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You financed your new car or truck with a loan from Ford Motor Credit, and now you’re curious: Will Ford Credit refinance? If you’re ready for a change in your auto loan, you may have more options than you thought.
Ford Credit only offers refinancing in some limited circumstances, like if you bought an EV on a certain payment plan. If that situation doesn’t apply to you, there are many other ways you can refinance a Ford Credit loan. For example, refinancing your Ford with a third-party lender could help you lower your rate or change your monthly payment. We’ll go over your options so you can reset your auto loan to fit your current needs.
Ford Credit is a captive lender. In other words, they’re the financing arm of your local Ford dealership, ready to make it convenient for you to get a loan to buy a new car or truck. Since Ford Credit’s main purpose is to help you buy a new vehicle, refinancing isn’t one of the services they offer.
The exception is if you bought an electric vehicle with the Ford Options purchase plan. This plan offered three years of payments, followed by the option to trade in the vehicle or choose a Ford Credit refinance of the remaining balloon payment in order to keep it.
Yes, you can refinance a Ford Credit auto loan with a different lender. In fact, this is generally the most favorable option. Refinancing replaces your current Ford Credit loan with a new auto loan with different terms.
By choosing to refinance with a third-party lender, you have the flexibility to shop around and compare multiple loan offers. They may have lower interest rates or different monthly payments than what you have now with your Ford Credit loan.
Ford Credit has already secured you as a customer, so there’s less incentive to offer you a more affordable loan than what you have now. By expanding your search beyond Ford Credit to the many other lenders out there, you have the option to seek out a better financial fit.
People choose to refinance their Ford Credit auto loan for many different reasons. Often, they make the decision to refinance to lower payments because their current loan is no longer working for them. Here are a few benefits of refinancing your Ford:
Refinancing a car loan can be very straightforward. When you’re ready to start your Ford Motor Credit refinance, follow the steps below.
First, review your credit report so you have an idea of your credit score, which will influence the rates you qualify for. Make sure you have your current loan information, including monthly payment, interest rate, and loan payoff amount. You’ll also need proof of identity, such as your driver’s license, and proof of car insurance, such as your insurance ID card.
To show lenders your monthly income, keep your most recent paystubs close at hand (or your last two tax returns, if you’re self-employed). You’ll also need to provide some information about your current debts.
Next, compare several auto refinance loan offers. It’s a good idea to check rates from multiple lenders, as the offers you receive can vary from one lender to the next. Don’t forget to check important information like the interest rate, monthly payment, and any fees. Compare each refinance option to find the best fit for your financial situation and goals. Prequalifying online lets you see personalized rates.
Once you’ve spotted the right refinance loan for your Ford, fill out a formal loan application. You’ll need to provide info like your date of birth, phone number, and address. You’ll also need a valid vehicle registration to move forward with the refinance.
Once you submit your application, the lender will verify your information and make its decision. After you’re approved, the lender will pay off your Ford Credit loan. Then all you need to do is make payments to your new lender.
Refinancing your Ford dealership loan can be confusing if you don’t know where to start. That’s why it’s smart to research your options.
Use an auto refinance calculator to see the savings you could get with an auto refinance. It will show you your current loan compared to your payment with a new rate and terms. If your credit score has improved or interest rates have come down since you took out your Ford auto loan, you could save big with a refinance.
RefiJet makes the refinance process simple. You can see offers and compare rates without a hard inquiry to your credit and learn all you need to know about refinancing to make a smart decision.
See below for some of the commonly asked questions about refinancing Ford Credit loans.
In general, refinancing with Ford Credit is only available to drivers in limited circumstances (such as financing an electric vehicle with a balloon payment option). However, you can refinance your Ford auto loan with a different lender.
If you qualify for refinancing through Ford Credit, you may be able to keep your interest rate and your vehicle. But you may find that refinancing with an alternative lender gives you more options to choose from when it comes to rate, payment, and loan terms.
Refinancing could temporarily cause your credit score to dip by a few points, the same as with any application for credit. Your score will recover as you make consistent on-time payments.
The time it takes to complete a refinance varies depending on the lender you choose as well as other factors. While some refinance loans take up to two weeks to finalize, others can be settled in just a few minutes.
Yes, you can. You’re free to choose the lender with the best rates and terms for your financial situation. That means if there’s a lender offering refinance loans with an attractive monthly payment and a good APR, you can apply, even if your current loan is through Ford Credit.
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