FICO score needed for Ford Credit top tier financing rate?

[zstanny]

I feel he should not get involved with my financial decisions. He has no idea what my income is or my vehicular needs…. I was only giving an example of what a dealer can work with and get a deal done. No one needs to nor should comment on my families finances. I’m not out here asking for help with my bills or to have someone help by my mustang via crowdfunding. Shit happens, credit can take a hit….doesn’t mean I don’t make a healthy 6 figures.

I really don’t mean any offense. Mostly a tease. Shit does happen (and I hope everyone’s ok). Fair point on it’s an example of what a dealer can work with. Always go in with a decent idea based off local credit unions, then let the dealers go to work and they might surprise you. As long as hard credit pulls are in close proximity, they don’t stack negatively to your credit. So no harm in letting Ford pull if you let your credit union or bank pull the day prior. Not directed to you, just this thread in general.

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[Rio Lobo]

Every situation is unique. Me and the Mrs. sometimes see our same finances differently too. And then I place an order for a DH....

 

[akfinfan]

Every situation is unique. Me and the Mrs. sometimes see our same finances differently too. And then I place an order for a DH....

Bruh….this story sounds SO familiar!

 

[dfwford]

Im not sure why anyone would care about Ford Credit. They are generally middle ground rates verses local credit unions or banks. Credit score, Location can be factors on loans

In the before-COVID time, Ford would often extend generous cash incentives on top of lower interest rates if you qualified for financing with them.

Unfortunately that's really no longer the case in today's market unless you're buying certain late model F-150s.

 

[dfwford]

When you typed this out, did anything strike you as off?

I read a post the other day where a couple managed to get approved for a $3400/month mortage despite a combined gross income of only $100K at the time (now it's $68K because, you know, life can still happen).

They also got approved for a $40K car on top of that.

So nothing surprises me any more.

 

[Stratman397]

Does anyone know what FICO score you need to get the best rate from Ford Credit? I'm pre-approved with Ford Credit but not sure what my rate's going to be.

I think around 770+, not 109% sure. We have the credit Then I have a big down payment from selling,Audi. I really don’t want to borrow any, but don’t want to drain savings. Wish they were a few thousand less.

 

[Stratman397]

It's gonna be based on what term you select as much as your FICO. 72-84 mtn are seeing 6.9% from what I have seen.

Dealer pull is also a factor. I have gotten rates with FMC that I shouldn't have because my dealer is high vol and vouched for me after buying 2-3 new vehicles every 2-3 years LOL

Haven’t had loan for a long time, but they always got us best rates and a lot of times, FMC back years ago was higher than some of the banks.

 

[Back2Gas]

I think around 770+, not 109% sure. We have the credit Then I have a big down payment from selling,Audi. I really don’t want to borrow any, but don’t want to drain savings. Wish they were a few thousand less.

I found the ratings Ford uses

 

[Stratman397]

I found the ratings Ford uses

I have excellent credit rating

 

[Carter1776]

I would HIGHLY recommend you shop around for local small town banks/credit unions. I got my loan for my 24 GT locked in at a 4.5% interest rate for 72mo, where as my 800 credit score would have gotten me at very lowest a 7.6% through Ford Credit. Most of the name brand banks around me are offering 7.9% as their lowest, so it does pay to shop around some.

 

[Stratman397]

I’m waiting to check. Not sure yet if we will need a loan. I just don’t want To drain our Acctounts, but yet not making anything on it sitting in the bank

 

[Stratman397]

I read a post the other day where a couple managed to get approved for a $3400/month mortage despite a combined gross income of only $100K at the time (now it's $68K because, you know, life can still happen).

They also got approved for a $40K car on top of that.

So nothing surprises me any more.

Sometimes they just look at their credit scores and not worry about it as they always pay their bills. So figuring they aren’t going to do anything to screw up their credit

 

[Zig]

Sometimes they just look at their credit scores and not worry about it as they always pay their bills. So figuring they aren’t going to do anything to screw up their credit

Credit: a great thing to have, a terrible thing to use.

 

[steveo1960]

Is there any pre-payment penalty with Ford credit? I'm on x-plan and was planning on paying cash but dealer offered a better deal if I financed. I plan on paying off the car, cash, after first payment. I just need to make sure there isn't a time limit before I can pay it off and that there is no penalty. TIA !

 

[Stratman397]

Credit: a great thing to have, a terrible thing to use.

The sad thing is to keep it up. You have to continue using credit which I hate.

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