FIRST-TIME BUYER PROGRAM

No. The Ford Credit First-Time Buyer Program is specifically built for Nova Scotians who have little, no, or limited credit bureau history. Instead of relying on years of credit, Ford Credit reviews your current proof of income and ability to make payments. Hollis Ford in Truro processes these applications regularly and can usually return a decision the same business day.

The First-Time Buyer Program is for Canadians who have never financed a vehicle and have limited credit history. The Newcomer Program is for landed immigrants, foreign workers, and international students who are new to Canada and need to finance a vehicle without a Canadian credit file. If you recently arrived in Canada with a Permanent Resident Card, Work Permit, or Study Permit, the Newcomer Program is likely the better fit.

A down payment is not always required, but it is often recommended for first-time buyers. A modest down payment can lower your monthly payment, reduce total interest paid, and help offset the higher rates that sometimes apply to applicants with limited credit history. Our finance team in Truro will walk you through scenarios with and without a down payment so you can make the right choice for your budget.

Yes. A co-signer with established Canadian credit can strengthen your application and may secure a more favourable interest rate. The co-signer is equally responsible for the loan, so it should be someone who knows your financial situation well -- typically a parent or close family member. Hollis Ford can structure applications with or without a co-signer.

Most First-Time Buyer applications submitted at Hollis Ford in Truro receive a decision the same business day, often within a few hours. To speed things up, complete the online pre-qualification form before your visit and bring your supporting documents (paystub, ID, proof of address) with you to the appointment.

Yes. Ford Credit Canada reports your loan and payment history to the major Canadian credit bureaus (Equifax and TransUnion). On-time monthly payments build your credit profile, which can help you qualify for better rates on future loans, mortgages, and credit cards.

Yes. Eligible new Ford vehicles and Hollis Ford Certified Pre-Owned vehicles can be financed under the program. Many first-time buyers choose a certified pre-owned vehicle to keep their monthly payment manageable while still getting a Ford-backed warranty.