First-Time Buyer
If you are a first-time car buyer with limited or no credit, the Ford First Time Car Buyer Program can be an ideal way to get behind the wheel of a new Ford model. This exciting program is designed to make it easy for first-time buyers to purchase a new vehicle, even without an established credit history.
The program aims to provide customers with a lower initial down payment, cheaper monthly payments, and competitive interest rates.
Steps of Buying Your First Vehicle
Follow these steps to navigate the car-buying experience:
1. Research Phase
Buying a vehicle is a huge undertaking, so it is essential that your car, truck, or SUV is what you need. Draft your needs and what you consider necessary before you start to shop. Consider traits such as the suite of safety features, performance numbers, and features that increase comfort.
2. Figure Out Your Budget
Determine your financial limit. When determining your budget, be sure to include the total cost of ownership, such as maintenance, insurance, and fuel consumption, in your calculation. Figure out what your target monthly payments will be.
3. Purchasing Your Vehicle
Check out the entire lineup to ensure you select the vehicle that best meets your needs (e.g., a crossover might meet your needs at a cheaper cost than a full-sized SUV). Always test drive your vehicle to ensure it handles the way you want.
Program Eligibility and Requirements
To qualify for this program, applicants must meet the following criteria:
Customer Eligibility
- You must have no prior auto credit on your bureau report
- You must have no major derogatory credit issues
- You need a verifiable monthly income sufficient to cover the vehicle payment, ordinary living expenses, and all outstanding debt
- Meeting customer eligibility criteria does not guarantee credit approval. Applicants are evaluated based on their individual creditworthiness
Vehicle Eligibility:
- All New Ford vehicles are eligible for the First Time Buyer program (U.S.).
Contract/Term Eligibility:
- Applies to New Ford Vehicles**.
- Available for Retail, Rex Buy, and Red Carpet Lease
- Only applies to Personal use contracts
Sylvania Ford Information:
- Sylvania Ford reserve rules are the same as those for Standard Retail and Lease programs
- Rules regarding buy downs, rate concessions, and markups are the same as those for Standard Retail and Lease programs
- Sylvania Ford to indicate First Time Buyer in the RouteOne offering
- DSA to Qualify program eligibility and indicate First Time Buyer in the Non-Financial Requirement for all approved and conditioned First Time Buyer offerings
