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APPLYING FOR FINANCE FAQS

  1. Why should I take a loan with Ford Credit?
  2. Which finance product should I take?
  3. Do I need a deposit?
  4. Over what period of time can I take my finance?
  5. How old do I need to be to apply for a loan?
  6. How do I obtain a finance quote?
  7. How do I apply for finance?
  8. How much can I borrow?
  9. Can I part exchange my current vehicle?
  10. Will I get the advertised rate?
  11. How long will it take to process my finance application?
  12. What information do I need to provide to Ford Credit when applying for finance?
  13. Do you need to know my salary or outgoings?
  14. Do you carry out a credit search?
  15. What happens after I've signed my finance agreement?
  16. Do you provide my personal details to any other organisations?
  17. Will the interest rate change throughout my agreement?
  18. Do you charge any fees?
  19. When will I make my first payment?
  20. What does APR mean?
  21. Why do I have to comprehensively insure my car?
  22. If I finance with Ford Credit, can I take my vehicle out of the UK?

Why should I take a loan with Ford Credit?

Ford Credit has more than 50 years' experience in the automotive sector.  Since 1963 we've helped millions of Ford customers in the UK buy their vehicles by providing a range of finance products, whilst remaining commited to high levels of customer service and support.

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Which finance product should I take?

You can compare Ford Credit's finance products here.

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Do I need a deposit?

In general, Ford Credit does not have any minimum deposit requirements.  Occasionally certain promotions may require minimum deposits, or in some circumstances we may require you to contribute a deposit.  In these instances, you will be advised of any deposit requirements.  Our Ford Options product has a maximum deposit of 35%.

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Over what period of time can I take my finance?

We provide a variety of terms from 24 to 60 months, dependent upon the finance plan you have chosen.

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How old do I need to be to apply for a loan?

You must be at least 18 years old to enter into a finance agreement under UK law.

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How do I obtain a finance quote?

Within the Ford website you can configure the car you're interested in, obtain a finance quote and buy your vehicle online for many of our new cars via our 'Build and Price' tool on ford.co.uk.  Alternatively, you can click here to find your nearest Ford dealer.  If you haven't already seen Ford's great current promotions then please click here.

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How do I apply for finance?

You can apply for finance by visiting your nearest Ford dealer who has access to Ford Credit's finance application systems.

Alternatively you can build your new Ford vehicle and apply for finance here.

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How much can I borrow?

Subject to satisfying our normal credit criteria, and taking into consideration the affordability of the loan we will lend up to the full amount of the vehicle being purchased,  although in certain circumstances we may require you to contribute a deposit.  The minimum amount that can be financed is £2,500 for new vehicles and £1,500 for used.

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Can I part exchange my current vehicle?

You can discuss any part exchange with your dealer.  Find your nearest one here.

If you are buying your new Ford vehicle online you can get a valuation for your part exchange here.

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Will I get the advertised rate?

If you are accepted for finance with Ford Credit, the rate you will pay is the advertised rate for that car and is not affected by your personal circumstances.

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How long will it take to process my finance application?

Once you have completed the application process in most cases, your Ford dealer will be able to obtain an online decision from Ford Credit within minutes.

Online customers who apply for finance outside office hours may need to wait until the next working day for a decision.

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What information do I need to provide to Ford Credit when applying for finance?

In order to validate your identify, you will need to provide a full UK, or EU driving licence, in addition, a proof of address will be required - acceptable proofs of address are : a bank or credit card statement, utility or  council tax bill (all dated within the past three months).

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Do you need to know my salary or outgoings?

Your Ford dealer will discuss with you the affordability of the loan, and in some instances we will ask you for further information to support this if required.

You should not commit to a finance agreement unless you are confident that you can afford the payments throughout the term of the agreement and have no unforeseen reasons that would prevent you continuing to afford the agreement.  For more information visit the Money Worries section.

The personal details we need from you to be able to process your finance application include name, date of birth, contact and employment details and details of the bank account you would like us to set up the direct debit for.  We will also need to know details of the vehicle you are purchasing and the finance plan you have chosen.  In some instances we may require further information to support your finance application.  If this is the case we will notify you via your Ford dealer or by email if you are an Online customer.

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Do you carry out a credit search?

Yes,  we will search your record at Experian Limited and they will keep details of your search. To obtain a copy of your Credit record, you can write to Experian Ltd. Customer Support Centre, PO Box 9000 Nottingham, NG80 7WF, go to www.experian.co.uk, or call them on 0344 481 0800. If you wish to obtain further information on how finance companies carry out credit scoring, the Finance and Leasing Association provide a consumer guide - you can find this on the FLA's website here.

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What happens after I've signed my finance agreement?

Your Ford dealer will give you a copy of your finance agreement and the original will then be sent to us for processing.  Once we have set up your account, you will be sent a letter confirming that your agreement has been executed by us.

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Do you provide my personal details to any other organisations?

Ford Credit will not sell your details to an external organisation. For existing customers, please refer to your Ford Credit agreement for full details of our Data Protection policy and terms.

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Will the interest rate change throughout my agreement?

No.  Ford Credit offers fixed rate agreements, so you'll know exactly what you'll be paying from the outset over the term of the agreement.

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Do you charge any fees?

Our standard fees are: Finance Facility Fee £10  and Option to Purchase Fee £10.  However, these fees may vary dependent on marketing promotions.  Hire purchase and personal contract purchase (PCP) agreements will include an option to purchase fee, which is payable should you wish to own the vehicle. There are no fees for Ford Personal Lease.

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When will I make my first payment?

Your first payment will normally fall due between 15 and 45 days after we set up your finance agreement.  You can choose any day of the month to make your monthly payment.  Consider this carefully to ensure that there are sufficient funds in your bank account to make the payment on your chosen day.

Your dealer should discuss your monthly payment date with you before you sign your agreement.  If you are buying online then you will be able to choose your monthly payment date as part of the online process. 

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What does APR mean?

APR stands for Annual Percentage Rate.  When you borrow money on an agreement regulated by the Consumer Credit Act, lenders are required by law to quote this rate, which calculates the total amount of interest that will be paid over the whole term of the loan while taking into account any additional charges that the borrower has to pay.  The APR allows you to compare the cost of finance from different lenders.

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Why do I have to comprehensively insure my car?

Comprehensive insuring your car protects you, Ford Credit and any other party involved in an accident.  Should you write-off your car without comprehensive insurance you will still be liable to repay your loan.   We offer a comprehensive insurance product through Ford Insure. Check out the features and benefits by clicking here.

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If I finance with Ford Credit, can I take my vehicle out of the UK?

Ford Credit defines "out of the UK" as anywhere outside of the UK, Jersey, Guernsey and the Isle of Man.

Less than 12 consecutive months:

If you are travelling with your vehicle for less than 12 consecutive months, you are permitted to take the vehicle out of the UK for the duration, or if you have an Options agreement, until the Option Final Payment falls due, whichever is sooner.

During this time, the vehicle remains subject to UK law. Please ensure the following:

  • The vehicle is taxed in the UK while it is abroad
  • The vehicle has a current MOT (if applicable)
  • The vehicle is fully comprehensively insured for the duration of your trip

Please contact us if any of your contact information changes. 

Written permission is available on request.

12 consecutive months or more:

For durations of 12 consecutive months or more, or if you are permanently moving out of the UK (as defined above), the vehicle is considered permanently exported. In these circumstances, you are required to settle your account in full prior to taking the vehicle out of the UK.

If you have already taken the vehicle out of the UK, you must notify us immediately.

Ford Credit is a trading Style of FCE Bank plc. Registered in England: No 772784. Registered Office: FCE Bank plc, Arterial Road, Laindon, Essex, SS15 6EE. FCE Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under firm reference number 204469.

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