Ford has taken away minimum credit score requirements for long ass 84-month loans, as Cars Direct reports. For those not in the know, this is not a good thing.
On the surface, these loans look good. The longer the term, the lower the payments. This has been winning over buyers that are on the fence about a vehicle they want, but the payments aren’t working for them; long loans have only gotten more popular as of late. The pandemic in particular saw an increase of loans longer than 70 months, thanks to customers facing higher prices on new and used cars and automakers themselves becoming more desperate for buyers as sales took a nosedive.