Car Loan for Ford 2022

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Getting financing for your Ford through the dealership is a straightforward process, but you may find a better deal if you’re approved for a car loan from a bank or credit union.
A pioneer of modern engineering, Ford has been a major player in the automotive industry for over 100 years. Their range of pickup trucks, family-friendly SUVs, and classic sports cars make Ford a great option to consider when shopping for a vehicle.
With so many ways of going about financing a vehicle, how do you know if you’re getting the best deal? That’s where car insurance comparison app and licensed broker Jerry comes in. We’ll walk you through the process of getting a Ford car loan so that you can purchase your next vehicle with confidence.

How to get a Ford car loan

Maybe you’re looking to drive the environmentally-conscious [Ford Escape hybrid](https://getjerry.com/car-insurance/ford-escape-hybrid-insurance-cost), or the iconic [Mustang] (https://getjerry.com/car-insurance/ford-mustang-insurance-cost). There are also great choices for pickup trucks, like the **F150**. Whatever model you choose, getting a car loan for your Ford is pretty easy.
The first thing you’ll need to do is check your credit score. Once you know your rating, make sure to compare rates and loan terms from no less than three different lenders—and try to get preapproved for one.

Check your credit

Checking your credit score is the first step of getting a car loan. Your credit rating has a major influence on the terms and interest rate of your car loan. In most cases, anything over 660 is viewed as a good credit score for a loan.
If your credit score is below 660, you could still qualify for a Ford car loan if you’re seeking financing through the dealership using [Ford Credit](https://www.ford.com/finance/finance-options/?gnav=header-finance). You may be approved if you can prove that you’re able to make the loan payments. Proof of income or a co-signer are good ways to demonstrate financial responsibility.
The table below shows the average APR and monthly payment amounts for different models of Ford based on your credit score.
Car MakeAverage Annual Interest RateAverage Monthly Payment
FORD8.43$362

Compare lenders

Now that you have a better idea of what kind of loan you may qualify for, you’re ready to choose a lender. You can get a car loan through your bank, through a credit union, or through the dealership—as long as the dealer you’ve chosen to purchase from associates with Ford Credit.
It’s so important to compare offers from at least three lenders before signing. Look for the following:
  • Short loan term: 60 months or less
  • Low annual percentage rate (APR): 4.93 percent or lower
  • Manageable monthly payment: No more than 10 to 15 percent of your monthly income
There’s more to a good car loan than just the figures—customer service is also a key factor. If a lender offers low monthly payments but is difficult to get in touch with or has negative reviews online, they may not be the best choice.

Get preapproved

Getting preapproved for a car loan gives you the opportunity to negotiate better loan terms when you actually sign the agreement. To find out if you’re eligible for preapproval, start by filling out a loan application. You’ll need to include the following information:
  • Social Security Number
  • Proof of employment
  • Copy of your driver’s license or a valid photo ID
  • Income documentation (paystubs, etc.)
Key Takeaway: To get a car loan for a Ford, check your credit score, compare rates from at least three lenders, and try to get preapproved so that you can negotiate your loan terms.

Average loan term for a Ford car loan

For buyers in the United States, the most common car loan term is 72 months or six years. If you’re looking to pay off your loan quickly, this time frame may not be right for you. As a general rule, if you can manage higher monthly payments, loan terms that are 60 months or less are best because you pay less interest.
Ford Credit offers loan terms ranging from 36 to 84 months and you can finance either a Ford or a Lincoln. You may also qualify for incentives or discounts.
Take a look at the table below to get a sense of what your monthly payment and APR might look like depending on your loan term.
Loan TermsAverage Annual Interest RateAverage Monthly Payment
2411.2$697
368.61$470
488.11$363
608.04$301
728.37$262

Finding a Ford car loan in your state

Car loan payments and interest rates differ from state to state. It might be to your advantage to sign with a local lender because they understand the financial climate where you live and may be able to offer you the lowest APR your credit score will allow.
Let’s look at what you could pay for a Ford car loan in your home state.
Credit RatingAverage Annual Interest RateAverage Monthly Payment
Fair16.34$413
Good8.4$361
Very Good5.1$341
Excellent3.88$333

Ford car loans: new vs. used

You have the option to finance a new or used Ford, but certain restrictions apply. For example, Ford Credit will only offer loans for used vehicles that are certified pre-owned.
If you’re interested in financing an older Ford, you’ll need to sign a loan through your bank or credit union. The APR will be higher for a used car loan, but the total loan amount will likely be smaller.
Wondering how your car’s age affects your loan? The table below shows how your monthly payment and APR could be broken down based on the model year of your Ford.
Car YearAverage Annual Interest RateAverage Monthly Payment
20217.66$305
20208.12$309
20198.21$309
20187.96$307
20178.15$308
20168.29$309
20158.48$311
20148.45$379
20138.52$380
20129.43$511
20119.43$511
20109.43$511

How to calculate the costs for a Ford loan

Your monthly payment and APR will depend on your credit rating, loan term, loan amount, and location regardless of what kind of Ford vehicle you choose to finance. Check out how much you could pay with a Ford car loan by using Jerry’s car loan calculator!
Average Annual Interest RateAverage Monthly Payment
8.43$362

Save money on Ford insurance with Jerry

Your Ford car loan should be complemented by affordable car insurance. Maximize your savings with the help of insurance broker genius Jerry.
Jerry is a super app that’s easy to use and is always available to you. To get started, simply download the app, answer a few quick questions about yourself and your Ford, and in under a minute Jerry will give you a list of the most competitive rates from 50+ top insurance companies.
You won’t have to fill out a single form or wait on hold with insurance agents. When you find the coverage that’s right for you and decide to switch, Jerry will even help cancel your existing policy! On average, Jerry users save $887 a year on car insurance.
“I was struggling to find an affordable deal in Detroit, MI because insurance here is so expensive. Working with Jerry, filling out the information is painless, and I connected with an agent to talk about specific plans. I definitely could not have found a better deal without Jerry!” —Marlin M.

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