I'm so bummed - I have a 1995 Chevy that is paid off - I got it through Ford Motor Credit and paid it off last year - I had one 30 day late in 5 years. My credit scores are not that great - somewhere in the low to mid 600's. What are chances for approval, and can I go through Ford credit directly and then go to a dealer with an approved loan, or do I have to go through a dealership directly??? Any suggestions on the best route for the best rates???
I'm pretty sure on Ford's website they have a place to get qualified. I do NOt however, know what FICO score you will need. Maybe some one else here has recent dealings with them. Michelle
You can do it either way. I would recommend finding what you want, and having the dealer work the financing - they sometimes have wiggle room on interest rates that the online app won't give you. Ford pulled EQ in my area, so I faxed over my report, for a "verbal" before I let them pull a hard. Make it clear that you do not want to be shopped (unless you do!) tell them Ford or you aren't going to do the deal. Finally, if Nick passes by and says you are going to have to pay 99% interest at 20% over MSRP with those scores because auto sales is a seller's market right now, don't listen .
Ford is not so much score driven as auto loan repayment history driven. We got 4.9 with EQ Fico in the mid 500's.
Thanks jlynn, that's always good to know they are willing to deal with people that may have just had a little down period. I figured someone had to of dealt with them. Michelle
I would also recommend, if you have credit issues to go to a "volume" dealer. They have more pull with the finance company because of the large amount of business they send them, then some Mom and Pop operation that has an inventory of about 100 vehicles. We live in a VERY SMALL TOWN, so we drove 50 miles to the DFW metroplex to buy.
Thanks for all the advice! I guess I'll go to a large dealer and let them do what they can. I don't DEFINITELY need to go with Ford Credit, just thought I might have a better chance due to the car loan that I already had with them. I'll just be sure to tell them that I don't want my credit ran 15 times with different places trying to get it approved (that DID happen to me once BTW, and I ended up not getting a car at all, but had a ton of inquirires). I just want to get the best possible interest rate I can and get approved!!! UGH, I hate dealing with cars! If I lived someplace other than AZ, I'd deal with no air and keep it, but it's impossible here!
