Ford is known for many things: its best-selling F-150, blue oval logo, and apparently, customers with good credit scores. Regarding the latter, according to the Ford Authority site, studies from 2024 showed that Ford owners tend to have higher credit scores, especially compared to those who buy from other mass-market or premium car brands. And according to a report from CarsDirect, a new bulletin released to Ford dealers details upcoming changes to its First Time Buyer Program that will make it easier for even more people to own a new Ford.
A Better Chance of Getting Financed
According to the report, two big changes to the program include lowering the minimum credit score to 620 and the minimum down payment to $750. The new program begins July 7. The current minimum score is 640, and the minimum down payment is $1,000. This updated program could give those with limited credit history a better chance at getting financed through Ford.
More Models
While down payments and scores are decreasing, the model list covered by the program is increasing. The list of eligible cars is rising from five to 10, including the Escape, Bronco Sport, Ranger, Mustang Mach-E, Maverick, Explorer, Bronco, F-150, F-150 Lightning, and Mustang.
Longer Loan Terms
Ford is also extending the maximum loan term from 72 to 84 months. Longer loan terms can translate to lower monthly payments but higher interest costs overall.
The new program is scheduled to run through the end of the year. If you’re a first-time buyer, July could be the month to jump on a deal from Ford.
