How to Get a Lincoln Car Loan
You can finance your Lincoln through Lincoln Automotive Financial Services, or secure a car loan through a bank or credit union.
Written by Jacqulyn Graber
Reviewed by Christelle Agustin
When purchasing a new Lincoln—new, used, or certified pre-owned—you can secure auto financing straight through Lincoln Automotive Financial Services, or you can shop for an auto loan from a bank or credit union.
Getting a loan through the dealership is incredibly convenient, but traditional lenders may offer better financing options. Unless you’re made of money, chances are you’ll need to secure an auto loan when purchasing a new vehicle—especially if you’re shopping for an expensive and luxurious Lincoln.
Fortunately, you’ve got a lot of options when it comes to securing new car loans, whether you work directly with your dealership’s finance center, or contact your local banks and credit unions yourself. Let’s explore all of the steps you need to take to finance your next vehicle!
How to get a Lincoln car loan
Whether you’re shopping for a
Lincoln Corsair
, a Lincoln Aviator
, a Lincoln Navigator
, or another Lincoln model, the process of applying for a car loan is relatively straightforward.Follow these steps before heading off to the dealership, so you’re fully prepared when it’s time to go shopping!
Check your credit score
Your credit history is one of the most important factors in determining your loan terms, so it’s important to
check your credit score
before you begin shopping for vehicles. You’ll need a fairly decent credit score to purchase a Lincoln since the cheapest option is the Lincoln Corsair, which starts at $36,370.
As a rule of thumb, anything over 660 is typically considered a good score. In general, those with higher credit scores can expect lower interest rates, smaller down payments, and lower monthly payments.
If your score is below 660, you may still qualify for a Lincoln car loan, depending on your circumstances. For example, used vehicles—which tend to be cheaper—may be easier to purchase. Additionally, if you make a sizable down payment or have a valuable trade-in, your loan application may be more likely to be approved.
MORE: What is a good credit score for a car loan?
RECOMMENDED
Compare auto insurance policies
No spam or unwanted phone calls · No long forms
Compare lenders
If you’re purchasing a Lincoln directly from the Lincoln dealership, the finance team will likely push you towards a Lincoln Automotive Financial Services loan.
An in-house loan could be a great option for your Lincoln vehicle—especially since the finance professionals will typically offer you some exciting incentives and perks. However, it’s not your only option!
Third-party financial institutions, such as local banks and credit unions, also offer car loans—and you can likely find better loan terms through said institutions.
It’s a good idea to compare loan offers through no less than three lenders before making your selection. Look for a loan that meets all or some of the following requirements:
- Short-term loans: 60 months or less
- Low APR: 4.93 percent or lower
- Manageable monthly payment: No more than 10 to 15% of your monthly income
Lincoln conveniently offers a
payment calculator
on their website (as many other loan providers do as well!). This allows you to estimate your loan terms before speaking to a customer service representative, which can make the process faster and easier! However, don’t forget about how important good customer service is when choosing a loan provider. Even if a company offers great terms on paper, it’s no good if you struggle to get in touch with them, or if the lender has received a large number of negative customer reviews.
Get pre-approved
Getting pre-approved for your luxury vehicle allows you to shop smart. First, you’ll know exactly what price point you can afford. Second, you’ll likely be able to negotiate a better loan when you actually sign the loan agreement.
Many lenders, including Lincoln Automotive Financial Services, allow you to apply for pre-approval online.
To get pre-approved, you’ll need to complete a loan application and provide your prospective lender with the following information:
- Social Security number
- Employment documents
- Driver’s license or other photo ID
- Income documents (paystubs, etc.)
Average loan term for a Lincoln
In the United States, the average car loan term is six years or
72 months
—but it’s not necessarily the best loan term to choose. The loan term you select will have a major effect on your monthly payments, so we recommend trying to find a loan with 60 monthly payments or fewer. If you can find a lender who will give you a shorter term, you’ll be able to pay off your loan faster and thus pay less interest. Although your monthly payments will be higher, a short loan term makes your loan more affordable in the long run.
Lincoln’s sales department offers loan terms in 36-, 48-, 60-, and 72-month increments.
Additionally, Lincoln offers special interest rates that are as low as 3.9% APR—however, the exact interest rate you’ll qualify for depends on your credit score, as well as the promotions and incentives that your local dealership is currently offering.
Buying vs leasing
If you’re interested in getting behind the wheel of a new Lincoln Nautilus, buying one isn’t your only option—a Lincoln lease is also a great way to go.
Lincoln Automotive Financial Services allows you to lease a brand-new vehicle for a 24- or 36-month term. The benefits? You’ll likely enjoy lower monthly payments, plus you’ll be able to choose to trade in, buy, or select a different vehicle at lease-end.
However, keep in mind that leases are subject to strict mileage limits, and upgrading to higher limits could be quite costly. Plus, you won’t be able to cash in on the full trade-in or resale value of your vehicle.
"WOW.Jerryhas been so easy to use. I called a representative when I wanted some clarification, and they walked me through the entire process of finding a new rate for full coverage on my luxury vehicle.” —Beth G.
Let Jerry find your price in only 45 seconds
No spam · No long forms · No fees
FAQs
Do I need to put down a down payment to get a Lincoln car loan?
It depends. If you have great credit, and/or are trading in a high-value vehicle, then you might be able to secure a desirable car loan without a down payment. However, if your credit is less-than-perfect, or you don’t have a valuable trade-in, then some sort of down payment may be required.
Either way, if you can afford a down payment, it’s a good idea. It will allow you to secure better loan terms, lower your monthly payments, and lessen your overall costs in the long run.
Reduce your monthly car payments in minutes?
Find out if Jerry can reduce your payments by an average of $150/month
4.7You might also be interested
.webp&w=384&q=75)
