Hey guys, I just signed the papers last Tuesday and am still waiting to find out if I'm approved for financing. How long does it typically take for the dealer to get back to you? Just wondering before I call them up. I'm in Ontario - GTA if that matters.

 

You signed the papers already but don't know if you're approved ? That's odd to me. The finance guy usually gets you approved or not the day you are in to buy. That's what I've always had here in alberta anyways. I went in test drove told him I wanted it and the next day I was driving her home. Woulda been the same day but I had them throw on some extras before I purchased lol. But Ya shouldn't take long man. I'd call if I was you or go elsewhere and find a dealer that'll take care of you. You shouldn't have to chase them to get your truck. If they're a good dealership they woulda called by now and closed the sale. Imo

 

Agreed on that one, why would they have you sign paperwork if the financing wasn't in place first? There's no sale if there's no cash, on the other hand, it might not be the dealers fault, it's whoever they're getting the financing through, whether its Ford Credit or a major bank. Worth a call to see what's up, two days should be more than enough. Good luck.

 

Thanks for the reply guys. Yeah I signed the bill of sale and left $1000 deposit. When I purchased my previous cars they usually got back to me within a couple of days. I just figured Ford was slow. They seem to be slow with everything else. Anyways, I called my sales rep yesterday and she informed me that the finance manager has been away and will be back today. So hopefully I'll get the call today.

 

Took me all but a few hours, But my company has bought other trucks through ford credit and at same dealer. Normally you should have the approval the next day at latest.
Hope it works out for you.

 

Its always been same day approval for me (approved or not haha). Alberta and BC.

 

They are using a financing technique.

They have you "sign paperwork" send you on your way with the vehicle. In the mean time they find any and all lenders willing to finance the person, usually they have bad credit and this is the reason for doing so.

So they send you off with a brand new truck/car in the hopes a bank will approve you, reason dealerships do this is because the second the vehicle leaves the lot it depreciates instantly, thus making the vehicle used. Banks don't like financing used vehicles because they aren't worth what they were new obviously.

In all seriousness I hope everything works out. Good luck.

 

Everything worked out thanks. I was immediately approve that's why they didn't call. No news is good new I suppose. They told me 6-8 weeks but we'll see.

 

Whats the % rate?

 

I think it didn't take most time to be approved.