Credit score for Ford financing deals?

[MaverickAngler]

You’re good. I think they were taking down to a 620 and giving it top tier rates

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[NewBernWolf]

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.

Oh, I think you've got it figured out.

 

[Maverickman74]

I have a low credit score. right around 600 but on its way up. I just got the first credit card I ever had at 37yo. Its a $200 prepaid card that I use to pay our satellite bill and then pay off just to have credit usage. I have previously had a couple of small (2500 to 3500) car loans from a credit union. that was 8 years ago. I dont have any debt of any kind other than the land my wife is part of with her mother and sister. But it is private financing. My wifes credit is better than mine, but I would like to use mine. The down payment and $450 monthly payment on a nice XLT FX4 4k wont be a problem since we live on Maui and even coconut choppers get paid good here.

Any thoughts on what I will be able to get as far as terms with say a 620 score, if at all?

 

[Hamrich]

My credit score is 785 and I locked in 0.9% for 48 months, but I also traded in my 2013 Subaru BRZ and put an additional $10k down. But you should be fine with your score, don’t sweat it

 

[MattIngram]

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.

The engagement ring loan may have impacted your score. FICO treats consumer finance companies differently and that may explain the 20 point drop. If the zero interest ring loan was treated as a consumer finance company loan type on your credit report, it may be a good idea to payoff and close.

 

[MattIngram]

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 think 750+ should be good enough to get into special rate offers but your credit passes through the dealership. That’s where you have to be careful and may need to do some homework in advance to be armed with a rate match. I prefer to steer clear of those offers and avoid standard rates offered by Ford Financing, as I can do better financing out 75 months 2.75% APR and paying off early. Interest is minimal, I can pay off more quickly and not tie up monthly budgets with higher payments in case of emergency or job loss.

 

[Leprechaun]

I got about 670 Trans Union score with a BK almost 3 yrs old and got approved for the 1.9% for 60mo financing they were offering with only $1000 down so I am sure anything above 700 should be good to go

 

[tomahawk72]

My score is around 640 and they said I will get 5% financing when my truck comes. I am currently paying 13% because I was in a bad spot and needed a car years ago with barely any credit. Either way 5% is insanely good to me haha

 

[brnpttmn]

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.

Yeah. Mine dropped 40 points into the 780s after a house refi this summer. I think it's pretty easy to bounce out of the 800s with any changes to accounts/balances/etc. I don't really sweat it.

 

[otter101]

Is there a link for the maverick model launch program? I would like to see that info in detail.

 

[tomahawk72]

My FICO is almost in the 750's right now and with the Student bonus cash I will have a $1250 down payment. Should I be good for a decent rate? Credit score's are confusing to me lol

 

[fordny]

yes..750 is a very good credit score.

 

[Captain]

Credit score keepers suck.. I had 849 over the summer, sold my house and paid all debt, car loan, home improvement loan, credit cards etc.. I have 150,000 in bank account. And my score took a hit because I don’t have any consumer loans out. Current score 819… go figure.

 

[fury88]

Yeah my credit score went up after taking on the Ford auto loan.

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