Ford 0% for 72 Months - Odds I Qualify?

[Anonymous]

Hey everyone. Thanks in advance for the help. I ordered a new (2021) F150 from Ford a while ago. It's finally going to be here soon and luckily within the window Ford is offering 0% for 72 Months. I'm a little nervous about qualifying for it since I've never owned a Ford before (I know FMC likes loyalty). I'll try to give as many details as possible. 

Truck after tax title tag etc.: 57,000

Trade in Value: 37,000 - 20,000 payoff = 17,000 equity

Applying for 40k loan 

FICO 8: 797
Age: 24

Income: 73,000

DTI: 35%
Employment history: 2.5 years

Oldest account: 12 yrs 8 months 

AAoA: 2.8 years

3 Hard Inquires Recently

3 Paid off Student Loans in the last 2 years 

1 auto loan in history which is my current. It was for 30,000 through Wells Fargo @ 4.79% in July 2020. Payment is $479/month I had a co-signer on it (not because it was needed necessarily - never tried without). 

I'm good on credit cards with <10% usage, have Chase Sapphire Preferred at 7,000 limit, Chase Freedom Unlimited at 7,600 limit, AmEx Blue Cash Preferred at 11,000 limit. Discover It at 6,000 limit. Nothing negative on my report. 

I'm concerned about DTI and a relatively high balance of my current installment loans (student loans - most >80% remaining even though they are pretty small loans, I've been doing the snowball method so all but one have been getting min payments). 

Any advice or humbling is appreciated. I have connections at my local credit union that I'm pretty sure I could get financed through. But 0% is better than 2.99 lol. Thanks in advance!

[sccredit]

IMO you'll be fine

[Rebuild2019]

If you go for it I wish you the best of luck. Hope you enjoy your F-150.

[4sallypat]

You should qualify for Tier 1 rates.

0% for 72 months is insane!

I wish FMC would offer that when I order my 2022 F150 Lightning EV truck....

[Anonymous]

You should be good. Your score qualifies you for top tier rates through Ford Credit. Your DTI is not beyond the limits they will approve. Emplyment history is good. And you have an established auto loan. It may take manual review since your profile is relatively young overall, but I believe you should qualify.

[ridgebackpilot]

I've had several 0% loans from Ford Motor Credit. I suspect you'll qualify with no problems. You'll likely be in Tier 0, which is their best tier.

According to an article published earlier this week, FMC is giving 0% loans to almost anyone nowadays so they can sell more cars. If that's true, then you'll certainly qualify. Even if it's not the case, you shouldn't have any trouble getting their best deals.

[Anonymous]

I'm curious.. I applied through ford.com for financing. They say I am approved, when I called them they told me to call the dealer and speak to the finance manager because they cant give me the rate or approval info over the phone.

Sounds kind of fishy to me. The whole reason I did it through the website was because I did not want to deal with being sold by a salesman aka finance manager.

[ridgebackpilot]

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@Anonymous wrote:

I'm curious.. I applied through ford.com for financing. They say I am approved, when I called them they told me to call the dealer and speak to the finance manager because they cant give me the rate or approval info over the phone.

Sounds kind of fishy to me. The whole reason I did it through the website was because I did not want to deal with being sold by a salesman aka finance manager.

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Don't worry about it. Ford works through their dealerships. You're pre-approved so it should be a simple process at the dealer. Besides, you do have to go there to pick up your new vehicle, right?!

[Anonymous]

So to update, I got approved! The online app approved me and then gave me a confirmation number to provide my dealer. When I got to the dealer to pick up my truck, they had all the paperwork for my loan already printed out and ready to sign. It couldn't have been easier. Thanks for all the advice everyone! 

[Loquat]

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@Anonymous wrote:

So to update, I got approved! The online app approved me and then gave me a confirmation number to provide my dealer. When I got to the dealer to pick up my truck, they had all the paperwork for my loan already printed out and ready to sign. It couldn't have been easier. Thanks for all the advice everyone! 

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Very nice!  Congrats on your new truck and happy to hear that everything worked out.  Gotta love an easy process!