How do I get a Ford Commercial Line of Credit (CLOC)?

For businesses looking to expand their operations, invest in new equipment, or manage cash flow effectively, securing a commercial line of credit (CLOC) can be a valuable financial tool. Ford Motor Company offers a specialized Commercial Line of Credit program tailored to meet the unique needs of its commercial customers. A Ford CLOC can be utilized to begin or expand a fleet of vehicles or to finance work vehicles. Today we’re going to explore the steps and strategies involved in obtaining a Ford CLOC, empowering businesses to access flexible financing solutions to support their automotive needs.

Before applying for a Ford CLOC, it's essential to familiarize yourself with the program's features, benefits and eligibility criteria. Ford's CLOC is designed to provide commercial customers with a revolving line of credit that can be used for purchasing multiple vehicles throughout the year. By understanding how the program works and its advantages, you can determine if it aligns with your business needs. The Commercial Line of Credit Customer Guide should give you all the information you need in this regard.

Evaluate your business's financial health, cash flow requirements and specific funding needs to determine the appropriate amount of credit to request through the Ford CLOC program. Consider factors such as anticipated expenses, growth projections and the timing of potential investments to ensure that the line of credit amount aligns with your business objectives.

To apply for a Ford CLOC, you will need to provide certain documentation and financial information to demonstrate your business's creditworthiness and ability to repay the line of credit. Ensuring that your financial records are accurate, up-to-date, and organized can streamline the application process. The following is a list of all the documents you’ll need for the application process:

• Basic company details
• Business tax ID number
• Fleet information
• Expansion plants
• Billing details
• Previous three year-end financial statements
• Signature of someone authorized to sign for the business

The next step will be to get in contact with someone who can initiate the application process for your CLOC. Our team of dedicated professionals in the finance department specialize in assisting commercial customers with their financing needs and can provide guidance on the application requirements, credit evaluation process and available financing options. Working closely with our finance department can help expedite the approval process and address any questions or concerns you may have along the way.

Complete the Ford CLOC application form accurately and submit it along with the required documentation to begin the credit evaluation process. Ford's underwriting team will review your application, assess your business's creditworthiness and determine the approved line of credit amount. Once your application is processed, you will receive notification regarding the status of your CLOC application. The application process typically takes two business days to complete.

Securing a Ford Commercial Line of Credit can provide businesses like yours with the financial flexibility and resources needed to thrive in today's competitive marketplace. By understanding the application process, preparing the necessary documentation and working closely with our finance department, you can access a reliable source of funding to fuel your company’s fleet of vehicles. With strategic planning, responsible financial management and a trusted partnership with Ford, businesses can leverage the benefits of a CLOC to unlock new opportunities and drive long-term success.

If you have any further questions about the process, or would like to begin communicating with one of our finance professionals, don’t hesitate to get in touch with us right here at McFarland Ford. We look forward to hearing from you!