Can I get car finance on a Ford?
Thinking about getting car finance on a Ford? We’re here to help clear up any questions you might have about the process.
Can I get car finance on a Ford?
Yes! You can get car finance for a Ford. If you can’t afford the car up front, financing a Ford allows you to spread the cost over time, making payment much more manageable.
Whether you're looking for a new or used Ford, there are plenty of finance options available to suit different budgets and credit profiles. These include Hire Purchase (HP), Personal Contract Purchase (PCP), and personal loans.
We work with a variety of lenders to find the best rates and terms, ensuring that you can get behind the wheel of the Ford you want.
How does Ford finance work?
Ford finance works by allowing you to spread the cost of your car over a set period, rather than paying the full amount upfront. There are several types of finance options available:
Hire Purchase (HP): With HP, you pay a deposit upfront and then make monthly payments over a fixed term. Once all payments are made, you own the car.
Personal Contract Purchase (PCP): PCP also involves paying a deposit and making monthly payments. However, at the end of the term, you have the option to return the car, pay a final balloon payment to own it or trade it in for a new one.
Personal Loan: You can also take out a personal loan to buy the car, which you then repay in fixed monthly instalments.
Each option has its own benefits and drawbacks, so it’s important to consider which one best suits your financial situation and needs. Not sure which the best option is for you? Don’t worry, we can help explain these options in detail and guide you towards the best choice.
Is it hard to get finance for Ford?
Getting finance for a Ford isn’t necessarily hard, but it can depend on several factors like your credit score, income, and overall financial history.
If you have a good credit score and a stable income, the process is usually straightforward. However, if you have a lower credit score or an irregular income, it might be a bit more challenging.
Our role is to simplify the process by matching you with lenders who are more likely to approve your application. We’ll help you understand what documents you need, such as proof of income, ID, and bank statements, and do the admin for you so the process runs smoothly.
Can you get Ford car finance with bad credit?
Yes, you can get Ford car finance with bad credit, though it may be more challenging. Lenders are usually more cautious about lending to people with lower credit scores, which can result in higher interest rates and stricter terms.
However, some lenders we work with specialise in offering bad credit car finance. It’s not all about your credit score; they look at factors like your debt-to-income ratio and salary too when assessing your application.
There are steps you can take to make your application look more favourable to lenders:
Improve your credit score: Before you apply, take steps to improve your credit score. Things like paying off debts and making payments on time can all help boost your score.
Offer a larger down payment: Offering a larger down payment can reduce the lender's risk and potentially secure better loan terms.
Use a guarantor: Having a guarantor can improve your chances of approval and possibly result in more favourable terms.
What credit score do you need for Ford financing?
While the specific credit score required for Ford financing can vary depending on the lender, generally, a credit score of 600 or above is considered favourable.
A higher credit score often means better interest rates and terms. But, it's still possible to get financing with a lower score, although you might face higher interest rates and less favourable terms.
If your credit score needs work, don’t worry. Some of our lenders specialise in providing loans to people with lower credit scores or those who have had financial difficulties in the past.
Have you been declined for Ford finance?
If you’ve been declined for Ford finance, don’t worry. We work with lenders who may be able to offer you car finance, even if you’ve been refused car finance elsewhere previously, so don’t let that stop you.
But before you apply, there are several steps you can take to improve your chances of getting approved.
First, find out why your application was declined. Common reasons include a low credit score, insufficient income, or too much existing debt. Once you know the reason, you can take steps to address it. This might involve paying down some of your existing debt, or improving your credit score over time.
What are the Ford Credit approval requirements?
Ford Credit’s approval requirements typically include several key factors:
Credit Score: A minimum credit score, which varies by lender and loan type.
Income Verification: Proof of stable and sufficient income to cover loan payments.
Employment History: A stable employment history showing reliability.
Debt-to-Income Ratio: A reasonable ratio of existing debt to income, indicating you can manage additional debt.
Down Payment: While not always mandatory, a down payment can improve your chances of approval and better loan terms.
Identification and Residency: Valid identification and proof of residence.
Vehicle Information: Details about the vehicle being financed, including its value and condition.
Can I get Ford used car finance?
Yes, you can get finance for a used Ford. Many lenders offer finance options for both new and used cars.
Financing a used car can be a great way to get a reliable vehicle at a lower cost compared to a new one. The process is similar to financing a new car, but there might be additional considerations such as the age and mileage of the vehicle.
Used car loans may have slightly higher interest rates and shorter loan terms compared to new car loans, reflecting the higher risk associated with older vehicles.
Can I get van finance on a Ford?
Yes, you can get finance for a Ford van. Whether you need a van for personal use or for your business, there are several finance options available, including PCP and HP.
The process for financing a van is similar to financing a Ford car. We can assist you in understanding your options, and help you find the best deal for your circumstances.
Can I pay off my Ford finance early?
Yes, you can usually pay off your Ford finance early. This could save you money on interest, but there may be early repayment charges to consider.
It’s important to check the terms of your finance agreement and ask your lender if there are fees for early repayment. This will help you work out if it's the best decision for you.
Got any more questions? Give us a call and we’ll be happy to help. Or, if you’re ready to start your journey, get a quote today.