About 2.5 years ago I bought my first Mustang. The Day I bought the GT I first went to my bank to talk to them about a loan. They told me I did not qualify for the amount equal to the Mustang. Three hours later I go to a Dealership and buy a new GT total financing was around 22,000. Ford Credit approved me right away. I had used Ford Credit for 2.5 years before buying the GT when I had a F150.
Sorry Little Confusing, trying too rush before work.
Anyway, Here is my question: How come Ford Credit qualifies people differently then Banks do for new car loans? Is it determined how well you make your payments when financing thru Ford Credit if you had previous car loans with them? Is it a reward system for being with them so long?
(in October) The reason I asked, is because the day I talked to my dealership they checked my history thru Ford to look at how much I still owed on my GT. That day I asked would I qualify, he stated "there should not be any problem" Couple of weeks later for S & G's, I apply for a loan thru my bank and qualified for a loan, but it was short of what I will be financing if I bought the Cobra. I called the salesman again telling him about the above bank information. He stated "Do not worry, I am going to take care of you" I am thinking, What does that mean.
Does Ford Credit do things differently? I been using them for 5 years, never missed a payment and always paid more then asked. And the same goes with all other bills..
I do not mean to sound ignorant, but something seems wrong...I am going to find out Monday. I thought dealerships do the credit checks the same day when you are about to put money down on a new car. Maybe they did when I gave them my information when they had to check my GT loan.
Hope someone can shed some light here. Without Flaming!
Sorry Little Confusing, trying too rush before work.
Anyway, Here is my question: How come Ford Credit qualifies people differently then Banks do for new car loans? Is it determined how well you make your payments when financing thru Ford Credit if you had previous car loans with them? Is it a reward system for being with them so long?
(in October) The reason I asked, is because the day I talked to my dealership they checked my history thru Ford to look at how much I still owed on my GT. That day I asked would I qualify, he stated "there should not be any problem" Couple of weeks later for S & G's, I apply for a loan thru my bank and qualified for a loan, but it was short of what I will be financing if I bought the Cobra. I called the salesman again telling him about the above bank information. He stated "Do not worry, I am going to take care of you" I am thinking, What does that mean.
Does Ford Credit do things differently? I been using them for 5 years, never missed a payment and always paid more then asked. And the same goes with all other bills..
I do not mean to sound ignorant, but something seems wrong...I am going to find out Monday. I thought dealerships do the credit checks the same day when you are about to put money down on a new car. Maybe they did when I gave them my information when they had to check my GT loan.
Hope someone can shed some light here. Without Flaming!
