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Hey guys it’s your girl shalane i’m back today with another video in today’s video we’re going to be discussing companies removing credit score requirements for a car loan like what where are we at okay 2021 so if you are in the market to purchase a car or you want to know about the minimum credit score requirements being removed you already know what to do
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Let’s go ahead and just jump right in right because right now every major automaker is introducing deals and assistance programs in response to the pandemic and i mean these are like crazy deals i mean like zero percent interest for 84 months yeah that’s like seven years on a car right now these zero percent offers came as customers were facing higher prices on
New cars used cars and let’s keep it real right the automakers themselves they were desperate for buyers because sales took a nose dive during the pandemic like when a whole pandemic out here now let me go ahead and be clear i am not advocating for you to purchase a 84 month car loan like no shape no ma’am no how but i am going to give you options so if you need
It take it if not keep it moving because we all know on the surface these loans look good but over time no now i get it right the longer the term the lower the payments right and this what has been winning buyers over that’s been on the fence about a vehicle because i get it right you only pay 200 on just say per month over a seven year period and believe it or
Not like this option has become popular i mean so popular that ford has taken away the minimum credit score requirements if you get a 84 month loan so in removing the minimum credit score let me tell you ford has went on to open the floodgates okay let me get my oprah moment on you get a car you get a car you get a car but uh y’all better be careful especially for
Some of y’all that you know you got some strange situations with your change because american debt right now is already out of control let’s be real right but ford doesn’t see it that way so what they’re going to do is remove the minimum fico requirement enabling anyone to get financing including buyers who would not be qualified to take out an 84 month loan on a
Brand new car so you like girl my credit bag can i get one not necessarily okay so according to our rep from the company they will make sure that buyers are able to repay and they’re going to use the proprietary scoring model to do an excellent job of assessing those and each applicant that will still be able to make the payment so they’re saying by eliminating
This fico requirement it opens up the prospects of course to get more customers who would qualify for this 84 month loan so i mean they’re looking they’re not really looking at it but that doesn’t mean that you would necessarily be qualified because when a buyer’s credit score it does play an important role in getting finance but it’s just one requirement and so
What they’re going to do is like their own captive financing and they’re going to just adjust those requirements so it would make it more i guess it would make it easier for you to be able to afford a new car instead of it being like black and white on based on your credit score but i mean you still would need proof of income employment pay stubs driver’s license
So there are other things that you still have to show besides your credit but the issue of longer loans is just what gets me i mean let’s think about it the moment you drive your car off the lot you’re already upside down and if you’re talking about seven years yeah zero percent interest sounds great but what if something happens what if you get into a car accident
Like you’re gonna owe more on that car than what they’re gonna give you because we all know that cars depreciate a lot faster especially when you’re trying to pay it off and if it gets totaled out you’re still going to owe money on that so i mean i get it that you may want to stretch your budget and you like chile like girl you know i need that 84 months like
That will help me we don’t know where we will be in seven years and i get it right you don’t know but one thing i know like y’all this is not a good thing all right but that’s why i’m doing this video like i was like 84 months like if you can’t afford to make the payment for 60 months seven years no but ford isn’t the only one right ford isn’t the only one who’s
Offering zero percent interest jeep for example they’re offering zero percent interest on a seven year car loans but also some of the other companies like chevy gmc hyundai buick jaguar genesis and ram so i mean if you’re considering doing this like girl rethink it all right right now though ford is the only company that is removing the credit score requirement
Which i wouldn’t be surprised if other companies start to follow suit because i mean that’s like a great tactic to have and the market is out of control right now with home prices food prices used car prices i mean used car prices have surged up to 17 during the pandemic and so economists are monitoring this and they’re like hey this is going to be a indicator of
Future increase inflation and overall in the economy so i want to bring this video to you because a lot of people are doing it in the last week of march alone 20 23 of buyers signed up for a 84 month car loan whereas prior to the pandemic it was only like maybe seven to eight percent of people so that is 23 of people have signed up zero percent interest for the
Next seven years now i’m going to tell you right now i’m not going to cosign this movement i know we are all adults i’m just putting it out there just so you know but let me know have you ever done or been in an 84 month car loan what do you think about it what do you think about ford removing the credit score do you need a car does this even matter to you i am
Just out here like i tell you guys all the time like i don’t make the news i just report the news i thought it was an interesting story but i also know that this can get a lot of people in trouble um i know i purchased my first car by myself in 2005. i still have that car i have a toyota corolla great car great on gas still runs over a hundred and maybe eighty
Thousand miles there’s a lot of miles on there but i still have that car so for some people they’re like hey i’m gonna ride my car so the wheels fall off maybe this 84 month is for you maybe it’s not let me know chime down in the comments below and let me know if you like finance videos like this because you know it is shopping saving and everything in between
Grab a copy of my ebook get you some amazon prime and yeah chime in down below and let me know about the 84 month no credit score requirements and i will talk to you guys later bye guys
Transcribed from video
NO CREDIT SCORE FOR NEW CAR LOANS! FINANCING A 84 MONTH CAR LOAN – SHOULD YOU DO IT? WATCH THIS! By Shalae Morgan
