Anyone looking to lease a Ford car or truck would do well to understand both the principles of leasing, and also what is involved in a credit score and credit check. The principle of leasing a Ford vehicle is quite similar in many ways to that of a long-term rental.
The customer does not own the title to the vehicle, but has full use of it for specified time period in the lease contract. At the end of the lease period, the customer returns the vehicle to Ford, normally with an option for the customer to purchase the car or truck at a significantly reduced cost if they want to.
At the end of the lease period there are a number of costs that are likely to be evaluated and need to be paid by the customer. These normally relate to any excess wear and tear to the interior of the vehicle, any damage or paperwork that need repairing to the external area of the vehicle and any additional mileage that is paying for.
Ford Lease Credit Score Requirements
A Ford credit lease will normally have a specified mileage allowance, either on an annual basis or for the overall period of the lease. Additional mileage may be bought throughout the term of the lease, or any excess mileage settled at the end of the lease.
All lease end costs that need to be paid at the end of the lease period should be specified in the contract, and precise details of how these costs are worked out should also be specified in the lease agreement.
The credit score requirements for anyone wanting to take out a lease will be the same as for anyone wanting to buy a new or a used Ford car or truck, as the risk to Ford in terms of nature of credit or finance is pretty much the same.
Although a lease can be thought of as a long-term rental, the financial application for credit will work in pretty much the same way as if you are buying or purchasing vehicle. A credit score is determined by a credit report, and tends to be the main factor in determining whether or not finance is offered to you as a customer, and if so on what terms and conditions.
Terms and conditions normally relate to the size of the down payment, the length of the lease agreement and the size of the monthly repayment costs. With a lease agreement it is worth remembering that are likely to be other costs as well such as potentially additional insurance charges, and servicing and maintenance costs.