Hello,I have terrible credit,but some re-established. I looked at a truck today, and wanted to purchase it. I have been turned down by all the second chance finance co's and all those 800 #s that claim to guarantee a car loan. I obtained a co-signer today whom has EXCELLENT and SUBSTANTIAL credit. Do you think ford credit would overlook my bad credit, and take into consideration that I am putting down 4000 dollars, and have a co-signer with immaculate credit, or do you think I will be declined b/c of my bad credit. Any experiences with ford credit would be appreciated. The truck is 18000, with rebates and money down , I will be only financing around 11500-12000. Should I go for it?
I leased a car through Ford Motor Credit after a BK in 1993. They were a very fair company to deal with. Have the dealership try Americredit (they must contact them, you can't). They will finance people with terrible credit on a very high-risk loan with an interest rate that is at least 21%. If you can stomach paying up to $9,000 in extra finance charges with bad credit, then go for it. I think when you've been turned down by all the "second chance" finance companies, you pretty much need a GOOD co-signer. Either that or you need to fix your credit before you try to finance a car. Two years of good payment history and paying off old debts works absolute wonders. Buying a decent used car for $4000-6000k will get you by for a couple years while you repair credit.
I too have been turned down by the companies who guarantee approval to anyone! But I did get approval and I honestly do have the world's worse credit! If you have a $4000 down payment--that is substantial AND a co-signer with immaculate credit--I'd say your chances are excellent! I only had a $500 down payment and my co-signer's credit was much better than mine but not unblemished and I got approved! That was about 4 years ago. But go for it!
Please note that your co-signer will be the actual buyer of the vehicle and you will be the co-buyer if you choose to go with AmeriCredit or Ford Credit.
sorry for quoting all but this editor here leaves a lot to be desired. If your friend has substantial credit I'd finance as much as possible. Better to take that $4k and use it to pay the loadn off - make double and triple payments - give your frined the money (to show good faith) and let him make double triple payments for six months or so - it'll help both of your credit ratings. Arthur wrote: ------------------------------- Hello,I have terrible credit,but some re-established. I looked at a truck today, and wanted to purchase it. I have been turned down by all the second chance finance co's and all those 800 #s that claim to guarantee a car loan. I obtained a co-signer today whom has EXCELLENT and SUBSTANTIAL credit. Do you think ford credit would overlook my bad credit, and take into consideration that I am putting down 4000 dollars, and have a co-signer with immaculate credit, or do you think I will be declined b/c of my bad credit. Any experiences with ford credit would be appreciated. The truck is 18000, with rebates and money down , I will be only financing around 11500-12000. Should I go for it?
I too have bad credit. I was able to get a Lease on a 99 Taurus with 0 down. I had a cosigner with excellent credit and good history with Ford Motor Credit. That's who my lease is through. I'm told that after this lease is over, I should have no problems getting a lease or loan on my own through Ford Motor Credit. They are very fair to work with. Good luck!
