This gives me hope!
While I got my FICO scores out of the toilet and into semi respectable territory I was late on 2 auto loans last year a number of times(1 of those auto loans was late due to no fault of my own, never cosign for anyone unless you are married! Both accounts have been on time for about a year now) Either way my FICO Auto scores are sitting around 617-690 and was looking into a new Mustang GT within the next year. Hopefully I can get some good rates!
I did a prequalify for CapOne and they approved me at 6-12% depending on money down and Carvana was laughable to say the least(20% APR with very large down payment)
@Anonymous wrote:I'm not sure about the experiences others have had with Ford Credit, but mine here the past couple of days has been something unexpected.
I tried applying for Capital One Auto - No Approval.
I tried applying for Carvana - High Interest Rate
I then read an article that Ford Credit was chaning their guidelines to try and help those with new or less than perfect credit. I was interested in a new Ford, so I decided to bite the bullet. I went through Ford's Ready.Shop.Go program which allows you to search through Ford's inventory at dealers and find the specific vehicle that you want. You then get your price, input your trade info, input down payment info, and then apply for financing.
I went through the process and BAM, I was actually approved! Not only was I approved, I was approved for 0% Financing for 72 months!!! With my current credit score this is unheard of! A 588 getting 0%? I thought surely this was a mistake. No mistake. When I went to the dealer they had my car I chose waiting, I test drove and loved it and completed the process with extras I wanted to!
So for anyone looking for a new car and likes Ford vehicles with less than perfect credit, try this process.
Disclosure - I was trading in a vehicle worth about $6k in trade value at the end of a 6 year loan with a credit union. I also put down $3,500 cash as a downpayment. This might have been a factor. Either way, with a 588 all other avenues either were turning me down or had high interest!
APPROVING BANK: Ford Credit
BUREAU PULLED: Experian
CREDIT SCORE: 588
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Ford
MODEL: Escape
MILEAGE: 100
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $25,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $358
ANNUAL INCOME: $48,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Worth the process!
Are u sure your score was 588 I would have to think your EX auto score had to be higher.
That's good to know, including that you lowered their risk by putting up a significant down payment. Excellent data points, thank you and Congratulations! 🙂
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