What financing APR rates are you seeing?

[HTX]

Never financed a vehicle before. Need to this time.
If I’m only scheduled for late March or early
April how soon should I start shopping for rates at a credit union? TIA

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[surfstar]

Shout out to the folks who recommended tower credit union (before they raised their rates).

just got my email saying I was approved for 15k/36 months at 2.24%! My local credit union agreed to price match that rate as well after some negotiation.

I was just going to pay it off, but at that rate I can now keep that cash on reserve. Now I just have to wait and hope my 2023 XLT Hybrid is still going to be built the week of 02/20/2023 haha

2.24% is amazing right now.
VMFXX (Vanguard Federal Money Market) is paying 4.49% currently. Hope I'll luck into a decent rate if/when my Mav gets built.
(We have 1.24% on a DCU loan originated last year, their rates are much higher now)

 

[skadizzle]

Looks like Tower FCU is off the table now. I I checked less than two weeks ago and it was at an amazing 2.24% for 36 months. Today, that's more than doubled to 5.74%! Anything longer is 6.49%+. I'd rather pay cash than take that rate.

That really sucks. I was waiting until ny statements close on Monday and was then going to apply next week. I just keep getting screwed every step of the way with this Maverick since I ordered.

 

[FordMavUser27]

Shout out to the folks who recommended tower credit union (before they raised their rates).

just got my email saying I was approved for 15k/36 months at 2.24%! My local credit union agreed to price match that rate as well after some negotiation.

I was just going to pay it off, but at that rate I can now keep that cash on reserve . Now I just have to wait and hope my 2023 XLT Hybrid is still going to be built the week of 02/20/2023 haha

2.24% is amazing right now.
VMFXX (Vanguard Federal Money Market) is paying 4.49% currently. Hope I'll luck into a decent rate if/when my Mav gets built.
(We have 1.24% on a DCU loan originated last year, their rates are much higher now)

You got the right idea. I’m currently doing the route of investing into US Treasury 4 week T-Bills for similar rates. Mainly so that I don’t have to pay state income tax for where I live. VMFXX is a fantastic option as well.

 

[FordDiehard]

I was charged an 8.9% rate when I bought my Maverick last month. The dealer was mostly honest in that they were willing to sell at MSRP (+ a $1k paint and fabric protection package). I wanted to pay cash but the dealer wouldn't sell it to me unless I financed thru them so they could also profit from the financing. Had I refused or come in with my own financing, they would have just refused to sell and since there was a line of people waiting to buy it if I didn't, I went ahead and used their financing. But I'll pay it off at the 90-day mark and the minimal interest I'll end up paying is still a way better deal that paying the thousands over MSRP that some dealers are charging.

Good grief, I don't know if that is even legal for a dealer refusing to sell unless you finance with them, and at such an exorbitant rate to boot.

 

[Mav_RICK]

Good grief, I don't know if that is even legal for a dealer refusing to sell unless you finance with them, and at such an exorbitant rate to boot.

If it was a stock vehicle they can do whatever they can get away with doing.

 

[JamesC]

What’s the protocol when securing an outside loan, that lender issues a two party check to the buyer and the dealership?

 

[Retired]

Since SAVINGS interest rates have already hit over 5% (Primis Bank...5.03% APY), I am seriously considering keeping my cash and taking NFCU up on that 4.74% LOAN for 60 months. I'm not expecting the FED to lower rates over the next 5 years, and I'm old enough to remember the late 1970s with 15% CD interest rates. I had been planning on taking advantage of 0.0% for 36 months for a 2022, but those days are long gone.

I'm old enough to remember that too, and the reason was because inflation was running at 18%. Inflation is the key, since history shows that the FED rate needs to be higher than the inflation rate to bring inflation back down. So I don't expect rates to come down for quite a long while. Back in those days i didnt care since I was driving junkers and paying cash. LOL

 

[6speedmav]

Looks like Tower FCU is off the table now. I I checked less than two weeks ago and it was at an amazing 2.24% for 36 months. Today, that's more than doubled to 5.74%! Anything longer is 6.49%+. I'd rather pay cash than take that rate.

This sucks soooooo much. I applied two weeks ago (made the donation and everything). My application was still pending as of today. So mad.

 

[Bsoute00]

Current today, this is what I got from USAA.

Full rate table they sent in email.

12 Months	4.84%
24 Months	4.84%
36 Months	4.84%
48 Months	4.89%
60 Months	4.94%
63 Months	4.94%
72 Months	5.04%
75 Months	5.09%
84 Months	5.39%

 

[Padre]

Local CU offered 36 months @ 4.99%, 48 months @ 5.39%, 60 months @ 5.49%.

 

[maggy55]

4.9 3 years

 

[My1stFord]

Wondering what current Ford offers are in comparison to these CU rates.

 

[CZaugg]

One good thing about belonging to the 500 Club is that I have been socking away the $ every month. Originally it was intended to be a large deposit along with a fair trade in on current vehicle leaving me with a small amount to finance for a short period of time. Being a 500 Club member has given me an opportunity to save more than what I originally intended. So when my little buddy finally arrives, Ford Credit is NOT going to be getting any interest income from me. Cash is what I'm doing. So there is at least one good thing about being strung along in the production/shipping game. Don't have to worry about interest rates. Won't apply. My tax returns I just received closed the gap. I'm finally ready to lay all the $ down. I just need my Maverick!

 

[Axlesup]

Hello everyone! Just trying to get a feel to see what people are seeing out there regarding apr rates. I know there are a bunch of variables but someone with good/excellent credit just trying to see what people are seeing from Ford/Local Credit Union. Also any rollover 2022 with vins get their 23s and get a good credit rate? Thanks!!

I got 7.4% with an 800 plus FICO score and $8,000 down. I felt that that was kind of high but yesterday I picked up the branch manager for a local credit union and she said that was actually pretty good and she was surprised it wasn't higher than that.

Yes the loan officer does work for commission. Their job relies on them marking it up by two percentage points. That's one of the reasons they shop around and try so hard to get a good rate. The other way they get commission is on the extended service plan. I don't expect anyone to work for free for me so I am okay with them getting paid.

As long as you get a simple interest loan or live in a state that requires simple interest you can pay off early with no penalties which means the interest rate is pretty pointless. I don't buy anything unless I can afford to send in at least two payments a month preferably four payments a month. I plan on paying off my Ford by the end of the first year. You do need to make sure they are applying the extra payments to the principal and not to Future payments. I like to change my extra payments by a penny so it's easier to track.

It is super important to never plan on sending in the minimum payment on anything whether it's a credit card a car loan or a home loan.

That's my good deed for the day LOL hope you guys are enjoying your trucks!

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