While many auto manufacturers like to make cars targeted at young buyers they generally run into a big problem; young buyers have little to no credit making it difficult for them to acquire auto loans. Without being able to make auto loans available to potential buyers, especially in today’s economy, companies lose out on a good amount of potential sales.
Ford has recently launched its Ford Fiesta in the United States and has realized the potential problems of not being able to qualify its potential clients. With the Ford Fiesta targeted at a young audience, Ford has decided to try and help boost the cars sales in the United States by paying extra attention to who is able to get an auto loan. The plan is for Ford Motor Credit Company to re-review the credit of those who have not been approved for a loan, and do everything they can to get them approved. Some of the tactics that may be used to get an applicant approved include requiring for a larger down payment, and asking for a co-signer on the loan.
It is a smart move on Ford’s part to plan for a way to curb this potential problem ahead of time. The company has put forth a lot of investment advertising the Fiesta online by using social media marketing, whose largest target audience is younger individuals.