In recent weeks, Ford Credit has been adjusting its requirements in terms of credit scores, most recently removing minimum FICO requirements for 84-month loans, helping those who can afford payments but might not have the top-tier credit usually required to secure such loans. Now, according to Cars Direct, the new 2022 Ford Maverick Financing Guaranteed Approval Program aims to help those looking to purchase the new compact pickup as well.
The 2022 Ford Maverick Financing Guaranteed Approval Program, which runs through March of 2022, only requires a minimum FICO score of 620 to qualify but does come with a few stipulations. For starters, the program only applies to new Maverick pickups with a maximum lease term of 36 months or a maximum loan term of 72 months.
Additionally, a customer’s payment-to-income ratio must be 20 percent at the most, while the max loan to value ratio is 110 percent. Customers can not have any prior repossessions or open bankruptcies, which would disqualify them from the program. Otherwise, there are no details surrounding APR deals associated with this program, though Ford is currently offering 0 percent financing for 36 months, 0.9 percent for 48 months, or 3.9 percent for 72 months on the Maverick.
This is good news for prospective Maverick buyers who can easily afford the payments associated with the truck’s low starting MSRP, but may not have the top credit scores historically needed to secure the best rates or even a loan or lease in the first place. The very first deliveries of the 2022 Ford Maverick began hitting dealer lots last month, though materials shortages may impact production in the coming weeks. Regardless, the new Maverick has received universally positive reviews since its launch.