0% Ford Financing

[Medsport]

Man the place I went to today took away the rebate with the 0%. They said you cant combine them. They did say I could use a-plan with it though. I wish I could find a place around here that has big discounts like the coast or the south.

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[WarrENDeatH]

Hopefully, in a few more months, there are some 16s left!

 

[Black]

Guys, any idea what is the approval rate for this offer? Folks who were approved, can you please share your scores? I have less than 2 years of credit history, got 1 auto and home loan and my credit score is 695 Transunion, 740 FICO

 

[Fenix]

I don't have great credit from a crappy roommate situation 6 years ago but from what I have seen, creditors go by the transunion score since it is usually lower. I did not qualify for 0% through Ford but my credit union gave me 2.8%. Not sure what the cut off is for the 0% but I would bet it's higher than 720TU.

 

[Black]

The cut-off is 700 Transunion. In April I had 695 Transunion and was denied 0%. I was transferring the car from a dealership and I think they denied on purpose because they weren’t making enough money on the car. They would approve me for 1.9% though

 

[DevilDogDoc]

^^^ Don't know how true that is. I got qualified at 0% with a 655 TU. I did put $10,000 down though and have a loooong and strong auto loan history. Dealer guy told me Ford wants over 640 and a strong car loan history. Also anyone can go on the Ford credit site and do a test run to see what they say first, no inquiry.

 

[Kennocha]

^^^ Don't know how true that is. I got qualified at 0% with a 655 TU. I did put $10,000 down though and have a loooong and strong auto loan history. Dealer guy told me Ford wants over 640 and a strong car loan history. Also anyone can go on the Ford credit site and do a test run to see what they say first, no inquiry.

Correct, they do not use TU or Equifax. There is an additional score that dealers use that is based off of your auto loan history. They can be similar, but not guaranteed.

 

[Black]

^^^ Don't know how true that is. I got qualified at 0% with a 655 TU. I did put $10,000 down though and have a loooong and strong auto loan history. Dealer guy told me Ford wants over 640 and a strong car loan history. Also anyone can go on the Ford credit site and do a test run to see what they say first, no inquiry.

The cut-off is from the Tiers the dealership showed me. I think it depends on a lot more than just a score. I was putting down taxes only and I had no auto loan at that time

 

[Fenix]

Makes sense they would take previous auto loans into consideration I didn't think of that.

 

[beerformeplz]

Correct, they do not use TU or Equifax. There is an additional score that dealers use that is based off of your auto loan history. They can be similar, but not guaranteed.

Its called an auto Beacon score.

 

[Five Oh Brian]

Its called an auto Beacon score.

Correct, all three credit bureaus have a form of it. We typically pull Equifax and occasionally TransUnion. Ford Credit does not have a minimum credit score to get the 0% offer; instead, they are looking at the structure of the loan (loan to value, debt to income, customer commitment, prior auto loan history, etc.). That is good news as Ford Credit sees beyond the numbers. Other lenders look only at credit scores and often turn down people based on a less-than-perfect score despite those customers being safe risks to repay a new auto loan. Ford Credit is one of the best lenders in the business, IMO.

 

[WarrENDeatH]

Guys, any idea what is the approval rate for this offer? Folks who were approved, can you please share your scores? I have less than 2 years of credit history, got 1 auto and home loan and my credit score is 695 Transunion, 740 FICO

My fiancée got the 0% with 680. You should be okay.

 

[Black]

My fiancée got the 0% with 680. You should be okay.

Did she have any auto payment history before?

 

[2015Etrac]

I took advantage of the 0% last week, I also received the $1,000 discount they were offering. The one dealer here would not work with me on price or trade-in, so a new dealer found me the exact same car with the additional adaptive cruise control feature. The best part was this car had the $1,000 off smart bonus so it ended up costing me $1 less a month even though it had the adaptive cruise control. Of course 2 days later they started offering the 72 month 0%, while I have 60 month. My score was about 670, but I did have a few car loans in the past that I was always on time with, so that may have helped.

 

[wildcatgoal]

Hell if I can get 0% I'd consider trading for an auto so I don't have to hear this racket daily.

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