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Ford finance was established as Ford Motor credit company which intended to extend credit to vehicle purchasers. It was incorporated by Henry Ford with its headquarters at Michigan. The company was intended to provide aid to the parent establishment. The firm has been providing easy credit in the form of lease or loan to potential buyers of cars, it is also involved in providing financial assistance to dealers of Ford products.
Ford finance has features similar to that of any other sedan / high-end car finance, the potential buyer can choose the car of his preference and check for eligibility for availing credit facility on the preferred car. The potential buyer has to then undertake required documentation. This article will deep dive into these aspects subsequently to get a fair understanding of the eligibility criteria and documentation.
Ford finance is available for all the cars manufactured by Ford. Ford has been able to capture the four -wheeler market in India, it has managed a consistent and exponential growth rate since inception. This itself is a great achievement especially in a highly competitive market. It currently ranks among top 3 motorized majors in terms of deal value / volume. The cars that are marketed in India include C MAX, Econoline Wagon / Van, Edge, Escape, Expedition, Explorer, F 150 / 350, Fiesta, Flex, Fusion, Mustang, Taurus, Transit (/connect). Ford Finance is extended to all the cars mentioned above. Ford is also looking at expanding its presence in India by setting up a greater number of showrooms and expanding across regions.
The basic criteria for availing ford finance car loan remain consistent with the requirement for any other car loan.
Car value up to Rs. 10 Lakhs
The documentation is a more stringent requirement in the case of Ford car finance. However, it remains similar to the rest of the car finance companies.
The documentation of Ford car finance is similar to that of any other high-end car loans offered by various lenders. There is a requirement for address proof, identity proof and income proof. Along with this, the filled-in loan application has to be submitted. The documents along with the loan can be uploaded on the website of the NBFC / Bank or dealership for availing e-approval. This will enable checking eligibility in an instant manner. Below is the list of documents required for availing Ford finance –
Documents requirement for salaried
Documents requirement for self-occupied
Documents required for corporates
Ford car finance has devised 8 – step loan process which is convenient and easy for potential borrowers. The steps are as mentioned below –
Ford has the legacy of creating programs that benefit the customers the most. Updates regarding benefits / offers related to Ford vehicles will be provided regularly. Special offers and faster credit approvals are extended to ease the application process. Most Ford dealers may introduce plans which can help save on maintenance costs for existing Ford vehicle owner.
There are specific extended service plans which provide the following benefits –
This provides immense support especially on those occasions where there is sudden breakdown of the Ford vehicle. There are other specific advantages / features associated with Ford finance, the same is as mentioned below –
While the charges may differ based on the location, dealer, financier, they fall well within the range mentioned below –
Many of the charges are negotiable, some of them are as specified by the State Government – such as road tax, stamp duty etc., In addition to these there are other charges such as default charges, late payment charges, repayment mode swapping etc.,
The EMI can be calculated online by providing very basic details including personal details, income details and the type of car that one intends to purchase. There are many websites including Ford India which has an inbuilt EMI calculator. One can also use Bank / NBFC website for EMI calculation. Alternatively, an aggregator like Credit Mantri will provide the aggregated view of the various financiers and their offerings, this simplifies the process by enabling the potential borrower to compare the offerings and interest rates.
A Ford car can often be a dream car for many individuals, Ford finance has made it possible for many individuals to buy their dream car.
1. How can I apply for credit from Ford finance?
The Ford dealer can provide the loan application and will help you through the entire process. The loan application will also be available on the website in e-form.
2. Are there any pre-payment charges (pre-closure charges)?
Any loan availed from Ford finance does not call for charges. This is a unique feature in Ford finance as against other type of car finance which normally comes with a pre-closure penalty.
3. Does Ford finance have a customer care?
Ford Finance provides 24/7 customer care support to their customers. You can reach them through phone, email and social media. Their turnaround time is 48 hours.
4. How can the borrower avail Ford finance car loan statement?
The latest Ford finance car loan statement can be downloaded online by clicking ‘Account History’ tab and choosing ‘payment invoice’.
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