cancel
Showing results for 
Search instead for 
Did you mean: 

Ford Motor Credit

glamchick
Established Contributor

Ford Motor Credit

I almost applied for a car loan online until I called Ford and asked them how it works.  If you apply online you can only use the dealer where the car is you like.  Also they cannot adjust payments the dealership has to.
 
I am so lost!!  I was told its better to go to a bank first and get finance before going to a dealership.  Please advise.  By the way I cannot get into a credit union.  Everyone keeps telling to do that first.  Thats not an option.  Should I just start at the dealership?
Gardening since 5/3/2016
Message 1 of 7
6 REPLIES 6
Watchmann
Valued Contributor

Re: Ford Motor Credit

When you say you almost applied online, do you mean CapOne blank check type of loan?  You just negotiate your best price with the dealer and whip out the check and pay them with it.  It is good to have financing set up before you go in, but not always critical. 


Message Edited by Watchmann on 05-15-2008 09:48 PM
Message 2 of 7
1111mel
Valued Contributor

Re: Ford Motor Credit

Don't waste your time using the dealerships online financing thingy's.

It is best to go in because you will always negotiate a better interest rate in person if you know what you are asking for and have done your research.

Cap 1 can offer decent rates, but any scores around or above 650 you can get better at the dealership for longer terms.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 3 of 7
glamchick
Established Contributor

Re: Ford Motor Credit

Okay so its better to go into a dealership and have them finance me with their banks rather than me trying call around myself?
 
I dont want to apply for anything unless I know I will be approved.  Its takes points away evertime I apply and I dont have a lot of points to play with.
 
Please advise
Gardening since 5/3/2016
Message 4 of 7
1111mel
Valued Contributor

Re: Ford Motor Credit

You can apply to as many companies as you want within 14 days and have it only count as 1 inquiry.
 
I have always used Dealership financing and everytime received a better rate through them then anyone else would have given me.
 
My advise is not what others give, but I always had good luck with dealerships.  With my first new car purchase my credit score was about 650, they quoted me 8.99% and I signed with 5.99% on an $18K loan with No money down.....
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 5 of 7
glamchick
Established Contributor

Re: Ford Motor Credit

omg thank you 1111  !   I saw a explorer I really want its 15000  60,000 miles.
 
My score is about 650 and I would love love love to get that percentage rate you got.  What area are you in?
 
Also it would be nice if I didnt have to put anything down. 
 
Was that for a new or used car ?
Gardening since 5/3/2016
Message 6 of 7
1111mel
Valued Contributor

Re: Ford Motor Credit

It was for a new car.  I am in Las Vegas.  Used cars end up having a bit higher interest rate then new cars, but it shouldn't be more than 1-2% points higher.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.