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What financing APR rates are you seeing?
- Thread starter Imamurrman
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Navy Federal Credit Union still has the best rate I've found.
Now if my truck will only get delivered before the rates go up!
(NFCU has made it easier to join if you are a veteran, by the way. You used to need to be active duty or retired...and family members of veterans are also eligible).
Now if my truck will only get delivered before the rates go up!
(NFCU has made it easier to join if you are a veteran, by the way. You used to need to be active duty or retired...and family members of veterans are also eligible).
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6.9 credit union last week, lady said 7.5 or more by April when I’ll need it, if the unicorn arrives! If dealer beats that I’ll go with them.
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I can appreciate the simplicity of that decision but....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!
If you want to complicate it a bit, consider inflation. The value of $25k now is more than it will be in 3 years because of inflation. By giving away all that cash now are you actually losing it's value? If it was too I sit in the bank than yeah, your definitely coming out ahead.
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Lets see now . . . hum . . . so if I sock away the money saved in a good interest bearing fund, lets say for example . . . 7% rate of return. Get a car loan for 3% . . . hum . . . that would mean I come out ahead 4%. Surely it's not that simple is it? Got to be a hitch somewhere that I'm missing. I suppose another option would be pay off or at least pay down higher interest charge cards/other debts and go for a low interest car loan. Hum . . . now I'm starting to see a little bit of light coming through. Something to think about.
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I wasn't trying to pass judgement either way, do what's right for you. There much value in not worrying about that payment and satisfaction of saving and paying it off at once.Lets see now . . . hum . . . so if I sock away the money saved in a good interest bearing fund, lets say for example . . . 7% rate of return. Get a car loan for 3% . . . hum . . . that would mean I come out ahead 4%. Surely it's not that simple is it? Got to be a hitch somewhere that I'm missing. I suppose another option would be pay off or at least pay down higher interest charge cards/other debts and go for a low interest car loan. Hum . . . now I'm starting to see a little bit of light coming through. Something to think about.
The spread isn't that big at the moment. But where we are with this increasing inflation, you may kick yourself in the future for not taking advantage of a "cheap" 5% auto loan.Lets see now . . . hum . . . so if I sock away the money saved in a good interest bearing fund, lets say for example . . . 7% rate of return. Get a car loan for 3% . . . hum . . . that would mean I come out ahead 4%. Surely it's not that simple is it? Got to be a hitch somewhere that I'm missing. I suppose another option would be pay off or at least pay down higher interest charge cards/other debts and go for a low interest car loan. Hum . . . now I'm starting to see a little bit of light coming through. Something to think about.
I got a 30 year mortgage in 6/21 for 3.375%. I'm not paying ANY extra as my savings account currently pays 5.03%.
I will likely get a 4.74% 60 month loan for my Maverick because I believe that before those 5 years are up, my Maverick money will be earning 7%-8%.
Got lucky and rode the covid wave. I’ve had a car payment forever as I go through rides. Since 2020 bought and sold 5 trucks and cars for profit and paid for the maverick in full. Thought about a loan to buy 100 rides and retire. My luck I would have been stuck with 99 of them in the back yard!
I got 7% with an 825 credit score from Cinch CU through the dealer on 2/21. Trying to see if I can get something better, but even at 7% I was below the prime interest rate (7.69%) when I looked at it at the dealer. I definitely should have gotten a quote from my bank and from my company CU, but the truck came in sooner than I expected it to.
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Agree about getting your financing done first and dealer finance guys are not your friend.
I picked u my last Maverick in Nov 22 and was fortunate enough to still get the 0/36 from Ford.
I picked u my last Maverick in Nov 22 and was fortunate enough to still get the 0/36 from Ford.
I got 5.75% at a local credit union for a 5 year on 2/18/23. Wasn't expecting the vehicle now, as my order hasn't even been scheduled yet so have money tied up in other investments temporarily. The vehicle I got was one someone else passed on and the dealership made me a fair deal. Hope to pay off in a year and was able to put $8,500 toward it quickly between my deposit and selling my old car. I hate paying interest...
Amazing how much taxes and registration fees (etc.) add up on a new vehicle purchase these days! It's not just the sticker price. Sales tax is fairly low in WI at 5.5% with county tax, but still was about $1,700.
Amazing how much taxes and registration fees (etc.) add up on a new vehicle purchase these days! It's not just the sticker price. Sales tax is fairly low in WI at 5.5% with county tax, but still was about $1,700.
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I ended up joining ECU Credit Union in Orlando just for a car loan. Right now they are offering 4% for 48 months or 4.5% for 60. Can't beat that. Have to live in Central Fl or work for CVS, Walgreens or Eckerds to join though.
I asked about rate increases and they said they are having a board meeting next week to discuss the rates so they will more than likely increase at that point.
I asked about rate increases and they said they are having a board meeting next week to discuss the rates so they will more than likely increase at that point.
Yeah, it sucks. I’m going to be throwing as much money on this loan as I can so I can pay it off ASAP. Definitely secure some financing outside of your dealer before you walk in, because they’re going to try and screw you as hard as they can.Dang!
7% with a 825 score....I hate to see what mine will be with my 690 score
I'm curious how many people actually the advertised rate from some of these rock bottom sources. When I apply with 820 credit and sub 10% usage, I still cannot get them. I was seeing sub 5% advertised in February, best I could get was 5.49% and I should be top tier.
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