@KeithW wrote:My wife and I have bought 3 vehicles through Ford Credit each ranging from 45-60 thousand dollars and each time we get 0% interest for 72 months.
The last time we did it we both had FICO scores in the mid to upper 600s, but my lowest FICO Auto 8 score was 580. It is always about 80-100 points lower than my FICO 08 score with Experien. My TU and EQ Auto are 630-645. Of course the dealership said they use Experien, which is my worst score.
All that being said, doesn't it seem odd that they would offer us 0% interest every time? I just ordered another vehicle from them and once again they were happy to do the same deal. I remember 20 years ago, before I monitored my credit, the dealers would pull my FICO Auto score and it was around 600, but they would want interest rates close to 10-12 percent. I am not complaining, I just don't understand why they seem so much more lenient with the low or no interest loans.
During the pandemic, auto manufacturers like Ford are having trouble selling cars. Since no one is traveling, no one needs new cars.
So Ford and the other manufacturers need to create incentives for people to buy cars. And they need to ease their eligibility requirements, too. That's explains why Ford (and many other manufacturers) are offering 0% interest loans (free money) for unheard-of long terms such as 72 or 84 months. And why people with marginal scores can qualify for top-tier financing deals like 0% interest.
I've had two Ford loans at 0% interest recently. It's one of the silver linings of the pandemic!
Most captive lenders will reward repeat customers whether it's a rate discount, special financing, or exclusive cash incentives.
