For many people, the best option when buying a Ford car or truck is to try and arrange the finance through the Ford dealership, known as Ford credit.
They can of course try and arrange credit with other lenders, but for many people the convenience and integration of arranging finance at the point of Ford sales is preferable.
This does not necessarily mean that they will get the best deal in terms of credit or finance, but they may be able to combine the terms of their Ford credit arrangement with special deals on the car or truck that overall can make it a very valuable proposition financially.
Ford credit is the finance arm of Ford, and there are a number of stages in the process that are important to understand. It is possible to get pre-approval for a Ford credit loan via the main Ford website, and this can certainly speed up the process.
There is some anecdotal evidence that this can also work against the customer, in that the Ford dealership will know how much the customer has been approved for, and therefore how much they can spend.
Even if this is true, it does not we compete negotiating position of the customer who can bargain both at the final sale price of the vehicle and the terms and conditions of any finance or credit arrangement made through the dealership.
Ford Sales – Best Credit
Aside from the convenience factor in terms of arranging the credit with the dealership, a Ford dealer should have a number of different relationships with different finance houses and banks, and should be in a position to get several different deals that suit the customer.
The Ford dealership however can if they want markup any quotation to include a commission of their own, and the customer should always be aware they can negotiate down. If they have a strong credit score, then obviously they are in a much better position.
If a customer has bad credit or no credit at all than a Ford dealer may in many ways be a good option as well. Amy will have experience of lenders who are willing to offer some type of finance credit arrangement, even if the terms and conditions are not that great.
It is always open to the customer to refinance the loan at a later date and improve the interest rate or terms of the loan if their credit rating improves, or once they have built up some type of credit through other means.