Ford Credit FAQs

A credit score represents your creditworthiness, and lenders use it to gauge whether you will make payments on time. Scores are primarily based on your borrowing history. The most common type of credit score available to consumers is the FICO score, which ranges from 300 to 850. The higher the credit score, the more likely you’ll be to obtain credit and/or secure a lower interest rate.

Credit scores range between 300 and 850. Typically, a good credit score is above 700.

The average credit score is 680. Anything below 620 is considered a low score, or “subprime.”

To improve your credit, start by obtaining reports from all three major credit reporting agencies. This will shed light on what exactly is impairing your credit. Credit reports may contain inaccuracies that you can correct to help get your credit back on track. Paying down high balances and paying on time will go a long way to improving your credit.

If you’re in Indiana and wondering how your credit stacks up, the average credit score for the state is around 713, which falls into the “good” range according to Equifax. Having your score near or above this level is a positive signal to lenders.* It doesn’t guarantee the best rate, but it typically opens more doors. Keep in mind that your individual score is just one piece of the picture; lenders also look at your income, debt obligations, and how long you’ve had credit. Even if your score is below the state average, there are still many financing and leasing options available, especially when you work with a trusted team that understands the process.

For those who already have a good credit score, rest assured that it’s much easier to maintain a good score than to improve a poor one. You can keep your good credit by adhering to healthy financial habits, such as making payments on time and using credit only when absolutely necessary. Avoid making drastic credit changes and refrain from closing old accounts.

Checking your credit score is a smart first step when exploring financing or leasing options. You can request one free credit report each year from each central credit bureau, and many online tools provide free monthly score updates. Review details like payment history, credit usage, and recent inquiries; these influence how lenders evaluate applications. If you notice any errors, dispute them quickly to help improve your credit profile before applying.

Leasing a vehicle often requires a credit score that meets certain lender thresholds, but “good” can mean different things at different times. A strong credit history generally translates into lower monthly payments and better terms, but even if your score isn’t perfect, you may still qualify for a lease with the right plan and support.

Down payments can help reduce monthly costs and may improve your chances of approval. However, many programs offer low- or no-down-payment options, especially for well-qualified applicants or those taking advantage of special promotions.

If you have a vehicle to trade in, its value can be applied toward your next vehicle, reducing either your monthly payment or the amount you need upfront. It’s smart to get an estimate of your trade-in ahead of time to factor it into your plan.

Yes, submitting a pre-qualification application allows you to see your options and set a monthly budget before visiting the showroom. Having that ready upfront gives you more clarity and confidence as you shop.

Your credit is typically checked with a hard inquiry once you submit a full financing or lease application. Before that point, many lenders offer a soft credit pull for pre-approval, which doesn’t affect your score. To maintain a healthy credit score during this time, avoid making significant changes, such as opening new accounts or closing existing ones, until your financing is finalized.

• Pay your credit card statement on time: This is a significant factor in how your credit score is calculated. Avoid missing payments or paying late.
• Keep your credit card balance low: Not only is it easier to pay off your entire balance with a lower amount to pay, but your debt-to-income ratio will also appear better.
• Avoid opening new credit card accounts: Try to keep a minimal number of credit cards and avoid opening new accounts.