Ford credit and finance questions

[RagnarKon]

I have never needed anything other than my driver's license and my social security number..:

Same.

It highly depends on your credit history (history, NOT necessarily your score).

If you have tons of available credit and a solid history, then usually that's enough. If you don't have much credit history, they'll ask for income and other details like your mortgage/rent payments, total wealth, etc.

And like @NayNay mentioned... it is always beneficial to get a separate loan lined up before you go to the dealer. It puts the dealer on their heels and gives you a nice benchmark for what rates should be rather than the rates the dealer is willing to line up for you. Most of the time, dealers get a small kickback or commission from the loaning bank if they set up customers with a loan... but if you show up with a loan ready to go... you're in control.

(This is especially true right now since Ford Credit's rates aren't particularly spectacular at the moment.)

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[chtucker]

Same.

It highly depends on your credit history (history, NOT necessarily your score).

If you have tons of available credit and a solid history, then usually that's enough. If you don't have much credit history, they'll ask for income and other details like your mortgage/rent payments, total wealth, etc.

And like @NayNay mentioned... it is always beneficial to get a separate loan lined up before you go to the dealer. It puts the dealer on their heels and gives you a nice benchmark for what rates should be rather than the rates the dealer is willing to line up for you. Most of the time, dealers get a small kickback or commission from the loaning bank if they set up customers with a loan... but if you show up with a loan ready to go... you're in control.

(This is especially true right now since Ford Credit's rates aren't particularly spectacular at the moment.)

Just looked, my regular bank is at 2.71 for 60 months

 

[RagnarKon]

Just looked, my regular bank is at 2.71 for 60 months

That's pretty good for 60 months.

I just bought a vehicle last month... 2.49% was what my credit union was able to offer me.

Ford Credit was over 4.5% (don't recall the exact number), and the best the dealership was able to get me was 3.29% at TD Bank. I ended up going to TD Bank but negotiated free "The Works" maintenance for the lifetime of the loan.

$425 difference between the 2.49% and the 3.29% if I take the full 60 months to pay off the loan. The Works maintenance package is normally $45... figured I'd change oil twice a year for five years... ends up being $450. Saved myself a measly $25 by going with the dealer loan that I'll probably use to buy some crappy fast food.

But hey! $25 is more than $0.

 

[NayNay]

You were very open and honest. Very nice to see this it means more can you could imagine .

I joined here because I've got an order for a Bronco too. It quickly turned into me trying to put out correct information to this community to assist people. The majority of individuals here are really great people. I'm always happy to help where I can.

 

[NayNay]

Same.

It highly depends on your credit history (history, NOT necessarily your score).

If you have tons of available credit and a solid history, then usually that's enough. If you don't have much credit history, they'll ask for income and other details like your mortgage/rent payments, total wealth, etc.

And like @NayNay mentioned... it is always beneficial to get a separate loan lined up before you go to the dealer. It puts the dealer on their heels and gives you a nice benchmark for what rates should be rather than the rates the dealer is willing to line up for you. Most of the time, dealers get a small kickback or commission from the loaning bank if they set up customers with a loan... but if you show up with a loan ready to go... you're in control.

(This is especially true right now since Ford Credit's rates aren't particularly spectacular at the moment.)

Dealerships have multiple banks to go to. I make sure we have credit unions too. I try to utilize them when I can. Most of these banks will compete with rates. One of mine is as low as 1.79 for up to 72 months but the LTV needs to be lower. Again, I don't like losing money lol......

 

[kodiakisland]

Buying a car is not like buying a house. Almost anyone with a pulse gets a car loan. Takes 5 minutes or less. Don't worry about it until your Bronco is here.
Find your own financing, or use Fords, it doesn't matter and the dealer doesn't care. Go with the best rate.

 

[NayNay]

Hey all.
this will be the first care I’ve financed through ford credit and just had a couple questions . How long is my approval good for . My build week is sept 13 so I’m trying to decide when to apply ?
Also for self employed do I need to show proof of income . I have really good credit. Any insight would be appreciated just so I’m prepared .

Usually when you have a solid credit score the bank will not ask for proof of income because they generally will verify it when looking at your credit. Also, you want to see what other banks, especially credit unions may be offering you too. Credit unions tend to have lower rates than regular banks. Know your options prior to walking into a dealer. If the dealer can match or beat the rate then go for it.

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