Ford F-150 Offer Extends Low Interest Rates To Risky Borrowers

It’s no secret that purchasing or leasing a new vehicle in today’s world is an expensive endeavor, thanks to years of inflation-fueled price increases and pesky high interest rates. Such things make life even more difficult for those with less than ideal credit scores, who are subjected to even higher interest rates and difficulties getting approved for loans and leases. In the past, Ford Credit has used special promotions offering those with bad credit lower interest rates as a way to help out, and now, those same folks can secure more favorable interest rates toward a Ford F-150, too.

According to CNBC, The Blue Oval is working to boost Ford F-150 sales ahead of the end of the third quarter by offering customers with subprime credit scores of less than 620 some special financing rates, though it hasn’t yet disclosed what those rates are. While such moves can be risky, Ford Credit noted that it uses a proprietary scoring model to assess a borrower’s creditworthiness, and that this model goes beyond simply taking that person’s FICO credit score into account.

“We only finance customers we believe are creditworthy and have the capacity to pay. We have done these types of national programs in the past, extending a promotional rate to customers who meet our credit criteria,” Ford Credit said in a statement. A spokesperson for the automaker’s lending arm said that the promotional rates don’t factor into “credit decisions” for consumers, adding that specific interest rates will vary based on the terms of the agreement.

These special rates come at a time when Blue Oval CEO Jim Farley has admitted that budget shoppers in the market for a new full-size pickup are increasingly looking to other brands, such as Ram and Chevrolet, amid ever-rising prices in that space. Additionally, consumers have been taking out longer loans in recent months as a way to lower monthly payments, though such a move can prove financially disastrous in the long run.