Ford Financing Interest Rates Increased

[TS0323]

When you say "Ford," do you mean you spoke directly with Ford Credit, or worked through your finance manager at your local dealer?

Just my local finance manager at my local dealer which ended up using Capital One. I was surprised that he never even mentioned Ford Credit, but I'm guessing that he knew that he wouldn't be able to match my rate through them.

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[VICKY]

Ford credit has raised the cost of financing by from .9 to 1%. 0% for three years is gone 5.9 is now 6.9%!

Duh, was there an interest rate in my order? Was too excited to even look.

 

[BlueFiSTr]

I purchased my maverick last night AFTER the new rates. My dealer assured me that I was locked in with the rate from when I ordered and I got 1.9% for 60 months with absolutely no hassle and no questions asked.

 

[DryHeat]

Interest rates do not matter when the dollar is toasted as a world reserve currency.

But yea.

Then I suggest you shop around for the highest interest rate you can pay.

That'll show them...

 

[VICKY]

Unfortunately, this is a situation that will likely only get worse as the year goes on. You can expect to pay roughly a full percentage point more interest if the Fed follows through on its plan to implement 3-4 rate hikes in 2022. Still, if you expect (as I do) that the prices of 2023 models will only be higher and that interest rates will only continue to rise for the foreseeable future, then getting your 2022 Maverick order and paying a little higher interest rate is still going to be a good deal vs. buying a 2023 model that will cost you more upfront and likely have higher finance charges as well.

One note that may be helpful to some folks is this: my dealer told me that once a VIN is issued for my vehicle, I can go ahead and set up the financing. So, for those of you with trucks due to arrive in the near future, it may be advantageous to do that and lock in whatever rate Ford credit may be offering at the time. However, keep in mind that Ford credit updates its offers monthly, and if you lock in today, there may be a better offer in March or April than there is in February. Not likely given the current interest-rate environment, but not out of the question. So, before you lock in, I'd just make sure to get a firm answer (in writing) from your dealer that IF a more attractive interest rate offer is made at the time you take delivery, that you can take advantage of the lower rate.

Now, if you are looking to finance elsewhere, through your own bank or credit union, for example, then this probably does not apply. However, you could always still call your bank once you have the VIN for your vehicle. They may also be willing to lock you into a rate while you wait for the truck to show at the dealer. Can't hurt, anyway.

GREAT ADVICE!

 

[clavicus]

Well, interest rates and the amount of your down payment.

Well, interest rates and the amount of your down payment, and the term of the loan.

 

[TopGunGoose]

Then I suggest you shop around for the highest interest rate you can pay.

That'll show them...

Did you get a 15% raise this year?

If not you are making less already.

 

[DryHeat]

Did you get a 15% raise this year?

If not you are making less already.

Hi there, Mr. Interest-Rates-Don't-Matter. Glad to see you changing the subject.

Inflation rate where I live (in the USA) was 7% for 2021. That's a 39 year high. Most of the predictions for 2022 are for something less than that. Particularly with the Fed sending signals of rate hikes.

But I'm sure you have a credible source for a 15% 2022 annual inflation rate wherever it is you live.

(I'm guessing Argentina, right? So... that would be an improvement, no?).

 

[SEA_Mav]

@fordvideoguy I just saw your latest video Tim, thank you for all you’re doing especially the mythbusters portion. I think one of your chat members asked a question regarding the Ford Credit interest rates and if they will still be offering the lower rates based on date of order (no-schedule/vin) or if the rates are for sure increased going forward for anyone who hasn’t yet purchased theirs or gotten a scheduling email. It seems that they have now gone up and no longer offer I think 0% at 36 months and 1.9% 60 months (I think those were the offered rates prior to hike). Was curious if you’ve heard anything from Ford Credit about the new rates & if you have seen any recent Maverick sales at your dealership see changes. Thank you again for all you do!

 

[Matchstick08]

Might be beating a dead horse with this one, but I just spoke with my saleperson from the dealer last night. He explained it to me like this:

The interest rates offered by ford are promotional. He said it's similar to a $1000 rebate that are sometimes offered. Any rebate program offered at the time of order are still good when you take delivery of your vehicle. This also means that any rates from Ford Financing (which is considered a rebate program) would also be offered/available. This is all in the paperwork you signed with you put down your deposit.

The one cavate is that he said they are credit rating dependent. Not everyone is eligible for 0% 36months just because it's "available" You're not getting a low interest loan if you have crap credit - through Ford or anyone.

If you are not offered the rates that were available at time of order when you take delivery (provided you have decent credit), push your dealer harder.

 

[NNJGUY]

I thought the interest rate at the time of order, would be honored?

I was told yesterday by dealer you will have the option of finance at time of order or at time of delivery

 

[Macjr67]

2.09% thru nbt

 

[Random]

Might be beating a dead horse with this one, but I just spoke with my saleperson from the dealer last night. He explained it to me like this:

The interest rates offered by ford are promotional. He said it's similar to a $1000 rebate that are sometimes offered. Any rebate program offered at the time of order are still good when you take delivery of your vehicle. This also means that any rates from Ford Financing (which is considered a rebate program) would also be offered/available. This is all in the paperwork you signed with you put down your deposit.

The one cavate is that he said they are credit rating dependent. Not everyone is eligible for 0% 36months just because it's "available" You're not getting a low interest loan if you have crap credit - through Ford or anyone.

If you are not offered the rates that were available at time of order when you take delivery (provided you have decent credit), push your dealer harder.

Sadly not at my dealer. I paid in full last night because 0% wasn’t an option anymore. He said that was from Ford.

 

[clavicus]

Sadly not at my dealer. I paid in full last night because 0% wasn’t an option anymore. He said that was from Ford.

Once again an epic failing of Ford to customers in terms of communication. They could put plain language out there that either the rates are locked at time of order (so you can call out dealer BS), or it is completely dependent on the dealer, so you know if you may need to clench your sphincter at time of purchase.

 

[Matchstick08]

Sadly not at my dealer. I paid in full last night because 0% wasn’t an option anymore. He said that was from Ford.

Did they offer financing through Ford or someone else the dealer was able to find?

Speculation: Dealer said 0% option wasn't available to get you to try to finance through a lender they get a kick-back from.

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