It's not clear what the specific nuances of the deal are just yet, but if you're willing to take on a long loan term – 84 months or more – you no longer have to worry about a minimum credit score if you finance through Ford Credit. This means shoppers looking for a new Ford car, truck, or SUV may have more options than before, especially bad credit borrowers.

What's the Catch?

There's no "catch" so to speak, but full program details and your specific situation should dictate things like the interest rate you qualify for, your down payment amount, and whether you qualify for incentives and deals.

If you think that this is the way to go it's definitely worth checking out. However, if you're a borrower with poor credit, make sure you weigh the pros and cons of such a long loan term carefully.

Pros and Cons of an 84-Month Loan

Typically, advice given to car shoppers runs along the lines of "pay the most you can each month for the shortest loan term possible." The fact is when you finance a vehicle, you can either pay a lot each month for a little time or a little each month for a long time. The balance is up to what works for you, and what you qualify for.

So why consider an 84-month loan? That's a seven-year loan term.

Ford Credit Drops Credit Score Minimum on 84-Month LoansLet's look at the benefits:

  • A longer loan term could allow you to afford a more expensive vehicle. If you stretch out your loan, a more expensive vehicle may yield an affordable monthly payment with this method.
  • Longer loans usually equal lower monthly payments. Maybe the vehicle you need is just out of reach with a five-year loan term, stretching it to 84-months could lower your payments enough to fit into your budget.
  • Lower payments may give you more wiggle room in your budget. If you can afford the vehicle, but don't have a lot of room left in your budget after, extending your loan term can give you that lower payment, allowing you to put more into savings, or be able to afford more insurance coverage for that vehicle. Car ownership is more than just the payment.

Disadvantages to consider:

  • Pay more overall in interest charges. The longer you make your loan, the more you pay overall. Interest charges accrue daily on most auto loans based on your principal balance. This is because most auto loans are simple interest loans.
  • Possible higher interest rate. Another caveat to watch for is that longer loans usually mean higher interest charges. This can be especially hard if you have bad credit since you're likely to qualify for higher interest charges from the start.
  • Higher chance of being underwater for longer. With a longer loan, you're also likely to be more impacted by negative equity for longer. New vehicles begin to depreciate (lose value) as soon as you drive them off the lot, and the less you pay each month, the longer it takes you to have equity in your car.
  • Possible expensive repairs while still paying for the car. If you take on an 84-month loan it's possible that you may still be paying off your loan when you need to make a major mechanical repair, especially if you're financing a used vehicle.

No matter if the pros or the cons weigh more heavily is up to you. But, if you want to take advantage of the chance to finance a new Ford vehicle, now is the time to get to your local franchised Ford Dealership.

Not What You're Looking For?

If an 84-month loan is too long for you to take a chance on a new car, but you still need to finance a vehicle with less than perfect credit, then we want to help make the process less painful. At Auto Credit Express, we've gathered a network of special finance dealerships across the country that are signed up with subprime lenders.

These lenders are prepared to help many credit-challenged consumers get the financing they need. To be matched to a dealership in your area simply fill out our auto loan request form. It's fast, free, and never carries any obligation.