Ford Finance Canada review

Our verdict

Our verdict

If you want to finance a new Ford, Ford Credit can help. This well-established financing provider offers competitive interest rates, terms of up to 84 months, and the peace of mind of fixed monthly payments. There are also special financing programs available for first-time car buyers, graduates and newcomers to Canada, but it's always important to shop around to make sure you're getting the best deal on your next set of wheels.

Pros

• Established in 1962
• Competitive rates and special offers
• Convenient and easy to apply

Cons

• Negative customer reviews
• Good credit needed
• Ford vehicles only

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Ford was included in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 82.69%

What is Ford Finance Canada?

Ford Finance Canada is an auto financing company based in Edmonton, Alberta. It offers car loans and leasing options for Canadians who want to buy or lease a Ford vehicle from a Ford dealership.

You can apply for Ford Credit car loans online and access loan terms of up to 84 months. Repayments are made bi-weekly or monthly, and there are often special financing offers available to help you access a competitive rate.

Is Ford Finance Canada legit?

Ford Credit Canada is Ford of Canada’s financing arm. It has been offering vehicle financing solutions for Canadian car buyers since 1962.

Ford Credit Canada was the top-ranked finance company in the “retail — captive” segment of the J.D. Power 2022 Canada Dealer Financing Satisfaction Study, scoring 919 out of 1,000.

Summary of Ford Finance Canada auto loans

What are the interest rates of Ford Finance Canada?

Ford financing rates vary depending on factors such as:

• The vehicle you buy
• Your province or territory
• Your credit score
• Your income
• Your existing debts

At the time of writing, starting rates for financing offers from Ford Canada ranged from 1.99% to 4.99% APR.

Does Ford offer 0% financing?

Ford Credit is one of the brands most likely to offer 0% or low interest financing for some of its models. The deals and special offers available vary throughout the year, while 0% financing offers may only apply to specific Ford models and may not be available in all provinces.

It’s also worth mentioning that not everyone can qualify for 0% Ford financing rate. You’ll need strong credit to apply, plus earn steady income to be able to afford to make on-time loan repayments.

Check out our guide to 0% car financing for tips on finding the best Ford financing rates.

What we like about Ford Finance Canada

• Established lender. Ford Credit has been offering car financing to Canadians since 1962.
• Competitive rates. At the time of writing, Ford Credit had financing offers with APRs starting at 1.99%.
• Easy to apply online. You can fill out an online application for a Ford Credit car loan in around 10-15 minutes.
• Prepayment allowed. You can pay your Ford Credit car loan back ahead of schedule without incurring any additional fees.
• Flexible terms. Loan terms of up to 84 months are available, so you can choose a short or long term based on your financial situation.
• Special programs. If you’re a newcomer to Canada, a first-time buyer or a recent graduate with limited credit history, Ford Credit offers special financing programs to help you buy a new Ford vehicle.
• Online account management. It’s easy to manage your car loan online using Ford’s account manager.

What to watch out for

• Negative customer reviews. Customer reviews for Ford Credit online are mixed, so you might want to read some of those reviews before deciding if this is the right lender for you.
• Good credit needed. You’ll typically need good to excellent credit to qualify for financing, so borrowers with bad credit will need to look elsewhere. Learn more about bad credit car loans.
• Ford vehicles only. If you want to buy a car from another manufacturer, you’ll need to consider other options.

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What do Ford reviews have to say?

Ford Credit Canada reviews are generally quite mixed. People who left positive reviews mentioned factors such as competitive rates and stress-free financing and repayments. Those who left negative reviews complained about things like customer service issues and mistakes or slow turnaround times when processing changes to their account.

Summary of Ford reviews

What types of vehicles can you buy through Ford?

Ford Credit Canada allows you to finance the purchase of Ford vehicles. The Ford range includes cars, SUVs, crossovers, trucks and vans as well as a mix of gasoline-powered, hybrid and electric vehicles.

Popular models you can buy include the F-150 pickup truck, the Mustang sports car, and the Escape and Explorer SUVs.

How does Ford financing work?

Ford Credit Canada offers two financing options: Standard Purchase or a Red Carpet Lease.

Standard Purchase allows you to take out a car loan with terms ranging from 12 - 84 months. A fixed interest rate means you know exactly how much your monthly or bi-weekly payment will be, and you build equity in your car as you pay it off. You can use this option to buy a new or used vehicle, and there are no mileage limitations or restrictions on modifying your car.

The Red Carpet Lease option is for new vehicles only. There are multiple terms and mileage plans available, but you’ll need to make sure not to exceed the kilometre limit. Ford Credit retains ownership of the vehicle, so when the lease ends you can buy the vehicle or return it to the dealership.

Do I qualify for Ford financing?

You’ll need to meet the following eligibility criteria to qualify for Ford financing:

• Be the age of majority in your province or territory
• Earn adequate income to pay for the vehicle you want to purchase and all related expenses
• Not have any current delinquent accounts, repossessions, foreclosures or bankruptcies

How to apply

You can apply for a car loan from Ford Credit by filling out an online application. Here’s how.

1. Navigate to the Ford Credit Canada website and click the “Apply Online” link.
2. Choose the vehicle you want to purchase.
3. Choose the type of finance you want (Buy or Lease), the application type (Single or Joint), and enter your down payment amount.
4. Provide your name, date of birth, contact information and Social Insurance Number.
5. Complete the application with details of your income, employment, whether you own or rent your home, and your monthly rent/mortgage payment amount.

If your online application is approved, it is valid at any Ford dealership.

Bottom line

Ford Credit is certainly worth considering if you’re searching for Ford financing in Canada. It’s easy to apply, there are competitive rates and special offers available, and you get the peace of mind of dealing with a financing company that’s been around for decades. Just be aware that you’ll need strong credit to qualify for the best available financing rates.

Frequently asked questions

• Who provides financing through Ford Credit Canada?

  Ford Credit Canada offers auto financing deals to Canadian car buyers. You can apply for a loan or lease online and, if approved, your approval is valid at any Canadian Ford dealership.

• What is the minimum credit score for Ford Credit?

  Ford Credit Canada does not list any minimum credit score requirements on its website. However, as a general guide, you'll typically need a credit score of 660 or higher to qualify for financing.