does Ford Motor Credit go subprime lending?

[Anonymous]

My EQ score is 548..I have a trade that I am not upside down in,(hope to get at least $1k over payoff...worst case just the payoff) and about 3k for a down payment...any chance?I am looking to end up financing around 10k after the down payment trade etc. Will Ford approve me? Also I know it's far fetched but am I likely to get a marginally better interest rate on a cpo??

I may be able to get a cosigner, but once they are on the loan can I ever get them off? A family member may be willing to cosign, but I know they are looking to refi their mortgage in the next year or so, will I be able to take their name off of the loan later on?? Sorry if these are stupid questions, I am just in a jam right now.

[clocktick]

I can't tell you if you'll get the loan or not but if that family member has great credit, you'll be more likely.  I cosigned for someone and they were able to refinance and get me off of the loan within 4 months.

Is there anything you can do to increase your credit scores - correct false entries, get rid of obsolete TLs, etc.?  Do you need a vehicle right NOW where you NEED to spend over $3000?  What source did you get your score from?  Worst case scenario, I bet you can get a decent vehicle with your trade-in and the $3000 down if it came to that.  How much is your trade-in worth?

[Anonymous]

I have two small children (my youngest is one month old today!) I need something reliable that I won't have to worry about fixing every 5 minutes. My current vehicle is a Wrangler, and I can;t get two car seats into it. I know that it books between 8-9.5k depending on where you look. I owe 6500 on it. I don't think I can wait to improve my score, my wife goes back to work in two and a half weeks and I need something by then. I was hoping to avoid a buy here pay here place,,, any thoughts, I found a CPO Mercury Montego with 44k miles for 10,990 and it's AWD and I live in Northern Ct so id could be ideal. Any thoughts?

[moondog7324]

Can I recommend a Kia Sedona or Hyundai Entourage- they have great rebates now- and all the room for a growing family. The price will be about 16500 - 3000 trade in- 9500 bbvalue minus 6500 you finance about 13500. You can even try a subprime lender like roadloans- here is what I did in a very similar situation.

I knew my scores were sub 600- so I got financed through Roadloans before I went to the dealer- (they give you a set amount you can buy for) When the dealership wanted to run my credit history- THEY ALMOST ALWAYS DO THIS  FIRST- I said NO , I have my own financing- don't tell them who with- if they persist- say you deal with a credit union DO NOT MENTION ROADLOANS- they will kmow your subprime- Negetiote the deal- be tough- they need to sell the car more than you need to buy it. Be prepared to walk if needed.. when you got a good deal- your comfratble with- then ask for them to get you financed.If they have a deal- they will salivate trying to get a sale. Take the best offer- just a thought- the Hyundai entourage was the worst selling car in 2008- rated very high but poor sales- they are dealing big time.

I was able to go in with pre-approval from roadloans, I made the deal- and at the last minute I read the fine print about the car had to be purchased in the state you live- I panicked- but the dealership found me an even better loan- Which I promptly refinanced at 4 months for an even better deal. good luck

[Anonymous]

Also, at least here in California, Hyundai has a plan where if you lose your job in the next year you can bring the car back and no bad stuff will happen to your credit.