How to Get Ford Finance on a Ford Explorer

With a Ford Explorer costing as much as $55,000, the need to both arrange finance and get the best possible finance deal both in terms of the final sale price of the car, as well as the best interest rate and credit arrangement, becomes true for virtually everyone.

The cost of the Explorer is not unique to Ford, already good SUV’s do come at a premium. What matters more to a customer is that they spend time and energy doing the research before they buy, both in terms of what they can expect to pay in terms of price, and what they need to do to make sure they secure the best possible finance deal.

In terms of price, customers can take this pretty much as far as they want. There is a standard retail price often known as the MSRP, which is often referred to simply as the sale price. This is in effect the list price manufacturers put on their  cars. In reality, everyone will expect a dealer to lock a significant percentage of this price, normally somewhere in the region of 10 to 15%.

Ford Finance on a Ford Explorer

Other people will go much further and take through various websites to actually get to what the dealer pays manufacturer for the specific car, and then decide how much they are willing to go on top of that in terms of paying the dealership.

Whichever way you go, bear in mind that the final sale price includes a number of potential optional extras, and care needs to be taken that these are actually wanted and needed an specified in the price. Anything you don’t want the clear about not including.

Keeping the sale price is separate from the negotiations about the finance rates is really important. If the customer is arranging finance through Ford credit, a process known as dealership financing, then back in mind that the dealer will be able to negotiate on all areas of the finance package, including the size of the deposit, the interest rate and any other conditions attached to the quotation.

Whilst they are able to negotiate, the dealerships room for negotiation may be a bit limited, and will to an extent be dependent upon the credit score of the individual applying for finance on the  Ford Explorer and any cosigner who might be part of the original  application.

How to Refinance Ford Credit Loan on Ford Explorer

With the cost of a Ford Explorer rising to potentially US$50,000, the financing of it both at the outset of the purchase and its running costs during its lifetime of ownership become a significant financial commitment and investment.

Many people when buying a car outright tend to get a bit lost in the mystique of a new or nearly new car, and either don’t always pay a huge amount of attention to the financing, or tend to assume that they are getting the best rate they can and move on.

The idea of refinancing a loan from Ford credit is one that should be looked at and considered at any particular stage of the  ownership process.

There are many reasons why people consider refinancing a loan, some of them positive and some of them negative.

The most common reason is to reduce, although it can also sometimes be to increase the size of the monthly payment. The way a loan agreement with Ford credit is structured is that there is a standard rate of interest applied across the entire period of the loan, which is worked out to a single monthly payment that remained the same for that time period.

Refinance Ford Credit Loan on Ford Explorer

This simplifies the whole process significantly from both points of view, but also means that making any changes either to the rate of interest or other terms and conditions of the loan is pretty much impossible.

The interest rate, or whatever interest rate is used is also tied to the size of the down payment as an overall part of the lending criteria, again making it difficult to change during the period of the loan.

This is why people refinance a loan. Making amendments or alterations to the original loan is in practice a difficult, and it’s much easier with a vehicle like the Ford Explorer to simply refinance the whole process.

The practicalities of refinancing a loan on a Ford Explorer are actually quite straightforward, and in many ways pretty similar to the original process. Kate should be taken about approaching companies in terms of whether or not it affects your credit score, but it should be fairly straightforward to find out if it is possible to refinance your original loan and if so on what terms and conditions.

What Are Ford Lease Credit Score Requirements for Ford Explorer

People sometimes assume that credit score requirements for leasing a Ford Explorer are likely to be different or less than if they were applying for a loan to buy one, either with Ford Credit or some other lender such as a bank or a credit union.

Truth is that applying for a lease deal with Ford credit means people undergo exactly same credit checks that they would if they were buying the vehicle outright. The risk to Ford from a credit point of view is pretty much the same regarding both circumstances.

People sometimes assume this is because the monthly costs of leasing a car such as the Ford Explorer tend to be significantly less than if they were to buy it outright, and so they assume that there is a less stringent credit requirement to lease a vehicle.

Ford Lease Credit Score Requirements for Ford Explorer

The process of arranging credit can be quite a complex one, and it is worth the customer understanding what is involved before embarking upon the whole project.

The first thing to do is to obtain a copy of your credit report, which is a document that is used to compile a wide range of personal and financial information about you, which is then used to determine your credit score which is used as a basis of deciding whether or not to lend you money, and if so on what terms and conditions.

When leasing a vehicle such as the Ford Explorer, Ford don’t actually lend you the money to buy it in the same way that they would if you were purchasing the vehicle from them outright. However they are in effect lending you the vehicle itself for a fixed period of time, and whilst the costs of paying for that are less, it is still a significant financial risk to them.

As such they will check your credit rating in the same way that they will any potential customer looking to buy from them, and use a credit score to determine whether or not to  lease the vehicle.

After obtaining your credit report, it is worth checking that all the information in it is accurate and up-to-date. What often misinformation, or information that is out of date and cannot be used any more can have a significant impact on your credit score, and ultimately on terms and conditions of any credit agreement arranged with you.