i went in today to a Ford Dealer who was trying to get me approved throught Ford credit with a first time buyer program. He told me i was approved on a tier 5 level and ill have to wait until monday to get the final approval. has this happened to anyone else? im not sure i understand it, the salesman was very vague. does this basically mean no?
What is tier 5 approval? car loan help?
Tier 5 is like a %26quot;F%26quot;. Are you trying to do a red carpet lease? I wouldn't hold your breath for an approval unless you found a cheap car, have good job history, and cash to put down.
You most likely will need a cosigner.
What is tier 5 approval? car loan help?
It means your credit is poor, and the dealer probably needs to do some extra work to get the deal done. Expect a very high interest rate.
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