Have you recently been turned down for Ford financing? This might be a setback, but it doesn’t mean you can give up hope. Kearny Mesa Ford recommends following these steps if you are rejected for a financing offer.
Double-Check Your Application
First, you’ll want to ensure you didn’t make any errors or omissions on your Ford financing application. Any missing contact info or typos could disqualify you from financing. If you notice any errors, contact your lender to ask about a second application.
Raise Your Credit Score
Low credit scores are often why drivers get rejected for Ford financing. You can raise your credit score by:
- Paying off debt. Outstanding debt will lower your credit score.
- Managing credit card usage. Keep card usage to 30% or lower each month.
- Avoid new financing applications. Don’t make any major purchases until you acquire auto financing.
Bring In a Cosigner
A cosigner can reduce the risk in your financial institution’s eyes and make you more likely to get financing. Cosigners must accept responsibility if you can’t pay, so discuss your situation with your cosigner first.
Contact Your Lender
You can contact the financial institution to ask about your case if all else fails. They can tell you why your financing offer was rejected and what steps you can take to submit another application.
Find Other Financing Options
Just because you were rejected for one form of financing doesn’t mean every avenue is closed. You can try a different model or apply for a loan rather than a lease.
Explore Ford Financing Options at Kearny Mesa Ford
Our finance team can find a solution if you’ve been rejected for financing before. Contact Kearny Mesa Ford today to explore our Ford financing options and see what you qualify for.