People sometimes assume that credit score requirements for leasing a Ford Explorer are likely to be different or less than if they were applying for a loan to buy one, either with Ford Credit or some other lender such as a bank or a credit union.
Truth is that applying for a lease deal with Ford credit means people undergo exactly same credit checks that they would if they were buying the vehicle outright. The risk to Ford from a credit point of view is pretty much the same regarding both circumstances.
People sometimes assume this is because the monthly costs of leasing a car such as the Ford Explorer tend to be significantly less than if they were to buy it outright, and so they assume that there is a less stringent credit requirement to lease a vehicle.
Ford Lease Credit Score Requirements for Ford Explorer
The process of arranging credit can be quite a complex one, and it is worth the customer understanding what is involved before embarking upon the whole project.
The first thing to do is to obtain a copy of your credit report, which is a document that is used to compile a wide range of personal and financial information about you, which is then used to determine your credit score which is used as a basis of deciding whether or not to lend you money, and if so on what terms and conditions.
When leasing a vehicle such as the Ford Explorer, Ford don’t actually lend you the money to buy it in the same way that they would if you were purchasing the vehicle from them outright. However they are in effect lending you the vehicle itself for a fixed period of time, and whilst the costs of paying for that are less, it is still a significant financial risk to them.
As such they will check your credit rating in the same way that they will any potential customer looking to buy from them, and use a credit score to determine whether or not to lease the vehicle.
After obtaining your credit report, it is worth checking that all the information in it is accurate and up-to-date. What often misinformation, or information that is out of date and cannot be used any more can have a significant impact on your credit score, and ultimately on terms and conditions of any credit agreement arranged with you.