Credit score for Ford financing deals?

[Bj517]

Anyone have any idea, ballpark, what the minimum credit score requirement typically is for the current Ford financing deals (0% for 36 months, .9% for 48 months)? I know there are other variables at play too. I'm currently sitting on a 780 FICO, and could probably bump that up to closer to 800 by paying off another small 0% loan I currently have outstanding. I have the cash for the vehicle, but would jump all over free money if those deals are still available when my truck is delivered next March or so.

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[NewBernWolf]

Anyone have any idea, ballpark, what the minimum credit score requirement typically is for the current Ford financing deals (0% for 36 months, .9% for 48 months)? I know there are other variables at play too. I'm currently sitting on a 780 FICO, and could probably bump that up to closer to 800 by paying off another small 0% loan I currently have outstanding. I have the cash for the vehicle, but would jump all over free money if those deals are still available when my truck is delivered next March or so.

I would think carefully before paying off that small loan. Less debt often actually lowers your credit score. Credit score metrics are b*llsh#t, but lenders still weirdly rely on them. We have high credit scores, and we are being ridiculously careful not to incur new debt or pay anything off until after buying the truck.

 

[Bj517]

I would think carefully before paying off that small loan. Less debt often actually lowers your credit score. Credit score metrics are b*llsh#t, but lenders still weirdly rely on them. We have high credit scores, and we are being ridiculously careful not to incur new debt or pay anything off until after buying the truck.

The loan is for an engagement ring - like with the car, I had (and still have) the cash but the seller was offering 0% interest to finance it for a year, so why not. The very next month, my credit score dropped from around 800 to 780, so that's why I figured I could potentially bump it back up by paying it off early. But good point that maybe it's best to just let sleeping dogs lie if my current 780 is enough for the Ford credit deals. I have no plans to incur any new debt any time soon.

 

[93nighthawk]

My sales guy says anything over 700 gets you into prime financing rates, so you should be good to go.

 

[NewBernWolf]

The loan is for an engagement ring - like with the car, I had (and still have) the cash but the seller was offering 0% interest to finance it for a year, so why not. The very next month, my credit score dropped from around 800 to 780, so that's why I figured I could potentially bump it back up by paying it off early. But good point that maybe it's best to just let sleeping dogs lie if my current 780 is enough for the Ford credit deals. I have no plans to incur any new debt any time soon.

Yeah, and 780's really good. I was floating around 820 (I'm old and settled). Paid off my car 5 months early last January, and my score dropped very quickly to about 775.

 

[MLowe05]

IIRC, Ford is also offering a tier credit of some sort.. such as, if you'd normally qualify for just tier II, they'll bump you to tier I.

You have nothing to worry about.

 

[Brian_J]

Anyone have any idea, ballpark, what the minimum credit score requirement typically is for the current Ford financing deals (0% for 36 months, .9% for 48 months)? I know there are other variables at play too. I'm currently sitting on a 780 FICO, and could probably bump that up to closer to 800 by paying off another small 0% loan I currently have outstanding. I have the cash for the vehicle, but would jump all over free money if those deals are still available when my truck is delivered next March or so.

If you’re at a 780, you should be fine.
Like the other poster said, paying off the ring loan will probably lower your score. Then I paid off my last car, my score went down like 10 points before it started to climb again. I’m was over 800 at the time.

 

[Captain]

I would think carefully before paying off that small loan. Less debt often actually lowers your credit score. Credit score metrics are b*llsh#t, but lenders still weirdly rely on them. We have high credit scores, and we are being ridiculously careful not to incur new debt or pay anything off until after buying the truck.

You are so right…. My score was 849 in August when I sold my house and paid off all other debt. My score today is 819.

 

[Hawk]

I would think carefully before paying off that small loan. Less debt often actually lowers your credit score. Credit score metrics are b*llsh#t, but lenders still weirdly rely on them. We have high credit scores, and we are being ridiculously careful not to incur new debt or pay anything off until after buying the truck.

This is the truth. I paid off the $50,000.00 balance on my mortgage and my credit score went down 25 points.

 

[My1stFord]

My sales guy says anything over 700 gets you into prime financing rates, so you should be good to go.

Yeah, I think the point of these rates and this vehicle is for people to afford to get into the vehicle who might otherwise not get a new vehicle. Also to attract people to the Ford family. I think they're making the credit score requirements fairly low otherwise, what's the point?

 

[ThrowbacK]

I’m at 705 currently. Hope I can do the 36 or 48

 

[vabchusa]

I would think carefully before paying off that small loan. Less debt often actually lowers your credit score. Credit score metrics are b*llsh#t, but lenders still weirdly rely on them. We have high credit scores, and we are being ridiculously careful not to incur new debt or pay anything off until after buying the truck.

When my current Ford loan got paid off my credit score dropped 5 points because of the closed account. A few years ago I went to refi my mortgage and was denied because I had NO debt ( had been on a cash basis for about 10 years, Had no idea that was a bad thing)

 

[Bob The Builder]

Personally, when it is time for your credit score to be updated, I think someone sits in a room and throws dice on a velvet covered table. Box cars your score goes up, snake eyes down it goes. Anything else it stays the same. LMAO. Anyone else have a more plausible explanation on how all this works??? LOL.

 

[Retiredguy]

I paid off the loan on the wife's Lexus and it dropped my score 3 points!

 

[wjg]

Anyone have any idea, ballpark, what the minimum credit score requirement typically is for the current Ford financing deals (0% for 36 months, .9% for 48 months)? I know there are other variables at play too. I'm currently sitting on a 780 FICO, and could probably bump that up to closer to 800 by paying off another small 0% loan I currently have outstanding. I have the cash for the vehicle, but would jump all over free money if those deals are still available when my truck is delivered next March or so.

screen shot this back when it was originally posted.

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