What is Ford Pay?
Ford pay is a general term normally used in two specific areas relating to Ford credit. One is the amount that is actually paid for the vehicle or car, and this can relate both to the sale price and also to the finance that is arranged on it. The other way this time is normally used is when it relates to an issue regarding payment or payment costs once the sale or lease agreement has been finalised.
Anyone looking to buy a new or used Ford car or truck is likely to need to arrange a car loan of some type. A car loan simply a personal loan for the specific purpose of buying the vehicle. It is normally referred to as a secured loan, meaning that the loan is secured against the value of the car.
This means that if for any reason the individual is unable to repay the loan or the fall’s on the loan, then Ford or Ford credit can repossess the vehicle in order to try and reclaim some of their money back.
It is possible for a car loan to be an unsecured loan, in which case there is normally a higher interest rate charged as there is a greater risk from the lender’s point of view. It is very sad to say that any auto loan arranged with Ford credit is likely to be a secured loan.
Ford pay in relation to Ford credit means that you borrow a certain amount of money from Ford, and agree to pay it back over a fixed period of time. There is also likely to be a down payment, which is an amount of money that you pay in a lump sum upfront at the beginning of the loan.
The balance of the loan will have a rate of interest applied to it, and I will be a fixed monthly repayment cost over the period of the loan which can be anything from 12 months to 5 or six years.
The other time Ford pay comes into usage relates to payment problems or payment issues once the sale or loan has been agreed. These are normally quite common, and rates simply to practical issues that payment transactions.
They can of course be situations when the person who has borrowed the money or arranged the Finance get into financial difficulties and cells and is unable to repay the loan. If this does happen it is crucial that they both obtain independent advice about how to manage their debt, and also to contact their lender at the outset to advise them of the difficulties and range some way of negotiation in terms of resolving the issue.