DETROIT—Ford Motor Co. said it is partnering with fintech firm Bread Financial to introduce a new installment loan program and a Ford Rewards Visa Signature credit card, aimed at offering customers additional financing and rewards options.
The automaker said the installment loan program will provide qualified customers with 0% annual percentage rate financing and no money required upfront. Customers can apply by scanning a QR code to complete an application and receive pre-approval, according to Ford.
The company said the offering differs from many traditional auto financing programs that typically require an initial payment.
Rewards Card Launched
Ford and Bread Financial also launched the Ford Rewards Visa Signature Credit Card, which allows cardholders to earn rewards on Ford purchases and everyday spending.
New cardholders receive 15,000 bonus points—valued at about $75—when they make a purchase within the first 90 days of opening the account, Ford said. Customers who spend $1,500 during the same period will also receive a $100 statement credit.
Cardholders can earn up to 16 points per dollar spent on purchases made through Ford.com and on service purchases at Ford dealerships. Additional rewards are offered on categories such as groceries, restaurants, gas and electric-vehicle charging, the company said.
Who’s Prequalified
Customers can check whether they prequalify for the credit card through the Ford mobile app, Ford.com or by scanning a QR code at a dealership, with no impact on their credit score, according to Ford.
