FORD

How To Get Best Ford Credit Lease Deals

Ford Credit offers finance to customers looking to buy or lease a Ford car or truck.  There are three or four main things to think about.

Whether to buy or lease, if buying, new or second hand, how to check your credit score, how to improve your credit score and how to get the best deal.

Many customers like the idea of being able to buy or lease a vehicle from Ford.

From Ford’s point of view, it can make the availability of all models more attractive to potential customers by the fact that they can arrange finance for them at the same time.

For many people when deciding to buy a new or used Ford, there are a number of options that need to be considered. Some people are not sure whether to decide on the car first, then decide on whether to buy a new or used model, or whether to lease one.

Whatever the process that a potential customer goes through, the options for arranging finance should be considered almost as a separate item.

It is possible to go to Ford’s dedicated website and to potentially obtain pre-approval for a loan, and also possibly be offered special deals on certain cars as a pre-approved customer.

This will at least give the potential customer some idea of how much money they are able to borrow, and on what terms and conditions and how much it is likely to cost them.

It is also a good idea to get pre-approval for a loan from one or two other reputable sources, as these can then be compared with each other and if necessary use as the basis for negotiation, either with Ford Credit or one of the other companies.

1.FORD CREDIT : SALES OR LEASE

One thing is worth pointing out, that arranging the credit with Ford at the same time as buying or leasing a vehicle does not mean that you get a preferential deal on either.

If anything, it can potentially complicate the issue slightly as lines can become blurred as to what you are paying for what.

The solution to this is simply to treat both items as completely separate, and to work out what you believe to be a realistic final sale price for the vehicle, and to work out the best rate and deal in terms of finance or credit, and then bring them both together.

Ford credit does have a number of specific plans or options which may be of particular interest.

2.BENEFITS OF LEASING

Leasing a new Ford car or truck can have a number of advantages over buying, the main one being that you enjoy the benefits of a brand new car without actually paying for it – of course you don’t actually own it either, which is sort of the downside.

Think of it as a sort of long term rental with anumber of conditions attached, also with some additional costs at the end of the lease period.

3.WHAT IS FORD FLEX BUY

This type of plan is fairly unique, and in essence gives the customer potential to vary the amount they pay over the period of the loan if they apply for and are accepted into Ford Credit.

This means that they might well pay less in terms of monthly payments at the beginning of the loan, and then pay increased amounts towards the end.

Overall monthly payments would even out as if they had paid same every month, but a customer will have flexibility to protest at the beginning and r on.

4.WHAT IS FORD MOBILITY FINANCING

A number of customers have what are sometimes referred to as mobility needs or special needs, where in essence the vehicle needs to be modified in order to be used by the potential customer.

The scheme that for operate helps with the financing both of the vehicle and any modifications that may be needed to help the individual private.

5.FORD CERTIFIED PRE-OWNED VEHICLES

This is quite a common and very effective sales technique, as well as making a loss of business sense.

The idea is to certify a number of vehicles that are essentially used vehicles, but which have been checked over by Ford and can be deemed to be mechanically reliable and safe.

Ford used the idea of a pre-owned and certified vehicle as a way of reassuring customers that the vehicle they are buying is as far as can be guaranteed reliable.

This can be a valuable way of buying a used car, what is important is to check what warranty it comes with, how long the warranty is for, whether that is the possibility of an extended warranty, and whether the warranty includes things such as tires and wheels.

6.FORD CREDIT – RED CARPET LEASE

The possibility of leasing a Ford car or truck has become increasingly more popular over the last few years, and is a sales technique actively promoted by Ford itself.

Red Carpet Lease is simply the name that Ford give to their various leasing plans, which in many ways similar to a normal auto loan, but with some differences that need to be understood. Any leasing plan can be thought of in many ways similar to a long-term rental agreement.

7.WHAT ARE LEASE END COSTS

There will be a down payment on the vehicle, a number of fixed monthly payments for the duration of the lease, and an assessment at the end of the lease where there may be additional charges for excessive wear or tear, or additional mileage charges.

It is important that at the beginning of the lease, or potential charges may be incurred during the lease or at the end of the lease are specified and agreed. It is also important that the basis of how the charges are worked out, especially in areas such as excessive wear and tear, are specified and agreed.

8.FORD CREDIT – FORD COMMERCIAL FINANCING

Ford credit plays a big part in the financing of commercial vehicles and trucks.

The process of arranging credit and finance is relatively similar to that of arranging a loan for a normal private individual, but there may well be additional questions or credit checks related to the individual, their family, their business or their business associates or partners.

This can sometimes seem a bit intrusive, but the reality is that arranging a loan for a commercial venture has different implications than are arranging a loan for a private individuals .

9.FORD CREDIT AND GAP INSURANCE

Gap Insurance is an important type of insurance, and basically covers the difference between the final sale price of the vehicle and its value as determined by the insurance company in the event of there being an accident the vehicle is a total loss or write off.

In this event, there is likely to be a significant difference between the insurance company’s valuation and the price paid by the customer, leading to a possibly large unsecured debt which will be the responsibility of the customer.Gap Insurance Is designed to cover this unsecured debt.

10.FORD CREDIT – VEHICLE PROTECTION OPTIONS

Vehicle protection is a really important part of deciding which vehicle to buy and whether to buy or lease vehicle. Ford offers a variety of different vehicle protection plans which include the warranty, possible servicing and maintenance contracts, roadside assistance and emergency contact help.

As well as most Ford dealerships or offer a significant amount of practical advice concerning how to look after the vehicle and maintain it in a good condition, especially in the winter.

11.FORD CREDIT INCENTIVES

Like most manufacturers, Ford will offer a number of different incentives throughout the year which can make a significant difference to the final sale price all lease payment schedule of a vehicle.

Some of these incentives may relate to certain categories of customer such as college graduates or people who are serving have served in the military.

Other offers will relate to certain vehicles or certain types of vehicles, there will be certain incentives offered at certain times of the year often as a way of offloading inventories, special finance deals may be offered by way of zero percentage contract, and certain deals may be offered to existing customers either as a way of getting them to buy a car they are leasing or to trade in a car for a new one.

BENEFITS OF A FORD PAYMENT CALCULATOR

A payment calculator can be a really useful tool in terms of helping you understand your potential repayment costs.

That in mind that your creditworthiness will be assessed by Ford credit, and it will be their judgement as to the level of risk that you represent financially, and they will charge you accordingly.

When working out your repayment costs it is well worth to do a budget of all your current monthly expenditure, as well as all your monthly income, and work out what you can realistically afford to pay back.

The repayment costs should allow not only for the price of the vehicle, but also things like insurance costs and servicing and maintenance plans. This can also be used in the event of an auto loan refinance deal.

FORD CREDIT – PERSONAL ACCOUNT

Setting up an account with Ford allows you to apply for credit before buying or leasing a vehicle. Allows you access to a number of on-line tools that can help you navigate the process of buying or leasing, as well as arranging finance.

Your account also acts as a portal for all you need to know when you have bought the vehicle, including info on warranties, servicing and maintenance schedules and contact info regarding account management and payment issues.

Ford Vehicles – Reviews TBA

Ford Fiesta

Ford Focus

Ford Fusion

Ford C – Max

Ford Mustang

Ford Taurus

Ford Eco-sport

Ford Escape

Ford Transit Connect Wagon

Ford Edge

Ford Flex

Ford Explorer

Ford Expedition

Ford Transit Connect

Ford F – 150

Ford Transit Passenger Wagon

Ford Super Duty

Ford C – Max hybrid SE

Ford Fusion Hybrid SE

Ford C – Max Energi SE

Ford Fusion Energi SE

Ford Transit Connect Commercial

Ford Transit CC – CA

Ford Stripped Chassis

Ford Econoline Cut Away

Ford Transit Cargo Van

Ford Super Duty Commercial

Ford Chassis Cab

Ford F – 650 – 750

Ford Lincoln Navigator 2018

Can you Buy a New Ford on Credit

Buying a new Ford on credit is certainly possible, but many people there will see the prospect of buying a new car as one that immediately loses them a certain amount of money, purely in terms of depreciation on the vehicle.

It is commonly estimated that if you buy a new car of any make, with or without credit, that as soon as you drive it out of the showroom you lose some are between 10 and 15% of its value.

On the other hand, there are many people who simply love the idea of the look and feel of a brand-new Ford, and feel the loss of depreciation is to an extent academic as they will keep it for a reasonable period of time, and then simply sell it on or trade it in for another model.

For anyone who seriously wants a brand-new Ford car or truck, they would do well to consider the option of leasing one. Although when you least a vehicle you do not actually own it, the title stays with Ford, you do in effect get to have use of it for a fairly long term basis at a cost that should be considerably less than if you bought it outright.

Buy a New Ford on Credit

Buying or leasing a new Ford with Ford credit is to an extent fairly similar in terms of the application process. When buying or leasing, it is worth doing as much research as possible before you enter a physical showroom, either online or by telephone.

A lot of Ford dealerships have dedicated Internet teams, who are there to help you through this process.

The ability to research what a new Ford should actually cost you, both in terms of the final sale price of the vehicle, and what you may accurately expect to pay in terms of finance or credit, does mean a fair degree of time and effort being spent. The advantage is that you can enter any type of negotiation regarding the price or finance with a Ford dealer before you actually physically set foot in the showroom.

This gives you as a potential customer a huge amount of power that you would not have if you simply had to walk into a showroom and negotiate without any prior knowledge.

Buying a new car or a new Ford car or truck on credit is absolutely doable, assuming the individual has a sufficiently good credit score to warrant the loan being agreed. The issue tends to come down to one about depreciation, and whether or not the individual they may be better off buying a slightly used car, although that of course can come with problems of its own Penybont its age and condition.

Can You Dispute A Credit Report

People often talk about disputing a credit report, but in fact it is in everyone’s interests including the credit rating bureau that the credit report is completely and 100 cent accurate, as it is used as the basis for producing a credit score which ultimately determines individuals ability to loan money from Ford credit or any other financial lender.

A credit report is effectively a dossier made up of information taken from the potential customers application form, and a wealth of other personal and financial and credit information, with current and historical.

Normally an individual is allowed to see a copy of their credit report from the three major credit bureaus for free once a year. This is really important as it allows them to check the information contained in the report, and make sure it is accurate and up-to-date.

There is certain information that although accurate can normally only be used for a certain length of time. Types of information that this relates to can include things such as bankruptcy. This means that after a certain number of years a credit bureau can no longer include these items as a basis for determining your credit score.

Can You Dispute A Credit Report

If you discover information in your credit report that you believe is inaccurate or up-to-date this is really important that you get back to the credit rating agency or bureau and tell them. It is in their interest that the information in the credit report is accurate and current, and if what you are saying to them is evidently provable than they should be open and willing to change it.

The problem in terms of disputing a credit report often comes when the customer disagrees with the value of the credit score that has been determined by the credit report, rather than information contained in the credit report itself.

This is a much trickier area, as the allocation of a credit score is a judgement by a credit rating agency, normally done by mathematical algorithms largely, which they believe reflects the accuracy of information they have about you.

Trying to get them to change their mind can be tricky, but if there are exceptional circumstances or reasons why certain areas of your credit report may look worse and they actually are then it is certainly well worth contacting them and telling them.

At the end of the day, a credit bureau is there to provide an accurate assessment of what they believe your credit worthiness is.

They should be open to including any information about you that is relevant, but there will also be wary of using a focus on their own internal workings and experience to help them determine what they believe to be an accurate credit score for you or anyone applying with you for credit or a loan.

How Do You Fix A Poor Credit Score

Anyone with a poor credit score will at some point want to do what they can to improve it, as it has a significant impact on that ability to borrow any type of auto loan with Ford credit or any other lender, And this can be done both on a short term and a long-term basis.

People have poor credit scores for a number of reasons, and often the term poor credit gets lumped in with bad credit and no credit at all. They are in fact completely different scenarios. Someone may have poor credit or bad credit because they have had debt problems in the past, or because they have had problems borrowing money and not built to repay it.

Someone with no credit may simply have not had an opportunity to try and borrowed money before, either because of age or because they have never had a need to. One of the options may well prove viable someone with no credit history is to use a cosigner.

How Do You Fix A Poor Credit Score

A cosigner is normally someone who agrees to cover the repayments on an auto loan in the event that the applicant is unable to meet them. The advantage of this obviously is it that can give someone with no credit history the opportunity to borrow.

Needless to say it is quite a risk for the cosigner, and is normally restricted although it doesn’t have to be, to family members or close relatives.

Fixing a bad or poor credit score has two particular  areas.

Firstly is to check that the actual current credit report is accurate and up-to-date in terms of the information it has. Any errors in this can result in a mistaken credit score which can be costly in terms of arranging finance.

Secondly is to take measures to actively improve one’s credit history. This can be done in a number of ways by either pay off credit cards, or generally taking a number of steps to improve  people’s lines of credit.

This is much more of a long-term process, but one started and under way can have an immediate impact in terms of benefiting an individual’s credit report and ultimately a credit score as well.

Can you lease a Ford Escape Hybrid

The short answer is yes, but obviously leasing a Ford escape hybrid comes with a number of issues that need to be understood and looked at in a bit more detail.

Ford, along with other manufacturers actively promote the process of leasing their vehicles, and hybrids are rapidly becoming an important part of this market. Ford recognise the value both short-term and long-term of encouraging customers to buy or lease a hybrid, and the Ford escape is proving to be a popular model in this regard.

The leasing process as it applies to a Ford escape hybrid is pretty much the same as it does to all the other vehicles. There are a number of important factors to be considered if you have not least a vehicle before.

One of them is simply about the length of the lease period. When releasing a vehicle the customer does not  own title to it, they merely have to use of it for the specified period of the lease. A lease can run for any period, but normally ranges from 24 to 60 months.

Lease a Ford Escape Hybrid

A lot of the workings out of the costings of the lease tend to relate to the depreciation in value of the car during the term of the lease period.

This needs to be borne in mind when negotiating all aspects of the lease, as whilst a long lease may result in lower monthly payments, the length of the lease means that you pay more in total depreciation costs over the period of the lease than you would do otherwise.

It is also worth bearing in mind the options that are likely to exist at the end of the lease.

The normal options relate to the customer being offered the opportunity to buy the vehicle at a discounted rate, the customer being offered another lease on another vehicle, or the customer simply walking away and doing something else.

There are likely to be lease end costs at the end of the lease period, which essentially are charges that relate to the wear and tear of the vehicle, and any excess mileage that may have been insured during the period of the lease agreement.

What does a Ford Car Payment include

When making a payment of any type of finance on a  Ford car or truck, there can be a number of discrepancies as to what is actually included with such a payment. The whole area of auto finance and credit covers both the sale and leasing of cars and trucks.

Ford credit is a type of dealership financing that caters to both these markets. When you arrange either to buy or lease a vehicle from Ford a number of different options can be included in terms of what makes up the loan agreement or the lease agreement.

When buying a car, the final sale price should clearly specify how it is made up. There are a wide range of extras that can be included or not, and depending upon how the dealership acts, the customer can either be left with a number of areas that they need to pay for themselves, or alternatively which are included in the original auto loan deal.

What does a Ford Car Payment include

These areas normally include items such as various servicing and maintenance plans, various vehicle protection plans and programmes such as vehicle service contracts, servicing and maintenance contracts, extended warranties and different types of roadside assistance programs.

There is also the whole question of auto insurance and GAP insurance. Whilst these are not normally included in the auto loan agreement, it is possible that the payment for GAAP insurance may be, and this should certainly be clarified.

When leasing a Ford car or truck there is a monthly repayment cost, that is not a repayment figure such because Ford retain title to the vehicle. It can be thought of more as a monthly rental charge, but same principle applies as to what it does and does not include.

All the above areas can come into play as well with a leasing program, and it is down to the customer to negotiate with the Ford dealership what is and is what is not included. Typically, there is likely to be some scope for negotiation on servicing and maintenance plans, and obviously a lease on a new vehicle will come with a manufacturer’s warranty should be included within the price of the vehicle.

Where to Find Ford Credit Phone Number

Ford Credit is part of a process more commonly referred to as dealership financing, where the common factor acts as a credit broker in effect, and arranges finance or credit for potential customers so they can buy or lease one of their vehicles.

Whilst this process is quite well understood, people often run into practical problems once the finance or credit has been arranged, and can sometimes find it difficult to either get queries answered or find someone they can actually talk to and give them the information they need about that account.

Ford have a fairly comprehensive website that people can access once they have registered and set up an account. People are often encouraged to preregister before buying or leasing a car, a process known as getting pre-approval.

This offer applies to an individual getting pre-approved for credit, allowing them to have an idea in advance of how much they will be able to borrow and what interest rate, and also potentially allowing them access to certain specific deals either on individual vehicles or on special interest rate programs.

Ford Credit Phone Number

Once you have registered an account with Ford you can access a vast range of information through their website, that relates to practical areas such as software updates and manuals, and can keep you informed about any records or problems there may be.

It also has many areas of support regarding problems to do with payment may arise. Problems may arise at either a practical level, or because the individual runs into some type of financial problems themselves and needs to either defer payment or restructure the loan.

In any event, the Ford website does provide a wide range of practical information tips and contact details for people who need it.

The other option is to go back to the Ford dealership where the original transaction and finance arrangements took place. Here it is more a bit of luck as to whether or not the dealership will be overly helpful, but on the whole it should be. It is in their interests to retain you as a customer, with short-term and long-term, and it will be dangerous to help you through any practical problems that you may have.

Finally, it is worth bearing this in mind before signing any final contract or lease agreement. People often do not think through the practical areas that  they might need help with once process has been finalised, but making sure they have contact information for the sale is complete is one way they can retain some degree of control over the process once it has been finalised.

 

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.

Who Pays for Ford Credit Gap Insurance and What Is It ?

GAP Insurance provides cover for the difference between what your vehicle may be worth in the event of an insurance claim, and any outstanding balance left on your loan or lease agreement.

In the event of your vehicle being written off, or damaged to such an extent that it is no longer usable, the payout from your insurance company is likely to be significantly less than the current balance left on your finance deal.

Ford provides two types of coverage of this type of insurance. Both are in effect optional if you had arranged finance for your vehicle, but are included in the cost of the lease agreement if you lease it.

GAP Coverage

This is the standard fort cover, and will work like any other type of insurance, in terms of level of cover and paying a premium for it. At time of writing (September 2018) the coverage limit is the lesser of US dollars 125,000 or 150% of MSRP.

The coverage can apply to both new and used vehicles, Is normally for a term of up to 96 months and includes cover of up to $1000 of your insurance deductible.

Please note that these terms and conditions can change over time, and should be checked at time of purchase.

That are also some exclusions to the benefits of the cover, normally relating to errors around fraud or intentional damage, or if there are problems relating to the payment of the vehicle such as a repossession or legal conversation by a public official.

GAP Advantage

This is A similar policy to the GAP Coverage policy outlined above: but also includes a dealer credit of up to US$1000 towards a cost of a replacement vehicle at a Ford dealer.

Whilst this may seem attractive, that in mind that any decision regarding price of a new vehicle is likely to include A significant discount on any manufacturers recommend price, so the value of the Advantage $1000 replacement Credit is probably fairly questionable.

Gap Insurance and Ford Credit Leasing

When you use a vehicle you effectively rent it for hire it for a period of time, and do not have any stage hold little to the vehicle.

As such, Ford retain title, and need to make sure that their investment is secure. They will arrange Gap Insurance and include the cost in the lease agreement.

This does not mean that they are necessarily paying for it, simply that it is not considered an optional extra.

When leasing any Ford Vehicle, it is worth remembering that all areas of the lease agreement are open to negotiation, including the cost of insurance.

The cost of Ford GAP insurance is thankfully normally much less than people think it is, largely because people assume that because it is a type of auto insurance it is going to be astronomical.

In fact the cost is normally fairly minimal, but it is an important form of insurance that ford credit and most manufacturers  will insist the customer has in place as part of any agreement to purchase or lease a vehicle.

GAP insurance comes into effect only in the event of an accident or situation for the car is lost or stolen and is in effect a complete write-off.

It is  probably easier to understand the thought  of in terms of purchasing a new car, but can equally apply to buying a car of any age or condition, or leasing a car or truck.

When purchasing a new car it is well-known that as soon as it leaves the showroom it would  depreciate by a certificate amount, often thought of to be between 10 and 15%.

Over time it will further depreciate in value, often quite significantly in its early years and if there is a high mileage on it.

Ford Gap Insurance Cost

In the event that it is either to be damaged or stolen or in some other way a complete write-off the insurance value will only reflect its market value at the time of loss.

In truth insurance companies tend offer figures at the very low end of the market value and often do not budge.

What this means in practice is that there is normally a significant GAP between what is left on the car laden which will have been based on the final sale price of the vehicle, and what is payable either insurance company at the time of loss.

This means that there will be an outstanding debt which will  still be owed by the customer. GAP insurance is designed to cover the difference between the two, and in effect on the gate the debt which would otherwise be left in effect as an unsecured loan.

What is a Credit Bureau Report

A credit bureau report is normally referred to as a credit report. There are three main credit bureaus in the United States and most countries broad, and they are used by Ford credit and most other finance institutions such as banks and credit unions to whom people turn when they want to obtain any type of credit or finance.

A credit bureau report is a  document that is a compilation of a huge amount of information about individual, both personal and financial. This report is used as a basis for generating a credit score, which is then used as a basis for determining whether or not to give the potential customer any type of finance or credit, and if so on what terms and conditions.

A credit bureau report will contain information such as the individual’s name, their social security number, date of birth, their current and previous addresses and how long they have lived that, their current and previous employers and the length of employment, and whether the employment was part-time or full-time, their current patient and sources of income.

What is a Credit Bureau Report

The credit report will also look at the individual’s credit history, including all types of loans and debt agreements, including any issues such as late payments or defaults on loans.

It is important for any potential customer to obtain a copy of their credit report or credit bureau report and check that the information contained in it is accurate and up-to-date. Most people can access a copy of their credit report for free once a year from each of the major bureaus.

The reason this matters is not any to check that the information is accurate and correct, but because certain information that can have a major impact is normally only valid for a certain number of years. This means that after the time period has elapsed it must be removed from the credit report and cannot be used as part of the assessment.

A credit bureau report can be quite an intimidating document, but its accuracy is hugely important for all areas of a persons life revolving around credit and finance. It is crucially important therefore that it is checked at least once a year to make sure it is accurate and correct. C

What is a Credit Check

A credit check is an assessment that will be undertaken initially by Ford Credit, and passed onto one of the three major credit rating bureaus, to assess whether or not a potential customer is deemed to be a good credit risk or not in terms of lending them the money to purchase a car or truck from Ford.

Ford operate a finance arm known as Ford credit, which offers dealership financing to potential customers who are interested in buying or leasing a vehicle from them. In order to know whether or not the customer is a good risk from a financial point of view for credit will undertake what is known as a credit check on individual.

This involves the individual fully out an application form, which they may do initially online or at a Ford dealership, which will detail a significant amount of personal and financial information about them.

What is a Credit Check

If they have a cosigner then the same information will be required but them, and if the purchase is being done on a commercial basis than information may will be sought about other partners or directors of the business.

Once the application has been processed it will be passed onto one of the major credit rating bureaus who will assess it alongside a range of other information that they have obtained through public records about the potential customer.

These records will then be collated into what is known as a credit report, which is a document which effectively evaluates your credit application. On the basis of this evaluation a credit score is generated.

A credit score is simply a number that is set on a scale between two other numbers to show its relevance in terms of being high or low, and thus giving information back to Ford credit as to the opinion of your creditworthiness.

This credit score is then used as a basis for determining whether or not to lend the customer money, and if so, what terms and conditions such as the size of the deposit, the interest rate etc.

How does Ford Credit Leasing Work

Ford, in common with other motor manufacturers, offer potential customers the option of leasing a vehicle such as a car or a truck, as opposed to buying one at right. If the customer seeks credit or finance, he may well apply to Ford credit to provide the financing of any lease agreement or program.

Ford called their leasing program red carpet lease, and operate it through all of their dealerships.

Any potential customer looking to lease a Ford vehicle would do well to think of it as being fairly similar to a long-term  rental, with the structure in terms of finance fairly similar in practical terms to that of arranging dealership financing to purchase the car or truck.

When entering into a Ford red carpet lease program the customer will be asked to undertake a credit check, and Ford will seek to assess the creditworthiness of the individual to make sure that they are in a position to undertake the lease agreement with them.

How does Ford Credit Leasing Work

If Ford credit decide that the customer is a relatively good credit risk than they will offer the leasing program to them. This will normally involve paying a fairly hefty deposit on the vehicle, a monthly fee and a number of costs at the end of the lease period.

A lease period can technically run for any length of time, but normally run for between 2 to 6 years. At the end of the lease period however long it may be, the customer almost likely be offered the option of either purchasing  their vehicle from Ford at a significant discount, or taking out a lease on another vehicle.

If the customer sites to do neither they will face paying the full extent of the lease end costs. Lease end costs relates to excessive wear and tear on the vehicle, but inside and outside, and any damage however  trivial to the paintwork or bodywork or wheel trim etc. In addition, the customer may well have to pay the cost

When taking out a lease agreement there is an allowed mileage for the vehicle, either on an annual basis or for the duration of the lease. If that is exceeded, then at the end of the lease period then an additional cost will be imposed on the customer.

What is a Free Credit Check?

A free credit check normally refers to a free credit report. Depending upon where you live, there is normally a legal obligation on  the three main credit bureaus to provide a copy of an individual’s credit report free to them once a year.

In addition, many of the bureaus will also offer the customers the chance to see their credit score, but this is normally something they charge for.

Having a look at your credit report is actually a very sensible thing to do, especially if you are thinking of applying for any type of auto loan with Ford credit or any other type of finance body. The reason is simply that viewing a copy of your credit report allows you to check that the information contained in it is accurate and up-to-date.

The credit report contains a significant amount of information relating to the individual’s credit history, their credits transactions and their financial health generally.

Free Credit Check

This information is used to assess the credit bureaus interpretation of the customers creditworthiness, for allocating them a credit score that is then used to determine whether or not to lend the money and if so on what terms and conditions.

Some people also worry that when they apply for a loan this has a negative impact on their credit score. Generally speaking this is true, as certain factors affect the credit bureaus interpretation of a customer’s need for credit.

If someone is continually applying for loans and either be accepted or rejected it can tell the credit bureau a loss about that customers credit habits.

When applying for an auto loan with Ford credit or any other lender this does not apply. Made credit bureaus expect you to get quotations from  alternative lenders in order to be able to compare them on a like-for-like basis.

This means that if you are applying for an auto loan, then it is a good idea to obtain tones of quotations from other sources in order to be able to compare them. Normally two or three alternative quotations should be sufficient.

Ford Credit Jersey Village

Ford credit of Jersey Village is one example of a dealership who are in effect a credit broker, who make a serious effort to try and arrange finance for any individual whether or not they have a bad credit history or poor credit or have had credit problems in the past.

Many people tend to assume that Ford credit will only offer finance to people who have a good or rows behind credit score. In truth a Ford dealership acts as a  credit broker, and a really good one will pull out all the stops to make sure that the applicant is able to obtain some type of credit whatever their history.

As with all credit applications, it is down to the applicant to make sure that they can afford any repayment costs that  our part of any loan agreement that they enter into. Whilst any Ford dealership will explain this to then, it is down to the applicant to realise that it is their financial commitments that they are entering into, and they need to make sure they can afford them.

Ford Credit Jersey Village

This is especially true if they have a poor or bad credit history, as any loan agreement that they do enter into is likely to have either a higher down payment or a higher interest rate than might otherwise be the case.

In any event, it is always a good idea to obtain alternative quotations from other sources such as a bank or a credit union in order to make sure that the quotations are similar.

For entry into any loan, it is important to do some type of budgeting on your other income and outgoings, and have a sense of how much you can afford to spend on buying or leasing a vehicle.

Ford credit of Jersey Village should be able to help in terms of helping the potential customer identify how to understand their own budgeting needs, and to use some type of online calculator to work out how much any loan or lease agreement is likely to cost them.

What is an Equifax Credit Report

Equifax is one of the three main credit rating bureaus that are used to produce credit reports and credit scores on potential customers for Ford credit, as well as other banks, finance houses and credit unions.

It is worth bearing in mind that there are three main credit agencies in the US and worldwide, and that Ford credit may well use any one of them or all three if they feel it necessary.

Equifax along with the other credit rating agencies use similar methods for compiling their credit report, and similar ways of interpreting the information contained in such a report, and will arrive at their own version of a credit score for the individual.

It is important to understand that a credit report is a document made up of a significant amount of personal and financial information. First of all, there is information provided in the application form by the applicant, possibly by a cosigner, and possibly by other members of the applicant’s family or business colleagues if appropriate.

Equifax Credit Report

In addition the credit report will contain information such as the individual’s name, date of birth, the current and previous addresses, their current and previous telephone numbers, a drivers license, the passport and their current and previous employers.

There will be a significant amount of history about the individual’s credit concerning any use of credit cards, lines of credit from a bank of the sources, the length of their credit history etc.

There will also be note of any major credit defaults or problems regarding payments for late payments on any mortgages, loans or significant financial collections.

Once Equifax has collected all this information, it will release it into a report that it then analyses by way of a number of algorithms to produce a credit score. This credit score is in effect a number that is plotted on a graft between two of the numbers to show its relevance between them.

The important thing from a customer point of view is to obtain a copy of the credit report, and check that the information contained in it is accurate and up-to-date. This is especially true if the applicant has had any serious financial problems such as bankruptcy in the past, as there is normally a time limit as to how long the type of information can be used for

Where do I get a Ford Credit Contact?

When taking out a loan and lease agreement with Ford credit inevitably the final negotiations will be done with a Ford dealer. The initial application may be done online, along with a lot of research about the vehicle itself, and finance negotiations may also be done online as well.

A Ford dealer will in effect act as a credit broker, and should act to get the customer the best possible deal they can. It is however up to the customer themselves to check any final offers made by the Ford dealership against alternative quotations that they have got from other sources of finance such as a bank or a credit union.

If the customer goes with the Ford credit quotation for finance, it is important to get as much information beforehand that they can about how to service the agreement once it has been signed.

Ford Credit Contact

Before the sale actually is agreed, customer has a lot more power and authority that wants to sell has been completed. The customer should use this power to get as much information and has many details about contacts as they may need.

Once the Ford credit contract has been put into  place then the customer should think about the long-term needs they may have both about the servicing of the car, and the servicing of the finance agreement as well.

A lot of the information can be found on the main Ford website, and customer will be encouraged to set up an account if they do not already have one.

This will allow them to do a number of routine tasks such as scheduling a service or arranging for a software download for their vehicle, as well as keeping them more up-to-date with any issues concerning the vehicle recall or information about their warranty.

The main Ford website should also have a number of contact details, and it is important to realise that the original finance offer may have been assigned to a third party.

In any event, if there are any problems once the sale has gone through then it is always worth going back to the dealership and pressuring them if necessary to get the information you need. On the whole  most dealers tend to be pretty hopeful  by nature, as well as there being a number of practical reasons Irish and see you as a recurring customer.

 

Is There a Minimum Credit Score for a Car Lease?

People sometimes worry about a minimum credit score when leasing a car when in fact they would be much better off looking at their credit application in a slightly broader context.

Anyone who is concerned that they have bad or poor credit, or that they have a low credit score should first of all obtain a copy of their credit report.

Depending upon where you live, there is normally a legal obligation on one of the three main credit rating agencies to provide individuals with a free copy of their credit report at least once a year.

People may also be able to obtain a copy of their credit score, but the agency is normally charge for this.

The value of obtaining a copy of your credit report is that it allows you to check that the information contained in it is accurate, reliable and up-to-date.

Minimum Credit Score for a Car Lease?

This is really important as this report is a compilation of not only the information you provide on your application form, but also a much wider background of financial and personal information that the credit rating agencies will have collected independently.

Checking that the information the agencies are using is accurate and up-to-date is really important. There is certain information that whilst it may be accurate has a limited shelflife in terms of how long it can be used by them. Checking this and making sure that they are not using out of date information is one really important way of validating your credit report.

Once the report has been checked, then it is worth shopping around and getting alternative quotations as to what a car lease  is going to cost. Inevitably if you are leasing a car from Ford, Ben Ford credit will be the first port of call in terms of obtaining a quotation.

When obtaining a quotation for a leasing program, it is a really good idea to get alternative quotations as well, in order to be able to compare them on a like-for-like basis. This is something that a customer would normally do if they were buying a vehicle, and equally should be done when negotiating a lease on a Ford car or truck as well.

What are Ford Red Carpet Lease Qualifications

Ford have very successfully marketed their leasing program under the title of a red carpet lease program, as I call good sales techniques often make it sound like they are doing you a favour by offering you some type of participation in the lease program.

These are very simple and basic marketing techniques and nothing to be taken to socially. Ford, like a lot of manufacturers, actively push the idea of individual personal leasing to customers in a way that a few years back or simply done to commercial customers.

Ford realise that a lease that can run up to 5 or six years to an extent locks the customer into some type of relationship with them, and they are likely to make more money out of them long-term through other areas of work such as servicing and maintenance plans than if they merely sold the vehicle outright.

Ford Red Carpet Lease Qualifications

As such Ford are very keen to promote their red carpets lease program, but this does not mean that they cut any corners or take any chances in terms of who they  enrolled in it. The credit application to lease a Ford car or truck is putting much identical to that used by Ford credit when someone is buying a vehicle from them.

The leasing program that Ford red carpet have allows an individual to effectively rent a car or truck from them on a long-term basis. The customer does not own the title of the vehicle, but does in effect have the benefit of a new car or truck for the duration of the lease period.

For many people the benefit of possessing a brand-new car even if they do not entitle the something that is of huge significance.

Ford realise that the appeal of new car has significant poll for many people, and whilst the credit application criteria is as strict as that for purchasing a car, there are many benefits to the leasing program itself in terms of ease of use, new car feel, new warranty, all at a significantly lower cost and if the customer purchased the vehicle outright.

 

How to Refinance Ford Credit Loan on Ford 2018 Escape

The Ford 2018 Escape is one of their most powerful and popular SUV’s, and unsurprisingly comes at a cost. It is not surprisingly for, that many people look at the option of refinancing a Ford credit loan at some point or opportunity, either to reduce the monthly costs or to reduce the length of the loan term itself.

When refinancing a loan certain information is required by the new lender. This will be all the information you have available about the car itself, the original loan details and any outstanding amount to the original lender is. This will be in addition to personal details that the applicant will need to supply an order for a credit application cheque to be carried out on them.

Refinancing any Ford credit loan is in many ways pretty similar to the process of applying for a loan in the first  place. People tend to think that we financing is quite complex, which technically it is, but all the complexity is done by the bank or credit union finance house that is offering  the new loan.

Ford Credit Refinance on Ford 2018 Escape

It is important to understand with refinancing a loan that it is the easiest way of changing the terms and conditions of any auto loan that has been taken out.

A normal auto loan, whether with Ford credit or some of the lender is structured in such a way that the interest is charged for the full amount over the period of the loan, obviously reducing as the capital is paid off. In order to keep the loan as simple and structured as possible this is then adjusted to a fixed monthly payment from the time of the loan itself.

Changing the details of the original  loan, either in terms of changing the monthly payment or the length of the loan, or the interest rate, make it virtually impossible to do. It is much easier in fact to simply refinance the whole loan with another bank or credit union.

It is also important to remember that maybe a penalty for paying off the original loan early, and this should be checked within the terms of the loan for any refinancing agreement is entered into.

 

What is a Ford Credit Peace of Mind Program

A Ford Credit peace of mind program is normally some type of extended warranty, often referred to as a piece of mind protection program. The details of any extended warranty can vary quite considerably, not least of all because they can depend on what the original warranty offers or does not offer.

On any new Ford, whether bought or leased there will be a significant warranty covering mechanical parts and labour for a set number of years. There should also be a powertrain warranty and warranties on the tyres as well. There is also likely to be some type of roadside assistance help covering emergency contact and possible transportation to a selected area.

Warranties are all about peace of mind. They are all designed to take away the fear of the unexpected and unknown, and give the customer a degree of comfort in the knowledge that they are not likely to be faced with a significant bill in the event of any major mechanical breakdown.

Ford Credit Peace of Mind Program

When buying a new  ford car or truck then the warranty is pretty stable. If buying a used Ford, the first thing to do is check if any of the manufacturers warranty is still in operation, in effect. If it is, then there may well be an option to extend it, or by an additional warranty on top of the existing manufacturers warranty.

There is also likely to be a dealership warranty available if the manufacturers warranty has run out. Inevitably a dealership warranty is unlikely to be as strong as a manufacturer’s warranty, but should still have significant mechanical breakdown coverage as part of it.

The Ford credit peace of mind program should be thought of as an extended warranty, and as with most extended warranties the issue is not normally the coverage, but the cost. Most extended warranties on sold on goods at the beginning of their lifetime, and in reality whilst they may have some value they are normally relatively expensive.

The cost of a Ford credit use of mind program will inevitably depend on a number of factors, not least of all that of the vehicle, its age and condition, and the amount that the dealership decides to charge.