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Established Member
Posts: 24
Registered: ‎03-09-2011
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Ford motor credit minimum requirements

Any one know ford motor credits minimum score requirements, also if I just finished paying off a vehicle through them do you think that may play a role in approval
Established Member
Posts: 26
Registered: ‎05-21-2010
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Re: Ford motor credit minimum requirements

I know they have a first time buyers program which obviously would not apply to you seeing as you just paid one off. Anyhow I would assume they are pretty lenient with credit. 

Established Contributor
Posts: 951
Registered: ‎05-27-2009
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Re: Ford motor credit minimum requirements

What is your current FICO scores and tell us about your credit situation. Income, utilization, what you are looking to buy, etc. Approvals and interest rates for cars are not based solely on scores.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Established Member
Posts: 24
Registered: ‎03-09-2011
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Re: Ford motor credit minimum requirements

My scores currently range in the mid 500s, had a15000 auto loan with both fmc and cap 1 auto. A few 30s on both 1 60 with fmc all over 1 year been current since fmc paid off owe4000 still with cap 1. Paid co ,2 paid collections.8% uti. Income about 65k. Hoping to purchase explorer but won't even attempt until cap 1 is paid. So prob six months for credit to heal. Also do you have any advice on raising score any quicker
Established Contributor
Posts: 951
Registered: ‎05-27-2009
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Re: Ford motor credit minimum requirements

I would be shocked if you could obtain another auto loan. Your scores is not in good shape, but what will really hurt you is your past experience with Ford. Ford will issue a second car loan to almost anyone if they have a positive history with them... 30 days late and especially a 60 day late is not a positive history. They are also very recent, which is not good.

 

Until you get your scores back up in to the low to mid 600s, you will have problems. Your auto-enhanced FICO (if a lender chooses to use it) will also be extremely low... probably in the low 500s.

 

You have already done the damage by missing the payments - your best bet now is to try to send a goodwill letter for removal of the lates. With your util under 10%, there isn't really much you can do. You have 3 major derogs and multiple missed payments - your scores will suffer until each drops off at 7-7.5 yrs after the DOFD, with lesser impact over time.

 

Sorry :smileysad:


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Ford motor credit minimum requirements

Were you polite with FMC?

 

if they called did you talk to them like humans and explain your situation?

 

If you lied, evaded, and verbally abused them, when your deal goes for a manual review, which it will, that will easily be held against you.


Are you blacklisted from FMC?  No.

 

You defiantely have some bad marks on your credit that you may want to age a little more naturally with a rebuilding attitude towards your future decisions.

 

You will probably get re-financed with FMC, assuming you did not burn any bridges when you were late. BUT you will need to have a good downpayment. FMC will probably be more willing to finance you, but you are going to need a 20%+ down- and do not expect tier 1.

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Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
New Visitor
Posts: 1
Registered: ‎11-06-2013
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Re: Ford motor credit minimum requirements

I recently obtained a loan through FMC.  I am a first time buyer with them, plus I traded in a 2011  Chevy truck.  They did finance me with a 500 score and $2500 down on a $40,000 loan.  They rolled $7k in negative equity from my Chevy.  I got a term of 66months.

Member
Posts: 7
Registered: ‎07-25-2012
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How much are your payments? (If you don't mind sharing)

How much are your payments? (If you don't mind sharing)

Established Member
Posts: 21
Registered: ‎11-28-2011
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Re: Ford motor credit minimum requirements

If you don't mind sharing you're income also. I am looking at buying a used Expedition in the next few months and am trying to figure out best options for financing. Does Ford have a Tier system? Would love to get into a new one if I could though!

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