Howdy! My wife would like to get a Sport Trac ($25k) since she's about to graduate nursing school. We pulled her credit report and she has a 30/60 day late with Discover and a $138 unpaid medical collection, both last year. She thought her mother had paid the medical but seems to be wrong. The Discover is 90% to it's limit, but we may be able to pay it off soon. She has a couple other accounts that have never been used with low limits. She's worked through school so student loans aren't too bad. Can anyone tell me if she'll qualify for Ford's 0% interest rate? The salesman tells us no problem but for some reason I've never trusted salesmen. Of course we plan on trying to fix her credit a bit. Her car is on it's last legs. She really deserves a little reward for all of her hard work. I wanna see her get it. "Homer"
I went for Ford financing when my credit was still in the mid 600's. The Ford dealership I went through was a big one and the salesman said they had a little pull with Ford Financial. I told him that if I couldn't get the Ford financing at that rate that I wasn't buying. I also put 10k down, which I think made it much easier for them. I think the more you put down, the more it makes it a no-brainer for them.
Ford fianancing is BK friendly also. My Brother in law is only out 1 year from is bk7 590-610 ficos and was approved for a mustang gt. although his interest rate is high.
Just to let the board know - I've heard from multiple finance guys that Ford Credit does NOT base their "tier decision" on you on your scores! Rather, they look objectively at your payment history on every type of loan, especially vehicle loans, and it will also depend on the type of vehicle that you're trying to get into, as unfair as that may seem. Somehow I have a feeling that you (anyone) would qualify for 0% on a Crown Victoria before you'd qualify for 0% on Sport Trac. My scores are horrible (low 400s) but I just got a loan on a 2001 Explorer Sport at 12% because I've paid them ahead of everyone for as long as I've had vehicle loans.
I can vouch for that. I tried to get financed a couple of weeks ago through Ford, my score was 680 no derogs and they turned me down due to short auto loan history. The same scenario w/the local banks. If you do not have a good auto loan history you can pretty much hang it up w/Ford. But I was told by the financing guy that even w/bad credit if you have a good auto loan history they will more than likely finance.
I recently received Ford financing 0% APR, and 0 down. They based the offer on Exp 630 and TU 660. If you have a good Finance person you will get it.l They do use a tier system, although I have no idea how it works. I came back a level 1 with my scores. Don't let them BS you, if you don't get what you want, walk. I traded in a vehicle with atleast 5K in negative equity. Where else can you get a 0% APR to carry negative equity? I would find the biggest Ford Dealership in your area and go there. If they move lots of vehicles for the company, they can get you the 0% deal. I was told you can get the 0% apr and 0 down with a score of 620-640, but I don't know how that is factored into the teir system. I think if you have a paid auto with no lates it can boot you up a tier or two no matter how low your score. Its just my assumption based on my discussion with the finance guy at the ford dealership. I told him point blank if I don't get the 0% apr we are waisting time.
I thought this was interesting from the Ford Motor Credit website: Poor credit reports are the most common reason why applications are denied. However, Ford Credit will also consider other factors, such as your income and monthly payment habits, along with your credit report to determine your ability to sustain an obligation. Something as simple as financing a lower cost vehicle or extending the term could be all you need to qualify.
Re: Re: Ford financing They pulled EQ. I'm in Texas. BTW, I called and asked what they pulled before I even bothered.
Re: Re: Ford financing Heres the skinny on how ford credit works and the tier system.. if you have Excellent credit you fall into Tier 1. this means you can obtain Credit on just about any terms including 0.0% and they will finance you for any amount up to 125% over the price of the vehicle. so you can roll in a large amount of Neg equity and still geta vehicle for 0% or a low low apr on a used car. you need a score above 700.. if you have fair/good credit. you can get 0.0% but ford will NOT finance over 110% of the price of the vehicle. so you may need a larger down payment. if you have derogatory credit, you can only finance 100% of the price of the vehicle at 0% Tax , Title, and reg down. from what i have read you will have no problem getting 0.0% as long as you have a good payment history with some installment account. you will probably fall into tier 2, and only will be able to finance 110% of the vehicles cost at 0%. thats how it works dont let any sales person trick you into paying for a "tier bump" which is money down for you t oget 0% thats a trick. they are just trying to get you down to 110% of the cars cost with Tax etc... thats how it works, no lies, tricks, or deception here. you learn a lot working for the prosecutor. !!
Re: Re: Ford financing Does FMC not do 6 year loans? I just went through their payment calculator and the longest it goes is 60 months?
