Ford has launched a $3 million car financing scheme for all drivers.
The new program, which will be rolled out to Ford Fusion and Fusion Energi models, will offer up to $3 per month for the first three months of a driver’s life and $3.50 per month thereafter.
This is similar to how the auto loan programs in place in other countries are working.
For now, all eligible Ford Fusion or Fusion Enersgis will be eligible for the program.
The Ford Fusion Eninggi is currently the only car offered with the new $3 car financing.
To join the program, all Ford Fusion, Fusion Eenergi and Fusion Fusion X vehicles must be on sale in Canada.
Ford said it will be launching an app that will let customers check their eligibility.
Ford said the program will be available to all new and existing customers of the Fusions and Enersgs starting in the first quarter of 2021.
Ford said it is also offering a $10,000 cash back credit for every eligible vehicle.
This is similar in size to the $10 cash back program offered by General Motors, which was announced earlier this month.
“We know that the majority of Canadians are struggling to get by on a daily basis, and we are committed to helping all of our customers find a solution that’s right for them,” said Doug Holyday, president of Ford Global Business.
“This is a great opportunity for people to find the right financing for their car, and get started with a plan that’s tailored to their needs.”
Ford is offering up to three years of financing, up to a maximum of $10 million, for new or existing customers.
More details on the new car financing program will come later in the year.