Auto Loan
Ford Financing
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Ford Credit, or the Ford Motor Credit Company, is the services wing that will help you in financing your Ford car. If you are looking for Ford financing, then there are plenty of options out there, from Ford Credit to private lending or finance companies. Here is everything you need to know about Ford Financing and how much you can expect to pay.
Key Takeaways
Ford offers three main financing options. It includes the standard purchase, the Flex Buy, and the Red Carpet lease if you are looking to lease.
This works for used, new, and certified pre-owned Ford cars. With the standard purchase, Ford Financing allows you to build equity with each payment, consequently lowering the purchase price of the next Ford. This comes in 12–84-month terms, and there are no mileage restrictions.
Flex Buy, exclusive to Ford Credit, offers lower payments for the first three years. This financing option features an unequal payment structure with lower payments for the first 36 months, followed by an increase at month 37, ensuring the balance is paid in full by the end of the 66- or 75-month term.
Flex Buy provides a flexible and budget-friendly option, but it is unavailable in states like Maine, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Virginia and Washington, D.C.
Red Carpet Lease offers multiple terms and eight different mileage options, provides lower payments than similar term financing, and offers the benefit of driving a new vehicle frequently. There are also the advantages of a low initial cost, flexible lease-end options, and complimentary Gap Protection.
At the end of the term, you can return the vehicle and lease a new one, purchase the lease, or return the vehicle.
Leasing your new Ford through Ford Credit offers several advantages tailored to your individual needs. You can choose from a variety of flexible and popular lease terms; Ford Credit also provides different mileage options, ensuring you can select a plan that aligns with your driving habits.
When your lease term concludes, Ford Credit provides you with convenient lease-end choices. So, you can consider a new Ford lease or purchase your leased vehicle, depending on the terms of your agreement. However, you can simply return your leased vehicle once you've fulfilled all the end-of-lease obligations.
You can also enhance your lease experience with optional WearCare®, which can help protect you from certain excess wear and tear charges at the end of your lease.
Ultimately, deciding whether to buy or lease a vehicle is a personal one, shaped by your unique needs and preferences.
Ford financing might get you discounts that can lower the price of the car or your loan or lease. These incentives are specific to locations and Ford dealers.
Retail incentive: The Ford Retail Incentives are cash bonuses provided by Ford Motor Company. These come as customer cash bonuses, which will provide discounts to buyers who are planning to buy new Ford cars.
Bonus Cash: Ford Credit Bonus Cash programs are a down payment and can be used together or with other incentives. This is not available across dealers. You could also get Bonus Cash if you traded in an old car. The rebate will be applied to your new car.
90-day payment deferral: Can be of help to put off your first car payment for up to 90 days, but interest will still build up during this time.
Military and first responders program: Active-duty, retired, or veteran members of the U.S. military, 911 dispatchers, police officers, firefighters, and their spouses and household members may get a $500 rebate when they buy or lease a new Ford. To be eligible, you must sign up at www.fordsalutesthosewhoserve.com.
Student program: If you are a student or just graduated, you may get a $750 or $500 rebate from the Ford Drives U program, depending on whether you buy or lease.
First-Time Buyer Program: This program could help you get a better deal on financing if you are a first-time car buyer with little or no credit. To qualify, you would need at least $2,000 a month and not have any bad car credit or problems on your credit report.
Mobility Program: Ford's Mobility Program helps pay for adaptive equipment like steering aids, lifts, wheelchair restraints, door openers, and more for people who buy a new Ford. The program offers reimbursement after you provide your dealer with the bill of sale and invoice after you've made the alterations in your car.
| Pros | Cons |
|---|---|
| Great customer service reviews | Services restricted to only Ford dealerships |
| Flexible loan terms | Preapprovals not available |
| Model | Monthly Payment | Down Payment | Lease Term (Months) |
|---|---|---|---|
| 2024 Bronco Sport | $326 | $3,465 | 36 |
| 2024 Expedition | $713 | $6,872 | 36 |
| 2024 Maverick | $329 | $2,881 | 48 |
| 2024 Edge | $426 | $4,542 | 48 |
| 2024 Mustang Mach-E | $250 | $4,449 | 48 |
| 2024 F-150 Lightning | $282 | $6,791 | 48 |
| Model | Monthly Payment | Down Payment | Lease Term (months) |
|---|---|---|---|
| 2025 Mustang | $473 | $3,825 | 48 |
| 2025 F-150 | $584 | $4,655 | 48 |
| 2025 Escape | $354 | $3,319 | 48 |
| 2025 Bronco | $497 | $4,486 | 48 |
| 2025 Escape Plug-In Hybrid | $566 | $4,556 | 48 |
| 2025 Explorer | $492 | $4,627 | 48 |
| Model | APR | Loan Term (Months) |
|---|---|---|
| 2024 F-150 | 1.90% | 36 |
| 2024 Expedition | 1.90% | 36 |
| 2024 Bronco | 2.90% | 36 |
| 2024 Bronco Sport | 2.90% | 36 |
| 2024 Ranger | 3.90% | 36 |
| 2024 Mustang | 3.90% | 36 |
| 2025 Explorer | 3.90% | 36 |
| 2025 Escape | 3.90% | 36 |
A Ford Credit auto loan or lease could be a good choice for people who want to buy a new or used Ford, but people with the best credit will probably get the best deals and incentives. Ford has different loan options for people with different credit scores; the average customer had a 739 FICO Score. Applying for Ford Credit online is a good way to find out if you are eligible. When you apply, you'll have to give the following:
It is smart to apply to more than one lender and walk into the dealership with a preapproved auto loan to give yourself additional negotiating leverage. Here are some alternatives to Ford financing.
If your credit is still good, but you don't qualify for 0% APRs or other low financing rates that automakers can offer, Navy Federal has one of the lowest starting APRs for auto loans. The catch is that you must be eligible to join the credit union. Only people with ties to the U.S. military can join.
LightStream is an online lender that gives out all kinds of car loans at good rates. If you are someone with good credit or better and a low debt-to-income ratio, you might want to take a LightStream offer with you when you go car shopping.
Bank of America, a well-known lender and financial institution has the highest starting rate in this comparison. Still, many people like banks because they can bank and borrow money all in one place, and they don't have to join.
| Lender | Ford Credit | Navy Federal | LightStream | Bank of America |
|---|---|---|---|---|
| APR | 0.00% and above | 4.09%-7.59% | 6.49% - 25.79% | 5.59% |
| Terms (months) | 2 - 84 | 36 to 96 | 24 - 84 | 48 - 72 |
Yes, Ford still offers 0 financing. For the 2023 Edge, Escape, F-150, and Explorer, qualified buyers can get 0% financing for three years.
Through Ford Credit, qualified buyers could get 0% APR 2024 Mustang Mach-E and F-150 Lightning with 72-month financing. However, for other models, it is between 1.9% and 5.9%.
Yes. Ford Motor Credit Company LLC, also known as Ford Credit, is legally the financial services arm of Ford Motor Company.
Ford finance is called Ford Motor Credit Company LLC, aka Ford Credit. It is based in Dearborn, Michigan. U.S. city of Dearborn, Michigan.
Even with the same credit score, auto loans from a dealer are more expensive than loans from a bank. This is because dealers mark up the interest rate they offer and are paid to send you to certain lenders, even if you could find a better APR elsewhere.