Financing for your Lincoln
Come to Terrace Lincoln and explore the exceptional experience of the luxury Lincoln brand. Discover the effortlessness of Lincoln. Benefit from one of our finance and leasing options to embark on your journey with Lincoln today.
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Financing Your Lincoln Vehicle
Get your budget first
Use our online calculator to figure out the right finance solutions for your budget.
Check your eligibility
The interest rate you receive for car financing is impacted by your credit score. However, you can verify your credit status with us without any negative impact on your score! We offer a variety of financing options to accommodate different credit scenarios.
What’s my credit score?
We’ve partnered with Equifax to empower you to find out your credit score and assist with your vehicle financing needs.
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Why Terrace Lincoln financing
At Terrace Lincoln, we understand that everyone has unique financial requirements. We can tailor a payment plan that suits your needs, whether you choose to finance, lease, or pay cash with a certified cheque or bank draft.
First-time buyer
We understand that not all car buyers, particularly young individuals, have established credit histories or the means to provide a down payment or a trade-in vehicle. However, there's no need to worry. Our dealership collaborates with Canada's top financial institutions to secure competitive financing and leasing alternatives for our customers, tailored to their specific requirements.
Bad credit or no credit
We understand that credit history can be a challenge for some people. Our financing specialists are here to work with you and find an affordable solution that fits your budget.
New to Canada
If you're moving to Canada or have just arrived, it's essential to note that your credit score from your previous location won't carry over.
High rate on an existing loan
We may be able to help you reduce your payment and obtain a better finance rate by purchasing your existing loan through our parent company, Go Auto.
What do I need to
get approved?
Employment & income
Typically, meeting the eligibility criteria for a loan requires having a job at your present employer for a minimum of three months and a monthly income of no less than $1,800. Nevertheless, certain categories of government aid may also be deemed as suitable sources of income.
Down payment
Although not always required, a down payment can be advantageous. Reducing the loan amount typically improves the chances of obtaining approval for a car loan from the lender.
Driver’s license
You need a valid driver’s license and must be the age of majority in the province that you live in.
Current address
Please bring your current address details, including your monthly rent or mortgage payment, to your appointment.
Bank account
In order to facilitate monthly payments, lenders prefer to deduct the payment amount directly from your bank account. The most convenient method of achieving this is by providing a void cheque or a stamped pre-authorized payment form.
Contact details
Please provide your full name, date of birth, phone number and email address when you come to your appointment.
Finance vs. lease?
When deciding on financing versus leasing, what's right for one person can be totally wrong for another.
Paying off your Terrace Lincoln car loan
Paying off your loan early
Most banks allow you to pay off your remaining balance after a specific period, which is commonly six months. We recommend verifying with your bank or contacting us to ascertain if this choice is accessible to you.
Changes to payments
Almost all banks and lenders let car loan customers make lump-sum payments or increase their regular payments. Contact us or your lender for more information.
Extending a loan term
Once a loan agreement has been signed, it is typically binding, and most lenders do not offer extensions. You may confirm with our finance specialists or contact your lender directly to inquire if an extension is an available option.
Car loan insurance
Were you aware that you can also obtain insurance for your car loan? In the event of a job loss or illness, how would you manage to make your regular payments? Insurance coverage can provide you with protection against such unforeseen circumstances. Contact us about this type of insurance.
Affordable financing
If you have a low income, you can still qualify for a loan! Earning $1,800 a month or more can mean you can be approved for a car loan.
Switching a loan to another vehicle
If you're thinking of getting a different vehicle but currently have a car loan, we can provide assistance. Our team can assist you in choosing your next car, settling your current car loan, and including any remaining balance in your new contract.
Meet the
Go Auto App
Download the Go Auto App to start earning Go Card rewards today!
- Save 10% on service, get 5% back in rewards, and earn $500 in referral rewards
- Book service appointments with ease
- View your entire service history, with videos, in one place
- Pay for your service with just a few clicks
- And more
Getting a Terrace Lincoln car loan and managing it
Is Ford Credit the same as Lincoln Credit?
Ford Credit and Lincoln Credit are separate brands that provide financing and leasing services for Ford and Lincoln vehicles, respectively. But they are both part of the same parent company. They are both part of Ford Motor Credit Company LLC, which is part of Ford Motor Company.
Is it better to finance through Lincoln or the bank?
Determining whether to finance through Lincoln or a bank is contingent on several factors, including your credit score, income, and financial objectives. For those who prefer having all their financing and vehicle-related services consolidated in one place, financing through Lincoln may be more convenient. However, banks or credit unions may provide more adaptable terms and interest rates. It is crucial to conduct thorough research and compare offers from various lenders to identify the best financing option that aligns with your requirements and financial circumstances.
How do I make my Lincoln loan payments?
If you are seeking payment options for your Lincoln vehicle in Canada, several choices are available to you. Firstly, you can enroll in pre-authorized payments, which automatically deducts payments from your bank account at regular intervals for added convenience. Alternatively, you can add Lincoln as a payee on your online banking platform and make payments directly from your bank account.
Mailing a cheque or money order to the address provided on your billing statement is also a viable option, along with making payments over the phone through certain banks' telephone banking services. Finally, you can visit your bank branch in person to make a payment. If you require further information or assistance with making payments, please contact Lincoln's customer service.
Can I defer my payment to Lincoln Finance?
Lincoln Financial Services may provide payment deferral options, but it ultimately depends on the terms of your particular financing agreement and your individual circumstances. To inquire about their payment deferral options and eligibility requirements, you should contact Lincoln Financial Services directly. They will be able to provide you with the most accurate and up-to-date information regarding your account and any available options for you.
Does the Debt Waiver program apply during the deferred months?
To confirm if the Debt Waiver program from Lincoln Finance applies during deferred months, it is advisable to contact them directly. They will have the most accurate and up-to-date information regarding their program and policies. You can contact them through their customer service hotline or online portal.
How do I prepay for my Lincoln in full?
Call us or your lender and we can try to see if you can prepay for your vehicle.
How do I report a total loss by my insurance company to Lincoln?
If your financed vehicle has been declared a total loss, the first step you should take is to contact your vehicle insurance company. Once you and your insurance company have agreed on a settlement, the insurance company will issue a cheque payable to all policyholders and Lincoln Automotive Financial Services. After receiving the cheque, ensure that all payees sign the back of the cheque and mail it to the following address: Box 1800 RPO Lakeshore West, Oakville, ON L6K 0J8. You should then contact Lincoln Automotive Financial Services for further instructions.
If you are a lease customer and your vehicle has been written off, please contact your vehicle insurance company to obtain a claim number. After receiving the claim number, contact Lincoln Automotive Financial Services, and we will work with your insurance company to settle the claim. Once the settlement has been reached, we will provide you with further instructions.
It is important to keep in mind that if the insurance settlement is less than the amount remaining on your loan, you are responsible for the outstanding balance. Conversely, if the insurance settlement is more than the remaining balance on your loan, Lincoln Automotive Financial Services will issue a refund cheque for the difference.
