A Ford credit loan is in effect the amount of money that Ford credit would lend you in order to purchase a new or used Ford car or truck, in effect the finance element of the purchase. It is worth slightly unpacking this in order to make clear both the nature of Ford Credit and the nature of how personal loans work.
Anyone looking to buy a new or a used Ford vehicle is likely to need some type of finance in order to buy it. This finance can either be arranged with Ford credit directly, or via a personal loan from a bank, credit union or other source of finance lending.
The advantage for many people of arranging finance with Ford credit is that it simplifies the process considerably. It allows them to arrange finance credit with the company they are purchasing the vehicle from, and as such allows them to do the whole package in one go.
There is no doubt that car manufacturers, including Ford, to an extent play on the attractiveness of wrapping the sale of the vehicle with the finance as a way of promoting sales, and there’s nothing wrong with that.
Ford Credit Loan
Where the customer needs to be careful is to remember that the money they are boring is a personal secured loan, and in that sense is no different from any other type of personally they might get from another source.
It is a legally binding contract and they are liable to pay, and should be thought of and remembered in that context. The other thing that any potential customer needs to remember is that having the negotiation of the sale at the same time as the negotiation of the finance can make the whole process blur into one.
It is a really good idea to separate out the two processes and treat them as completely different things.
Anyone looking to obtain a secured personal loan, either from Ford Credit or another source, would do well and be well advised to obtain alternative quotations, in order to be able to compare them with what is offered by Ford credit.
Organisations should be secured so they can be compared on a like-for-like basis. This in effect means they should all relates to a similar sized down payment, an interest rate and length of term of the loan. It is also worth trying to find out what penalty charges there may be if you wish to pay off the loan early as this could effect your thinking in terms of which credit loan you decide to take.