What is a well qualified buyer for Ford?

Are you looking to buy a Ford, but are wondering how to navigate the financing? Well, Ford vehicles are top-notch when it comes to quality cars. While most people want these high-end cars, it might seem difficult to land them, especially when your budget’s a little off. You don’t have to worry, as we can help you. Evansville Ford is an experienced Ford dealer in Janesville, WI. Besides selling new and used Ford vehicles, we also help our clients with financing as we are a Ford Motor Credit company.

What is a ‘Well-Qualified Buyer’ for Ford?

So, who is a well-qualified buyer? Generally, the term refers to an individual with a Tier 1 credit score. For one to qualify, one must have a good credit score of not less than 720. Nevertheless, it is crucial to note that each bank bases its definition of Tier 1, and the statistics may differ from one to another. Besides the credit score, other stats apply for one to be deemed a ‘well-qualified buyer’. Here are a few of them to help you know – whether or not you need Ford Motor Credit!

Debt-to-income ratio

A credit score is affected by the amount of debt one has in relation to their income. Thus, the lower the debt level, the higher the chances of scoring a good credit score. A debt-to-income ratio is a financial ratio used by lenders to determine how much debt a borrower can handle, given their income.

Credit history

Your credit history records all your bill payments, previous car loans, and other credit accounts. It is a critical factor in determining your credit score, making it vital to maintain a good credit history. A well-qualified buyer has a clean credit history. To know your credit and whether or not you are eligible for a Ford, get in touch with our Ford Finance team. We will help you find a good Ford near you without breaking your bank.

The Car’s Cost vs Your Income

The cost of the car must not exceed a particular percentage of your income. The stats will predict whether you can cover your new Ford’s installment payments. This is where Evansville and Ford Motor Credit come into play. Our Ford Finance experts will help you make the calculations, so you know what to expect.

The Down Payment Amount

A well-qualified buyer should make a minimum down payment as required. While making a down payment of more is not compulsory, doing so would cut down the loan interest you’d have to pay in the long run.

Contact Us Today at Evansville Ford Motor Credit

Are you ready to get your Ford car today? Well, visit Evansville Ford to check out our current Ford inventory. You can expect a wide range of Ford vehicles at our Ford dealership near you. What’s more? Our Ford Finance team is ready to help you get a loan, so you drive off with your desired car. Try us today!