FICO score needed for Ford Credit top tier financing rate?

[Back2Gas]

Have you considered looking into a Credit Union?

That moght be your best bet.

Yeah I've been pre-approved at local CU's in the 6% range. If Ford Credit can get close to that then I'll just stick with them.

Sponsored

 

[friscoaggie]

Ah okay that's good news then. Hoping to get at least sub 7% for 72 months

Going market rate from credit union is 6.5 at 72 or under, go over 72 and it moves to 7.44.

 

[dfwford]

Yeah I've been pre-approved at local CU's in the 6% range. If Ford Credit can get close to that then I'll just stick with them.

You can always just come right out and ask the dealer if they can beat that rate.

They may be able to find another lender besides Ford Credit who will do it, just so they can close the sale.

 

[Jrws1014]

Ah okay that's good news then. Hoping to get at least sub 7% for 72 months

Also can be done by putting $$ down. The dealer can “buy your rate” pretty much reducing the risk on the creditor to influence their decision to reduce your APR%.

 

[friscoaggie]

You can always just come right out and ask the dealer if they can beat that rate.

They may be able to find another lender besides Ford Credit who will do it, just so they can close the sale.

Yes, this. Beat not match.

 

[Dave2013M3]

Does anyone know what FICO score you need to get the best rate from Ford Credit? I'm pre-approved with Ford Credit but not sure what my rate's going to be.

My score dropped to the mid 600 range and I still got Tier1 through Ford Credit. The key was my car loans through them was paid perfectly with no lates.

 

[Dave2013M3]

Generally anything over 750 should get you best rate.

You won't need that high...probably anything above 720 if you never financed a car loan before. They look at likes type of credit, that is a huge plus.

 

[donnytsunami]

It varies but generally anything above 740 will give you the best rates

 

[Rick Deppe]

It's gonna be based on what term you select as much as your FICO. 72-84 mtn are seeing 6.9% from what I have seen.

Dealer pull is also a factor. I have gotten rates with FMC that I shouldn't have because my dealer is high vol and vouched for me after buying 2-3 new vehicles every 2-3 years LOL

I have purchased several vehicles from ford credit. Like 7 now. I just purchased a 2022 escape. New 2022. With 0 percent APR because it's a 2022. Traded in 2 lease fusions I had. A week before that I purchased a 2022 mach 1. It was new. I put 8k down . And got a 9 percent APR. No discount being a Mach 1. I gave up on my 2024 order. I don't have good credit. In the High 600s. Once your in the club the ford credit club, by paying your monthly payments on time. Ford credit will hook you up. They ran my credit though everyone. And ford gave me the best rates.

 

[JAM486HP]

Fed funds are at 5.25 with another 50-75 bps on the table.

don’t expect to see anything under 7% even with an 850 credit score.
That’s the market we’re in… they do not want people financing anything, cars homes.. etc.
They have been trying to slow the economy for a year plus now.

Exactly why I am hoping for more delays on my build. Have a 820 FICO and DTI below 5% and best I can see right now is 6.5% with 20% down

 

[Darkness24]

Exactly why I am hoping for more delays on my build. Have a 820 FICO and DTI below 5% and best I can see right now is 6.5% with 20% down

Why? Are you thinking the rates may go lower for some reason?

 

[JAM486HP]

My wife just bought her 2023 expedition with a 618 credit score. $0 down and $5,000 upside down trade value and the dealer was able to get her a 7.9 @ 84 months through Ford Motor Credit.

Doesn't a higher income play a factor as well?

 

[JAM486HP]

Why? Are you thinking the rates may go lower for some reason?

The rates will go lower, Once these high rates do their intended damage to the economy and get the FED inflation target at 2%, (we are down to 3%) then they can cut.
Keep in mind I have not even been scheduled yet, I have NP so I am probably looking 5-6 months before I will need financing

 

[Darkness24]

The rates will go lower, Once these high rates do their intended damage to the economy and get the FED inflation target at 2%, (we are down to 3%) then they can cut.
Keep in mind I have not even been scheduled yet, I have NP so I am probably looking 5-6 months before I will need financing

Right there with you I ordered my DH 3-28 & still no build or VIN! They are starting to piss me off! Seeing others who ordered way after me & have build & VIN! Seems like I might not see my DH till winter or next year at this point. Defiantly not ideal! Maybe it'll never be built or show like the Escape that never showed up at my dealer!

 

[dfwford]

Doesn't a higher income play a factor as well?

Yes.

Sponsored