Do I qualify for Ford 0% Financing for 60 months (on a commerical auto loan)?

[Anonymous]

It's my first time financing a car. I don't have any previous auto loans or student loans or mortgage. My credit is very new, but I've been working hard to improve it. I have about 21k in credit available from credit cards. (30k if you inlcude a business card I am a PG on, 42.5k if you also include a card I am a AU on). This vehicle will be financed in a business name for my company, I am ok with being a PG, but my credit is light to say the least. Ford currently has 0% for 60 mo, Will I qualify?

I just got a CC for the business through Amex with a 9k limit about 2 weeks ago.

Credit Score: 

EX: 723 (Amex), 723 (Discover Score Card)

TU: 761 (Credit Karma), 751 (Discover)

EQ: 768 (Credit Karma)

AAoA:

EX: 1 year (The AU card doesn't report on EX)

TU: 3 yrs 5 mo (From AU Card)

EQ: 3 yrs 5 mo (From AU Card)

INQUIRIES (Last 2 years) (2 will fall off later this year):

EX: 8 or 9

TU: 6

EQ: 3

# of positive trade lines: 8

# of negative trade lines: 0

Income: $100k/yr

Lenght of Employment: 1 yr

Previous Loan Experience: None

Debt-to-Income (DTI): 2% (Maybe a $2k balance) 6% Credit used to total credit available (Will go down because I just got $4300 in CLI on a CC)

Year of Car: 2016

Miles: 30

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 months

Down payment amount: As little as possible. (Don't want to tie up liquid cash if I get 0%)

Co-borrower/Co-Signer: None

Other:

I do not know my auto enhanced scores. Let me know what you think.

[Anonymous]

I suspect you have a decent chance, if not you can certainly get a very low rate.  I always suggest getting preapproved through a credit union, Penfed, DCU and NFCU are the three that are most popular and have great rates.  Your worst case is 2.5% or in that neighborhood which is really low given inflation is 2%.  Because its your first car negotiation read up on the process, don't let them load up the deal with a bunch of add ons that you don't need or don't need from them.  These guys can pile 5 grand of add ond to a car easily so you get a great finance deal but give it all back in crap you don't need.  I was just shopping for a car for my daughter and a dealer had 1,900 worth of crap like cheap tint, sealants and other BS added to every car on the lot.  I just got back into my car and left, no reason to even have a conversation with a dealer like that.

Sorry for the rant, I know you didn't ask for that much information but I hate seeing folks get screwed on deals.

Let us know how it works out.

[Anonymous]

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@Anonymous wrote:

I suspect you have a decent chance, if not you can certainly get a very low rate.  I always suggest getting preapproved through a credit union, Penfed, DCU and NFCU are the three that are most popular and have great rates.  Your worst case is 2.5% or in that neighborhood which is really low given inflation is 2%.  Because its your first car negotiation read up on the process, don't let them load up the deal with a bunch of add ons that you don't need or don't need from them.  These guys can pile 5 grand of add ond to a car easily so you get a great finance deal but give it all back in crap you don't need.  I was just shopping for a car for my daughter and a dealer had 1,900 worth of crap like cheap tint, sealants and other BS added to every car on the lot.  I just got back into my car and left, no reason to even have a conversation with a dealer like that.

Sorry for the rant, I know you didn't ask for that much information but I hate seeing folks get screwed on deals.

Let us know how it works out.

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Thanks for the advice. I was denied for Chevy's 0% for 60 months. Still waiting to hear back from Ford. They think I can get a low rate though, just like you said. This is the first time financing a car in my name, but I've bought multiple cars before (either cash or leased under my father's name because I didn't have any credit). I actually used to sell cars for over a year, so I know most of the tricks haha.

[mt2va]

Good luck.  I recently made some car purchases and still don't understand how one dealer can make something work and another can't.  I was going to purchase my 5th Chevy vehicle from the same dealer and they claimed to be unable to get me financing at all (at any rate much less 0%).  Even though in the past they could always get me something even if I needed money down or a co-signer. 

So I went to Toyota and got 0% on a brand new Camry anda  week later (still in shock) got 0% on a brand new RAV4 also.  Nothing changed in my credit during that time and my credit profile is not nearly as good as yours.