build equity, buying is usually a better option. For someone who intends on moving away or globetrotting in a couple of years, leasing might be better. Leasing is also good for people who want a car under warranty and want the latest features. Our Finance will detail the pros and cons and help you with your decision.
Can I qualify for financing on my first vehicle?
Definitely. Many MGM Ford Lincoln customers can get financing on their first vehicle purchase. If we can't make a normal credit determination on your current credit history, you may still qualify for other programs, such as one for recent college graduates.
Does Ford have their own financing?
Yes, Ford Canada has a number of financing and leasing programs. At MGM Ford Lincoln, we work with Canada's top lenders for financing and leasing. We also have financing options from our parent company, Go Auto. Contact us today to discuss.
Who is a well-qualified buyer for Ford?
Anyone is qualified to buy from Ford. We can find solutions for you, even if you have a low credit score or have declared bankruptcy. There are solutions for first-time buyers, newcomers to Canada, and students.
How long does it take to get approved for Ford Credit?
Approval for financing or leasing can be as fast as a few minutes or a few days.
How late can I be on my Ford payment?
It's important to try not to be late with your monthly or bi-weekly payments. If you are late, you risk financial penalties, and your credit score could be downgraded. If you expect to make a late, contact us or your lender as soon as possible.
Is it hard to get financed through Ford Credit?
No, it's quite easy to get financing or a lease through Ford Credit. Even if you have a low credit score, there are options for you. Call us at 403 346 6621 to discuss your requirements and financing options.