topic Re: Ford 0% in Auto Loans

Ford 0%

Anonymous — Wed, 17 Feb 2016 13:50:36 GMT

I'm going to be trying to purchase 2 vehicles from ford relatively soon. A 2016 explorer and a 2016 f-150. my scores are in the low 700s. never bought anything from ford before, but i've had 3 car loans through toyota that were all on time and paid off years early. i see that on the explorer they are offering 0% financing for 60 months. which is something i'm interested in. and i could also put down probably about 10k between the two cars.

so 2 questions....

1.what kind of score do you need to get approved for the 0% financing??

and

2. what are the chances of getting approved for 2 vehicles at the same time??

any help is appreciated. thanks!!

Re: Ford 0%

settleordelete — Wed, 17 Feb 2016 19:10:03 GMT

High 600s at least for 0%. And two cars priced from 30 to over 50 thousand each will require a high income as well. I wasn't sure if Ford was gonna finance my purchase of a new F150 in 2011 due to the fact I'd bought a car in 2010 through Toyota Financial services. However the finance manager at the ford dealer pushed it through. As long as you can handle the payment, Ford will package it up for you. Good luck.

Re: Ford 0%

Anonymous — Wed, 17 Feb 2016 22:05:52 GMT

@settleordelete wrote:
High 600s at least for 0%. And two cars priced from 30 to over 50 thousand each will require a high income as well. I wasn't sure if Ford was gonna finance my purchase of a new F150 in 2011 due to the fact I'd bought a car in 2010 through Toyota Financial services. However the finance manager at the ford dealer pushed it through. As long as you can handle the payment, Ford will package it up for you. Good luck.

12 months ago at Acura Financial it was 720+ for the prime offering at that time (1.9%), so I doubt Ford will give 0% to high 600's.

Re: Ford 0%

lincar66 — Wed, 17 Feb 2016 22:59:19 GMT

Ford will give 0% down to mid 600s now if there going to hand you almost 75k at 0% that's another story might be able to just get a nice rate through a credit union

Re: Ford 0%

settleordelete — Thu, 18 Feb 2016 03:04:27 GMT

Yes, Fords 0% is available for credit scores just below 700 here in Texas. Everywhere else, who knows.

Re: Ford 0%

sccredit — Thu, 18 Feb 2016 14:14:42 GMT

@Anonymous wrote:
@settleordelete wrote:
High 600s at least for 0%. And two cars priced from 30 to over 50 thousand each will require a high income as well. I wasn't sure if Ford was gonna finance my purchase of a new F150 in 2011 due to the fact I'd bought a car in 2010 through Toyota Financial services. However the finance manager at the ford dealer pushed it through. As long as you can handle the payment, Ford will package it up for you. Good luck.
12 months ago at Acura Financial it was 720+ for the prime offering at that time (1.9%), so I doubt Ford will give 0% to high 600's.

Acura and Ford have very different qualification standards. Acura is much more stringent than Ford. I've seen people in the 640's with 0%

Re: Ford 0%

gibeon — Thu, 18 Feb 2016 14:37:50 GMT

Ford has a DIY calculator (pre-qualifier, noy pre-approval) for financing on their site that will give you a reasonable estimate of whether you can get the 0% or what % you can get.

http://credit.ford.com/fg/finance-guide/credit-testrun

Re: Ford 0%

Anonymous — Thu, 18 Feb 2016 14:56:45 GMT

i went through the motions with this, and it says for me to apply for credit online. i'm assuming that doing it online though, i would only get pre-approval for one car. and i would have to do it in person to get approved for two??

Re: Ford 0%

Anonymous — Fri, 19 Feb 2016 05:18:59 GMT

I know this is a somewhat lazy answer, but call a Ford dealership. Call 3. Call five. One of them will have a finance manager who will answer your questions in two seconds.
I called a few subaru/scion dealerships before I found a guy with a brain and he went into super detail. Tier 1 is x, tier 2 is y, tier 3 is z. Tier 4 was w. But tier 3 and above is what gets 0% financing. And in terms of the 2 loans, as long as your income supports it I don't see why they would bat an eye at all. If you're making 150k and want to Buy 2 focus' for 17 a pop(or whatever they cost), your income supports that easily at 0%. Just threw random numbers out there but I'm sure you get the idea.

I would call a dealer and just ask them. Ask to speak to the finance manager or a finance person, they can pull up the rates if they don't know them by heart. Whether they can tell you what exact fico version they use though, that may be beyond them. In my experience finance/CU ppl have no idea what a auto enh 8 vs 5 is, or in some cases fico 8 vs auto enhanced period.
Good luck, please call and let us know what they tell you. Really shouldn't take more like 10minutes(that's if you have to call 5 dealers)

Re: Ford 0%

Anonymous — Fri, 19 Feb 2016 12:31:05 GMT

I got 0% down and 0% APR on a brand new Ford in 2014. My score was in the 670s as I recall, but the only accounts were deferred student loans that I hadn't started paying on. And I had just started a business so had no provable income.

Ford wants to sell cars. Their lending standards are very, very lax.

Re: Ford 0%

Anonymous — Sun, 28 Feb 2016 08:33:55 GMT

Just got an explorer xlt at 1.9% 72 months with a 680-730 credit score. The 0% is for 60 months and i've seen a friend get it with a 685 credit score but he financed WAY less ($25,000). For two vehicles, you'll need a hefty annual income

Re: Ford 0%

Anonymous — Tue, 05 Jul 2016 19:59:28 GMT

I know this is old-ish, but I just got 0% from Ford for 72 months with a 651 "auto enhanced" score. I've never had a loan through them before. Shocking to me that they offered it to me!

Re: Ford 0%

Anonymous — Tue, 05 Jul 2016 20:35:37 GMT

Do you know which "auto enhanced score" Ford uses?

Re: Ford 0%

settleordelete — Tue, 05 Jul 2016 23:27:07 GMT

EXPERIAN for me here in Texas.

Re: Ford 0%

Anonymous — Wed, 06 Jul 2016 14:36:08 GMT

Do you know if it was the Experian Auto 2, or Experian Auto 8?

Re: Ford 0%

Anonymous — Thu, 07 Jul 2016 05:39:16 GMT

@Anonymous wrote:
@settleordelete wrote:
High 600s at least for 0%. And two cars priced from 30 to over 50 thousand each will require a high income as well. I wasn't sure if Ford was gonna finance my purchase of a new F150 in 2011 due to the fact I'd bought a car in 2010 through Toyota Financial services. However the finance manager at the ford dealer pushed it through. As long as you can handle the payment, Ford will package it up for you. Good luck.
12 months ago at Acura Financial it was 720+ for the prime offering at that time (1.9%), so I doubt Ford will give 0% to high 600's.

Ford will give 0% with score above 680. I went and check out the F150 platinum and they will do my loan at 96 months 0% but of course they already made money up front wanting to sell me truck at 69000. I got an Acura MDX few months ago with score of 688ish for 2.9% for 72 months

Re: Ford 0%

Anonymous — Thu, 07 Jul 2016 05:47:46 GMT

@Anonymous wrote:
i went through the motions with this, and it says for me to apply for credit online. i'm assuming that doing it online though, i would only get pre-approval for one car. and i would have to do it in person to get approved for two??

Go to two different dealership to get car. Must do it within 2 weeks so loan doesn't show up. Typically it's hard to get 2 auto loan if score is under 680

Re: Ford 0%

Anonymous — Thu, 07 Jul 2016 13:46:44 GMT

Going to two different dealerships wont work if you plan to finance both through ford. Once the second one sends you to Ford credit, it will get insta-denied as what the business calls a "Shop call". If you want to finance both through Ford at the same time, only one single dealer can do this.

Now the correct way to do this especially if only one of the two vehicles quals for 0% from FMC, is to have the dealer run that one car through FMC and the other one through another lender. Not both to all. That way neither lender knows what you are doing. You could buy 10 cars in one day this way if you could get approved from 10 separate lenders on 10 separate vehicles. But if both cars are able to get 0% from Ford, then you need to do this at a single dealer.

There is no need to go to different dealers tho. Unless you want to shop price. But you cant shop Ford credit rates between ford dealers. FMC wont allow it.

Re: Ford 0%

settleordelete — Thu, 07 Jul 2016 23:05:16 GMT

Tim1970, I'm not sure which Experian Fico model they used at the dealer back in 2011. Recently I applied online and got an instant approval and it was an Experian credit inquiry alert sent to me the same day. FORD CREDIT, but I didn't ask which model was used.

Re: Ford 0%

RonM21 — Sun, 10 Jul 2016 11:54:32 GMT

Offering the 0% sounds like a pretty good offer, not knowing much about it.