Maverick Financing / Lease Guaranteed Approval Program [Valid Until March 31, 2022]

[mav_can]

Yep. Telling people that delaying amortization (and thus effectively increasing their interest rate) is the "flexible" choice. Don't buy a car if you can't afford the payments now.

If the interest rate is 0% or extraordinarily low then it makes sense right? I can afford to pay cash but not everyone wants to for whatever reason they have.

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[mav_can]

how intelligent is it to have a $400+/mo payment when you lose your job, have a major medical bill not covered by insurance, get a divorce, stock market crashes, or the economy goes to shit? What about qualifiying for a new house loan where they examine your income to debt ratios? What you think is a free ride instantly turns to a big liability.

You can always dump the car on someone else and your payments end. With 0% you're in the exact same situation as someone who bought the car in full and now has little to no savings in the event that you lose your job, have a major medical bill not covered by insurance, get a divorce, stock market crashes, or the economy goes to shit.

 

[Scupking]

I can get 2.5% for a 72 month loan with my credit union. If Ford matches that I will use them.

 

[Blessedintx]

I went to dealer and locked in the 1.9% already. My order is now locked. I'm not changing my mind and though 1.9% was ok to finance 1/3 to half of it because the monthly payment of about 225.00 fits my budget fine since my 0% Prius budgeted loan was 237.00 and will be paid off in 3 months.

For how long?

 

[Blessedintx]

I can get 2.5% for a 72 month loan with my credit union. If Ford matches that I will use them.

Mine is offering 2.7 for 84 months. Don't know if I'll stretch it out that long, but it's there.

 

[clavicus]

Aren’t there loan origination fees even at 0 apr?

 

[spyderman01]

that's how I did my last vehicle purchase. Wrote them a check for $27.5k and gave them my trade in. Never a word mentioned about IRS reporting requirements.

So you didn't do that, he means bring actual greenbacks over $10k and not paying by check, money order, cashiers check, etc... They are financial bells that go off on transactions actually involving cash greater than $10k. You can answer and justify, it's just an extra step that comes up. Same as flying out of the country with that much money in your wallet. I usually just empty my pockets and show them my pennies, but what do I know???

 

[olie64]

Some of you might be asking the same question regarding if you should go with your credit union/Bank or Ford financing. If I apply at my credit union for a loan and let's say it's approved for 2.1%, but I want to see if I can get a better rate with Ford; would the 1st affect my credit score on the 2nd application? For anyone who cares to answer. Thanks.

There a window where they assume you are shopping around so no.

 

[pxpaulx]

I can get 2.5% for a 72 month loan with my credit union. If Ford matches that I will use them.

Given the excellent low rates being provided here, I'd strongly consider taking at minimum the 60 month 1.9 loan (or if your CU does better use their rate). An extra year to save $60/month doesn't sound like much, but that extended period and small rate bump costs you $1,000 at a loan of $25K:

$1,226 cost vs $2,148

 

[Phil37]

There a window where they assume you are shopping around so no.

"Shopping around" hurt my credit score at least one time in the past 4 years. My score dropped 25 by shopping around.

 

[Deleted member 1370]

So someone who may be in the know more than I help me understand. This will be my first ever vehicle im financing and owning on my own, also just starting out on credit this past year. Not bad credit, just starting out. Ive never been late mind you however and pay my bill in full each time. Now I havent even populated a fico yet it seems but will do so by november as it said 6 months is usually the go to for that. I have a credit score i can see which just the fico one doesnt populate via experian, just the transunion credit score does. Point being, given that and i also have a very large down payment to help with the loan. 17k to be exact. This should definitely help grease the wheels of financing right? I have the monthly income to pay for it with that down payment on it being the total before tax,title etc is 28585 and thats before down payment. So after downpayment I can manage the payment easy peezy with my job and min wage pay no issues. Im assuming either way they will approve me, i may just not get certain incentives that this program offers?

 

[Deleted member 1370]

Will Ford let you buy up a tier like other finance companies? Put so much down and it will bump you up a tier

thats an excellent question. and would be great to know as well!

 

[Redneck Garage]

Now I havent even populated a fico ye transunion credit score does. Point being, given that and i also have a very large down payment to help with the loan. 17k to be exact. This should definitely help grease the wheels of financing right? I have the monthly income to pay for it with that down payment on it being the total before tax,title etc is 28585 and thats before down payment. So after downpayment I can manage the payment easy peezy with my job and min wage pay no issues. Im assuming either way they will approve me, i may just not get certain incentives that this program offers?

With 17K down I doubt youll have any problem

 

[Eagle11]

I had a repossession many years ago. I wonder if it will show up on my credit report?

I believe it has to be within the last 7 years.

 

[Eagle11]

So someone who may be in the know more than I help me understand. This will be my first ever vehicle im financing and owning on my own, also just starting out on credit this past year. Not bad credit, just starting out. Ive never been late mind you however and pay my bill in full each time. Now I havent even populated a fico yet it seems but will do so by november as it said 6 months is usually the go to for that. I have a credit score i can see which just the fico one doesnt populate via experian, just the transunion credit score does. Point being, given that and i also have a very large down payment to help with the loan. 17k to be exact. This should definitely help grease the wheels of financing right? I have the monthly income to pay for it with that down payment on it being the total before tax,title etc is 28585 and thats before down payment. So after downpayment I can manage the payment easy peezy with my job and min wage pay no issues. Im assuming either way they will approve me, i may just not get certain incentives that this program offers?

The credit game...

Never pay your balance off, always have a small balance, the banks want to see if you can handle payments. They also want to see a mix of credit types, Car, CC, House... Run your credit report it's free at https://www.annualcreditreport.com/index.action, now if you place a nice down payment 20% the banks will like that.

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