Applying for finance or credit can seem a slightly daunting process at times.
Understanding how the process works can make it easier what any to obtain any type of credit, by the Ford credit or a loan from another lender, but also give you the confidence to negotiate a better deal with whoever is providing the money.
The application process when applying for any type of loan is fairly similar, and most lenders will use pretty much the same criteria to decide whether or not to send you money, and if so on what terms and conditions.
In that sense, Fords requirements are no different to the requirements that another lender might look at. Ford credit can also work slightly better in that it can pre-approve you for a loan, meaning that you have the security of knowing that you can borrow up to a certain limit. When looking to buy all of these a car from Ford this can make the process much simpler.
Ford Credit Score Requirements
Ford credit score requirements for agreeing a loan will be based upon the information provided by you in the application form, which will be used as a basis for producing a credit report, which in erate the credit score.
The credit report is based on a significant amount of personal and financial information that you will be required to provide. This includes information such as your name, date of birth, current and previous addresses, Social Security social insurance number, driving licence etc.
You will also be required to provide details of current and previous employers, and details of all current income from any source. If the application is a joint one, either with a cosigner or with a business colleague, then they will be required to provide a similar amount of information.
Once this information has been received by one of the major credit bureaus, they will produce a credit report which will generate the credit score. For this reason, it is very important to make sure that all the information that the credit bureau has a new is accurate and up-to-date.
This refers not only to information that you have provided them, but also information that they may have sourced from other areas such as public records, which may relate things like bankruptcy or loan defaults.
