An application for Ford credit will be considered on the same basis as most applications for any type of auto finance or credit, with the added caveat for credit is simply one lender, and that assessment of you could well differ from other lenders. The application process however will pretty much be a standard one, whether done at the time of sale or pre-approval.
Anyone filling out an application for Ford credit will be required to disclose insignificant amount of personal and financial information relating to themselves and possibly to other people as well.
This information is then disclosed to a credit bureau who will make an assessment of the individual along with other information they may have about them, and on that basis sign them a credit score. This credit score is then used as the main determinant by Ford credit as to whether or not to lend the individual money, and if so on what terms and conditions.
Ford Credit Application
If the individual applying for Ford credit either has no credit history, or a poor credit history then they may wish for a cosigner to be part of the agreement. A cosigner is normally someone who in effect counties the loan on behalf of the individual.
They will normally have a significantly higher credit rating than the individual applying for a loan. This is quite often done within families as a way of allowing an individual to arrange finance the basis that they would not otherwise be able to do. It is worth stating or remembering that a cosigner will be responsible for paying back the loan if the individual fails to do so for any reason whatever.
If someone is applying for Ford credit for a commercial auto loan, or for a truck vehicle that is likely to be used in connection with the business and the application process is likely to be more thorough. This simply means that the questions asked are likely to refer to the individuals business dealings as well, and also potentially to any other partners/directors/ co-owners of the business, or anyone involved in its operations. Given that a significant amount of personal and financial information will be required, this is a consideration should be looked at carefully.
