Wanting to get approval for Ford Credit works at two levels.
Firstly is the level of simply getting an application for Ford credit approved and they offered some type of auto finance, and the other basis is for getting pre-approval as a Ford credit customer.
Both are effectively the same end in terms of being offered some type of auto loan or lease agreement, but there is a difference in terms of the benefits of being pre-approved.
Applications for pre-approval sometimes thought of as a bit of a sales gimmick or technique, but can in fact have some important benefits. From the customer’s point of view it gives them a degree of certainty that the loan protection will be accepted, and gives them some idea of the terms and conditions that Ford will offer.
It also gives them a benchmark that they can use to apply for other auto loan quotations which they can then compare to what Ford is offering them.
How to get Ford Credit Approval
A pre-approval offer from Ford often also allows the customer to access special deals, either on specific models or certain finance offers or specific post sale benefit offers relating to servicing and maintenance or extended warranties.
Aside from pre-approval, an application to for credit is pre-much like any standard auto loan in terms of both the application process and the assessment by Ford as to whether or not to approve it.
This will essentially be done by one of the three major credit bureaus, with Ford or the Ford dealership making the final decision. What is really important is for the individual customer to realise that they need to do a couple of things to boost their chances of approval.
Firstly is to get hold of a copy of their credit report and check to make sure it is accurate and up-to-date before applying for any type of auto loan with Ford credit or anyone else. Secondly is to have a realistic assessment of what they can afford, and what they are wanting to spend their money on.
Once they have been offered any type of auto loan from Ford credit or anyone else it is worth getting alternative quotations from other sources, and checking to see how they compare on a like-for-like basis.
It is worth remembering that anyone with a poor credit history or with no credit at all any reason can often arrange finance either by using a cosigner or by agreeing to certain terms and conditions that are more onerous than would otherwise be the case.
These normally apply to things such as an increased deposit, a higher interest rate or the length of the loan period itself.