What is Ford Motor Credit Pre-Approval?
Anyone looking for an auto loan, or looking to arrange credit when buying a car or truck, would do well to consider getting pre-approval clearance from Ford motor credit or Ford credit.
Ford credit is the credit arm of Ford motor company, and offers pre-approval to selected potential customers by way of sharing them for some type of finance or credit agreement in advance of their purchase of the vehicle.
Pre-approval for finance or credit is something that can offer a number of advantages. From a customer point of view, it gives them an idea of how much a lender like Ford motor credit is willing to offer in a general sense, and on what terms and conditions.
It is worth mentioning that it is a always a good idea to get alternative quotations from different lenders and to be able to compare them on a like-for-like basis. Pre-approval will also possibly allow the potential customer access to a range of selected vehicles which may only be offered to pre-approved customers.
Ford Motor Credit Pre-Approval
Ford Motor credit, or Ford credit offer the option of pre-approval to certain customers simply because it can facilitate option of arranging credit or finance on a new or used vehicle, or possibly facilitate the leasing of a vehicle instead.
The criteria for pre-approval will be the same as if it were done at the time of the sale of the vehicle, it simply takes a degree of the pressure off both sides in terms of agreeing something in principle, and then arranging the details at the actual time of the sale itself.
Pre-approval should be thought of as an agreement in principle, subject to the terms and conditions of the lender, and subject to final approval when the sale or lease agreement is concluded.
It should not be thought of as a binding commitment by Ford Motor credit, rather an agreement in principle based on the credit rating and information provided by the individual looking to arrange finance and credit.