Leasing a Ford Escape with Ford Credit can be a serious alternative for any individual looking to have the benefits of a new car, but not having sufficient cash to be able to purchase one outright. A lease can be entered into by any individual whose credit score or credit rating makes them a credit worthy risk to Ford credit.
The process of leasing a Ford car or truck has a number of components, but the individual applying for a contract to lease a Ford escape will have their credit worthiness assessed in the same way as if they were applying for a normal auto loan.
The individual will be asked to fill in an application form, possibly online, which will provide a considerable amount of personal information about them, possibly the family and possibly work colleagues if the lease agreement is to include any type of business or work activity.
This personal information is likely to include things such as their name, date of birth, any personal or business address, any telephone numbers, any Social Security number or social insurance number, a drivers license, passport and any current and possibly previous employers as well.
Credit Score to Lease Ford Escape
Once the application form has been filled in, then the individual will have this personal information assessed along with information relating to their credit history such as any public records available, their banking accounts, any current loans or mortgages, lines of credit and credit cards or store cards.
All this information will be collected by a credit bureau who will then assess it, and allocate to the individual a credit score.
This credit score will then be used as the primary means of assessing whether or not to lease the Ford escape to the individual, and if so on what terms and conditions. These normally relate to the size of a down payment, the amount of a monthly payment fee and the length of any lease agreement.
The credit score will be assessed and implemented by Ford credit on exactly the same basis as if an individual were applying for an auto loan with Ford in order to buy a Ford escape or any other Ford vehicles.