Ford Pre-Approval Letter

Rgudino1717 · ‎09-30-2019

So last week I applied and was approved for a loan through Ford Credit with no PG. Bought a truck. Just received a letter from Ford Credit that says "because of your business profile and credit, we are pleased to advise you that Ford Credit has pre-approved you for an outstanding aggregate limit of $250,000 of vehicle financing." Valid for 90 days from approval date of the deal. Present this letter at Ford dealer when ready to purchase.

Looking for info from anybody that has received this type offer and has used it. Would like to know:

1. If there is any other type of approval needed if I decide to get another truck. Will they pull credit again.

2. If I decide to get another truck would I still need a down payment if it's under the limit stated, or is a down payment still needed.

3. Would the APR be the same as the previous deal.

4. Since the original loan was no PG then would this be no PG as well or could they ask for a PG.

Any info is appreciated. Wasn't expecting this and want to know if this is something I can use, or if it doesn't really mean anything.

Anonymous · ‎10-01-2019

This is common amongst the dealerships for the commercial side. This is most likely their LOC and you would need to accept and pretty much call ahead when you get a vehicle and you pay nothing. Just drive away

Creditaddict · ‎10-01-2019

Agree... The letter says $250k, no pg, no credit check, who cares if they check business agian but most likely within the 90 days they won't. I don't have a set credit line but I have a lease on Infiniti and 2 vans purchased on Nissan and the vans were drive away zero down.

Rgudino1717 · ‎10-01-2019

Nice. I guess i'll go see what they say. Really need an f650. Just curious because I had applied early this year and was given a higher apr and I had to PG. Guess that extra 9-10 months of business credit really helped.