Ford is an automobile company known for its classy sedans and high-power SUVs. Ford came into existence on June 16, 1903. Ford is known to have all types of cars including cars for personal use and commercial vehicles. Let’s dive deeper into how the commercial account or commercial line of credit works. Let’s know about Ford Commercial Account.
Ford does not have any commercial account per se, but they do provide a service called the commercial line of credit. It works as an aid for people who wish to start a fleet business. By doing so, Ford eliminates the need for banks.
Commercial Line Of Credit (CLOC)
The CLOC by Ford is a lending process through which a person or a small start-up is enabled to increase their fleet of commercial vehicles. Under this, there are many options to go for. Below are the choices you can check to find the perfect one for you.
Commercial Purchase
Ford aims to provide flexible financing when purchasing a commercial vehicle. Although the process is very traditional, the terms and conditions are very flexible and easy to workaround. Another significant aspect of this type of assistance is no hidden fees. Plus, Ford will be providing you with a combined bill for the transactions.
Apart from vehicles used for emergencies, or as ambulances, rental units, or for federal or state government, all other cars are available for this type of financing.
Commercial Red Carpet Lease
For people or businesses who do not wish to buy a Ford vehicle through financing directly, the option for a red carpet lease is ideal. With the red carpet lease, you enter into a contract with Ford for getting a vehicle on lease for a specified period.
You are open to choosing the period beforehand, and once the lease is over, Ford gives you three options. Below are the three options:
- You can purchase a new vehicle on full payment or start a lease on a new car once your previous lease ends.
- You can purchase the vehicle that you took on lease from Ford. The prices will be informed while the lease agreement is drawn up.
- The option is to return the leased vehicle and move on.
Along with the above benefits, customers only get the benefit of the GAP Protection Benefit. Under this benefit, if your car is stolen, lost, or damaged beyond repair, you will not have to pay the remaining payment on the lease. If there is an outstanding payment for the lease, you will have to pay that. You will also need to incur the insurance deductible.
Commercial Lease
Commercial Lease is a tailored lease agreement made as per the business requirements. Due to this, the deal is pretty flexible and beneficial to the applicant. Unlike other options, Ford will not charge you for any extra mileage or wear and tear. You also get a Vehicle Protection Add-on if you opt for Commercial Lease with Ford.
Benefits Of Ford Commercial Account
It helps you to make additional purchases, but your Ford credit balance must get about $250,000. This account gets tailored according to your demands, as a fleet professional. Similarly, you get flexible financing options. It provides dependability, productivity, trained, and well-equipped commercial vehicle centers spread across more than 550 locations throughout the country.
How To Apply For Fords Commercial Financing?
If you want to go ahead and get on with the commercial financing option with Ford, there are two methods to contact Ford. The two ways are explained below:
Offline Method
You can visit your nearest Ford Outlet and ask for commercial assistance. The team at Ford will put you in touch with the financing team that will guide you as per your requirement. The finance team will study your case and suggest the best options for you. Once both Ford and you agree on the term of financing, you can take it up ahead with them.
Online Method
You need to visit Ford’s website -www.ford.com. Under the financing options, you will find all the necessary information about the different types of available options. You can check the benefits of each financing option, and based on your requirement; you can call the Ford customer care number for financing. Under a few options, there is an option given to apply for the financing option directly.
You will hear from the Ford team either via a call or email. You can take things ahead from thereon. Please note that Ford might take time to revert to you.
Conclusion
Ford came up with a great solution because of which you will not need to approach a bank for financing a vehicle for your business. They also have various options that are suitable for all business types. Almost all the options from Ford’s Line of Credit offer flexible financial assistance for small and established businesses.
Frequently Asked Questions
- Can I Get A Quotation Online?
Ans: You will first have to consult an expert from Ford’s finance team; based on the consultation, they will share a quotation with you.
- What Happens If The Car Is Stolen That I Took On Lease Under The Red-Carpet Lease Option?
Ans: The remainder of your lease payment will be waived off. However, you will have to incur the insurance charges as per your agreement.
