Often heralded as the first car company in the world, Ford was founded in 1903 and made the first car available to the masses in 1908, the Model T manufactured by Henry Ford’s Ford Motor Company.
Since its inception and founding, Ford has gone on to become the second biggest car company in America and the fifth in the world. While many car companies and competitors have offices in Australia, Ford was one of a handful that operates a research & development office in Australia, which was opened in Richmond, Victoria, in 2016.
Ford’s development goes beyond that of production cars for the developed world, working on economical and electric technologies, building buses, tractors, and vehicles for motor-racing, covering international events such as IndyCar, Formula One, Formula Ford, rally racing, stock car racing, sports car racing like (and including) that of Le Mans, touring car championships, drag racing, drifting, and more locally, Australia’s V8 Supercars Championship.
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Ford cars in Australia
Ford offers a variety of vehicles in Australia, ranging from small to large, covering 4WD and SUV, as well as utility, an area that Ford has become known for thanks to its trucks.
Ford is one of Australia’s largest car companies, with vehicles built for a range of body types.
As such, Ford sells sedans, coupes, hatchbacks, and utility vehicles (utes), but also makes many SUVs made to take on more terrain than just the roads of the city. Pricing in Australia ranges from the $20K range up until close to $100K, depending on what you’re looking for in a vehicle.
There are over 200 Ford dealerships around the country, many of which are independently owned, offering both new and used Ford models.
New cars purchased from May 1, 2018 onward receive Ford’s new warranty, covering a Ford vehicle purchase for five years with an unlimited amount of kilometres driven. Cars purchased before May 2018 are bound by the older warranty, covered by three years or 100,000 kilometres, whichever comes first.
While Ford focuses on consumers and performance vehicles, it also builds fleet vehicles for businesses.
With cars at a range of price points, popular Ford models include:
- Ford Focus (from $29,628): Available in six different models including both hatchback and wagon options, the Focus is Ford's smallest car.
- Ford Puma (from $33,748): With a choice of three models, this sporty compact SUV is one of Ford's newest models with a focus on distinctive design, bold styling and innovative technologies.
- Ford Escape (from $39,928): The Ford Escape is a small SUV designed to take the effort out of everyday living. It's available in six models including both AWD and 4WD options.
- Ford Endura (from $49,238): A luxury midsize SUV, the Ford Endura is available in a selection of six models with AWD or 4WD capability.
- Ford Everest (from $54,593): One of Ford's largest SUVs, the Everest is available as a five or seven-seater. It's offered in a total of six models in 4WD or RWD options.
- Ford Ranger (from $32,718): Available in 22 different models including single and double cab varieties, the Ford Ranger is a commercial vehicle touted as the pick-up truck that will help you tackle any challenge head on.
- Ford Mustang (from $54,488): Built with a performance focus, the Mustang’s legacy dates back to the 60s and is built for speed and handling. It's available in a choice of four models including two convertible options.
- Ford Fiesta ST (from $35,808): A versatile performance vehicle, the Fiesta ST features a range of sports technologies and is powered by Ford's all-new 1.5-litre EcoBoost petrol engine.
How can I get a Ford car loan?
Like many car companies, Ford offers in-house finance to help new vehicle buyers organise car loans for a Ford purchase, provided under MyFord Finance.
Dealer finance may not be as cost-effective as other options, as it typically offers convenience in exchange for higher fees, higher interest rates, or both. When you’re signing the lease agreement for a new Ford, the convenience extends from your ability to command money at the dealer, making a Ford car loan that much easier.
When purchasing a new Ford, consider one of several options to find the most competitive finance rates for your new car:
- Use a car loan comparison website like RateCity
- Find a finance broker to act on your behalf
- Go directly to a bank and apply for financing
There are a number of different options on the market when it comes to Ford car finance, each of which meet specific requirements. Generally speaking, there are seven different ways to finance your Ford:
- Unsecured Car Loans: car finance where you don’t provide collateral.
- Secured Car Loans: car finance where you do provide collateral, usually the car you are purchasing.
- Car Finance Lease: similar to a commercial hire purchase, but with more options. You rent the vehicle for a set period and at the end of the lease, you either return the car or buy it.
- Novated Lease: like a car lease, but with a more complicated ownership structure, as you acquire the car from a second party (usually an employer) which in turn leases it from a third party (a finance company).
- Chattel Mortgage: a specialist car finance option specifically for business customers.
- Operating Lease: more like a long-term car rental arrangement, involving a company leasing a car for an extended period.
- Commercial Hire Purchase: closer to a rent-to-buy arrangement, generally involving a finance company buying a car on your behalf and letting you use it in return for regular rental payments. After a number of payments, you may own the car.
How much can I borrow to finance my Ford?
When you submit an application for a loan, lenders will typically assess your income, spending habits and credit score, in order to determine your borrowing power. Before you apply for a finance solution, it’s a good idea to work out the amount that fits comfortably into your personal budget.
To make this easier, you might like to consider using RateCity’s Car Loan Calculator to get an estimate of what your Ford car finance monthly repayments might look like depending on your loan amount, preferred loan term and potential interest rate.
Having a clear understanding of what car you want to buy can make this even more simple, as you can enter the cost of the car straight into the ‘I’d like to borrow’ field. The finance calculator can also give you an idea of how much total interest you might pay over the life of the loan.
For advice specific to your personal financial situation, consider talking to a financial advisor. You could also get in touch with the Ford finance team to enquire about finance packages, special offers and potential trade in options.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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Frequently asked questions
What is a car lease?
A car lease, also known as an asset lease or finance lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back.
What is dealer finance?
Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.
What is a finance lease?
A finance lease, also known as an asset lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back.
How do you get a car loan?
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
What is an asset lease?
An asset lease, also known as a finance lease or car lease, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. At the end of the lease, you can either buy the car or hand it back.
What is a car loan?
A car loan, also known as vehicle finance, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Car loans can be used for both new and used vehicles.
How much is your car worth?
If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.
One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.
There are plenty of websites that offer a free online valuation, allowing you to enter your car’s make, model, year, badge and description, with results listing a price guide based on both selling your car privately and through a dealership.
Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.
However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.
Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.
Can I buy a car as a student?
Buying a car is a huge financial decision, and shy of marriage and purchasing a house (or perhaps around the world travels), it may be the biggest financial decision you make. But if you’re looking at your empty pockets, don’t despair! Your dream of owning your own car could become a reality, if you look for and compare the right car loans for your circumstances.
Can I get a car loan with poor credit?
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
How much is my car worth?
If you own a car, it may be something that can help you bring down the cost of your next vehicle purchase through its sale. However, before you can do that you’ll want to find out how much your car is worth.
Your car’s worth can depend upon various aspects, including:
- Model and make
A great starting place for aspects of this includes websites that offer online valuations, allowing you to enter your car’s make, model, year, badge and description, with the listed results displaying a price guide based on both selling your car privately and through a dealership.
Both have pros and cons, as cars can be very profitable, something that will no doubt impact any chance you have to make the most of your car’s value upon sale. Dealerships will try to profit on your trade-in by buying it for less than they can sell it for, so you shouldn’t expect the same price selling a car to a dealer that you would necessarily get selling a car privately.
What is vehicle finance?
Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.
What is an operating lease?
An operating lease is an arrangement by which a company leases a car from a vehicle fleet supplier for a set period. It’s a bit like a long-term car rental in that the company gains access to the car but the supplier retains ownership. Companies like operating leases because they are tax-deductible and because they save the company from having to make a large upfront payment to buy a car.
What is a secured car loan?
A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
What is a CHP?
A CHP, or commercial hire purchase, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
I’ve been denied a car loan before; can I still get car finance?
Even if you’ve been denied a car loan before, you might still be able to get car finance. The key is to make the right application to the right lender.
The ‘right’ application is one that makes you look like an acceptable risk, which might include things like improving your credit score, increasing your savings rate and accumulating a bigger deposit.
The ‘right’ lender is one that deals with borrowers like you. For example, while some car loan lenders only deal with good credit borrowers, there are others that specialise in bad credit or poor credit borrowers.
How to find a great car loan
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.
Can I get car finance on a pension?
Yes, as long as you meet basic criteria set out by lenders you are eligible for car finance. Your interest rate will be determined based on your financial history which can be found in your credit report, your income and any property you may own.
Comparing car loans for pensioners before you settle on one is important though, if you want to secure the best possible loan for your circumstances.
Where can I get a student car loan?
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
What is a commercial hire purchase?
A commercial hire purchase, or CHP, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
Who provides bad credit car loans?
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.