Ford Credit
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Laughing Gas
Joined: Nov 2019
Posts: 852
Likes: 90
From: Florida
Ford Credit
Thinking we may be close to a deal... But Dealer said no deal unless I finance through Ford credit, and then told me I can take finance elsewhere later on.
what’s the credit score requirements for Ford credit? I’m already approved through my credit Union.
what’s the credit score requirements for Ford credit? I’m already approved through my credit Union.
Junior User
Joined: Jan 2021
Posts: 68
Likes: 1
This is a little vague on what the deal's details consist of, but barring an incentive or offer from Ford, which is strictly tied to Ford credit, then your dealer is a liar. Money is money, no matter where it comes from. I can't see your dealer losing a deal unless there was something tied to Ford credit specifically. Example:
Truck Price is $55,000 - negotiations of $5,000 off - Ford credit incentive $500 off for a total price of $49,500. I can see him saying no deal at 49,500 unless you finance through Ford, but no way is anything else than that. Remember, for the MOST part, you (consumer) own the conversation and the outcome. Walk in with your check from your credit union and I doubt they turn you away.
Truck Price is $55,000 - negotiations of $5,000 off - Ford credit incentive $500 off for a total price of $49,500. I can see him saying no deal at 49,500 unless you finance through Ford, but no way is anything else than that. Remember, for the MOST part, you (consumer) own the conversation and the outcome. Walk in with your check from your credit union and I doubt they turn you away.
Mountain Pass
Joined: Mar 2004
Posts: 170
Likes: 12
Ford dealers like to push you through Ford Credit as I'm sure they get a kickback from Ford. I was paying cash for my truck and then at the last minute the dealer was like "oh, we can only give you that extra $1K credit if you finance through Ford Credit" which was a last minute thing that came from the Sales manager. So I wasn't going to waste the time already spent and the deal was good, so I said OK and then paid it off as soon as the loan was set up and available online from Ford (two weeks or so if I recall).
To answer your question, I think this can vary on a number of things. I had a friend of mine with a 600-ish FICO get financed, but at a higher rate and with a trade in or money down.
If your approved through your Credit Union at a better rate, just take it from Ford Credit and then transfer it to your Credit Union. Or see if Ford Credit can match the rate your Credit Union is giving you.
To answer your question, I think this can vary on a number of things. I had a friend of mine with a 600-ish FICO get financed, but at a higher rate and with a trade in or money down.
If your approved through your Credit Union at a better rate, just take it from Ford Credit and then transfer it to your Credit Union. Or see if Ford Credit can match the rate your Credit Union is giving you.
Senior User
Joined: Aug 2007
Posts: 268
Likes: 40
From: Puget Sound, Wa.
Yeah Dealer gets a kick back from Ford if you finance through Ford. I just got $1500 off my deal if I financed, actually got a better rate than my credit union thinking it was 3.9% 60 months.
Lead Driver
Joined: Dec 2020
Posts: 8,636
Likes: 2,431
Sounds like BS to me. Ask them what part of your deal requires financing through Ford and why. As far as I can see there are no Ford credit financing rebate offers now, haven't been for many months now.
If you absolutely must get Ford financing for some strange reason, refi as soon as possible. I believe the customer needs to make 3 payments for the dealer to get their kickback. In this situation I would say screw them.
If you absolutely must get Ford financing for some strange reason, refi as soon as possible. I believe the customer needs to make 3 payments for the dealer to get their kickback. In this situation I would say screw them.
Fleet Mechanic
Joined: Jul 2000
Posts: 1,493
Likes: 345
From: SE Iowa
Finance through Ford to get the credit then immediately refinance as soon as you get the account information a couple weeks later. The dealer will try to say you are required to have loan for 90 days before you can refinance, but they are full of it. They say that so they get their kickback. Your bank will tell you the same thing....that there is nothing stopping you to refinance whenever you want.
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Tuned
Joined: Jan 2001
Posts: 311
Likes: 73
I’m looking at it from another perspective. Why not let them try and get you a better rate? I don’t know what scores will net you the best rate and if the rate is even better than your CU. While nobody likes having their arm twisted, this is one time when I’d swallow my pride and see if Ford can beat the rate from my credit union.
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Laughing Gas
Joined: Feb 2012
Posts: 1,210
Likes: 11
From: California Mountains
I call Ford Credit
I’m looking at it from another perspective. Why not let them try and get you a better rate? I don’t know what scores will net you the best rate and if the rate is even better than your CU. While nobody likes having their arm twisted, this is one time when I’d swallow my pride and see if Ford can beat the rate from my credit union.
Lead Driver
Joined: Dec 2020
Posts: 8,636
Likes: 2,431
I’m looking at it from another perspective. Why not let them try and get you a better rate? I don’t know what scores will net you the best rate and if the rate is even better than your CU. While nobody likes having their arm twisted, this is one time when I’d swallow my pride and see if Ford can beat the rate from my credit union.
Lead Driver
Joined: Dec 2020
Posts: 8,636
Likes: 2,431
Yes, so is the pricing and in some cases the options available. Down here its rare to ever see 0% on the Super Duty's, in the rare case that they do its sometimes limited to a certain part of the country. Something like a 1.9% is sometimes promoted but only on a short loan term, like 36 months.
Junior User
Joined: Aug 2020
Posts: 53
Likes: 0
From: Gillam
Yes, so is the pricing and in some cases the options available. Down here its rare to ever see 0% on the Super Duty's, in the rare case that they do its sometimes limited to a certain part of the country. Something like a 1.9% is sometimes promoted but only on a short loan term, like 36 months.
Fleet Mechanic
Joined: Oct 2012
Posts: 1,830
Likes: 253
From: NorCal
last year Ford credit was 7% so I went to the dealer with a pre approval from my credit union at 4.5%.....the Ford finance manager found me a loan at 3.99% with another credit union. Not sure how fast you need a truck BUT if it was me, I would go back in, get to the last step and if they insist on having you use Ford credit, I would walk and see their reaction....They get paid for the sale, they get kick back from any credit union or banlk they finance you through. Im sure Ford gives a little more. You dont want to use Ford credit, you want all the incentives they offered and you want them to find you the best rate. !
One time a dealer salesman let me walk and the manager actually came out to my truck as I was going to drive away. We made a deal in the parking lot.
They are not the only Ford dealer around. You can use costco to buy a truck....
One time a dealer salesman let me walk and the manager actually came out to my truck as I was going to drive away. We made a deal in the parking lot.
They are not the only Ford dealer around. You can use costco to buy a truck....