Financing through Ford Credit

[gailmarshall]

Which credit union is offering this rate?

TCT Federal Credit Union. In Clifton Park, NY

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[cavemold]

Has anyone recently applied for or taken financing through Ford Credit?

I know that Ford Credit doesn't have any special rates for the Maverick right now and they don't seem to advertise their regular rates online either.

Does anyone know what rates they are offering for Tier 1 credit?

If you apply online and are approved do they show you the interest rate that you are approved for or is that only available to the dealer?

Will the dealer run my credit again when I go and pick up my Maverick or can they use the online application number?

I got 0.9% at the time not sure what they are offering now but they accepted my offer for Down payment easily

 

[Wee Mav]

Thanks for all the replies.

I would like to get financing through Penfed, however the dealer is saying that financing must be done through Ford Credit. It doesn't make sense to me, but it seems they want to make some money on the back end.

 

[A.Bursell]

Thanks for all the replies.

I would like to get financing through Penfed, however the dealer is saying that financing must be done through Ford Credit. It doesn't make sense to me, but it seems they want to make some money on the back end.

Makes perfect sense. Another dirty dealer who will make money by holding your truck hostage. We've seen similar reports in here- even a dealer who refused to take cash for a truck!

Name and shame. Then never do business with them again.

Buy the truck and refinance as soon as possible is the best you can do in the hostage situation.

 

[RichardCranium]

In California, you have 3 days from purchase to bring in a check and it will cancel the financing through the dealer. My coworker did that with his maverick. Picked it up from ford, they ran his financing. He took it to the credit union the next day and they wrote a check to the dealership.
I bought a minivan a few years back. I told them the rate I wanted and when they quoted me twice the rate, I said, “fine, run it at whatever you want, and I will just bring you a check on Monday.” They real quickly wanted to match my rate and ended up doing that with a different bank they work with.
Last truck I bought, they played the same game. I told them the same thing. She asked who I was going to finance through. They took care of it for me because they still get a bit of a kick back for doing the loans through other banks. They may not make as much, but they would rather make something than nothing.

 

[SiGmA_X]

Has anyone recently applied for or taken financing through Ford Credit?

I know that Ford Credit doesn't have any special rates for the Maverick right now and they don't seem to advertise their regular rates online either.

Does anyone know what rates they are offering for Tier 1 credit?

If you apply online and are approved do they show you the interest rate that you are approved for or is that only available to the dealer?

Will the dealer run my credit again when I go and pick up my Maverick or can they use the online application number?

In fall 2021, the cheapest bank/CU I found was DCU which has a lot of good reviews around the net. They were around 50bps lower than Ford in fall 2021 and even lower in summer 2022 too, except I was rate locked.

Because of my rate lock, I've never used them so I can't say personally how they are, but you can look for reviews too.

Rates posted here, I think they're about 1% lower than Ford? https://www.dcu.org/borrow/vehicle-loans/auto-loans.html

If you qualify, Navy Fed or PenFed might be better. Definitely shop around.

 

[Chicolini]

I picked up my Mav yesterday. The dealer's financial guy asked me what my % rate was at Navy Federal. I told him 5.44%. He said I can't come close to touching that. So there you go.

Hey Bob, congratulations on finally getting your new truck!

 

[Chicolini]

Thanks for all the replies.

I would like to get financing through Penfed, however the dealer is saying that financing must be done through Ford Credit. It doesn't make sense to me, but it seems they want to make some money on the back end.

Get your truck! Then shuffle on over to PenFed and refinance. Easy peasey.

When I refinanced my dealer loan at a materially lower rate with Navy Federal, after I made 3 timely payments, Navy Federal put $200 in my share account. I was surprised. Maybe PenFed has the same deal?

 

[Joe Mac]

I just checked my credit Union rates. 3 year - 3.75%, 5 year - 5%, 6 year - 5.75%. I will tell dealer these rates and see if they can beat them. IF/WHEN my Maverick arrives

I told my dealer the rates I could get from my credit union and he laughed and said go with them

 

[MavChris]

Got a 60 month @ %4.1 back in Jan. Just checked and now %5.1 for 60 month. If your in SE Michigan check it out.....
https://michiganunitedcu.org/loan-rates/

 

[dhill59]

Has anyone recently applied for or taken financing through Ford Credit?

I know that Ford Credit doesn't have any special rates for the Maverick right now and they don't seem to advertise their regular rates online either.

Does anyone know what rates they are offering for Tier 1 credit?

If you apply online and are approved do they show you the interest rate that you are approved for or is that only available to the dealer?

Will the dealer run my credit again when I go and pick up my Maverick or can they use the online application number?

I was offered 3.9% for 60 months from FMC when I purchased my Maverick on Friday (9/15). Required 20% down.

 

[ehspeakers]

I was offered 3.9% for 60 months from FMC when I purchased my Maverick on Friday (9/15). Required 20% down.

I am a prime rate lender and I am looking at 7%, is this what the rest of you are seeing, they did not have 3.9% available or I would have jumped at it, so shopping around as we speak.

 

[Your_Cousin_Vinny]

After I got my "shipped" email last week, I gave my dealer a call to see what kind of rates Ford was giving and was disappointed to hear they have no special financing at all for Maverick. He said some local banks they typically link up customers with are giving 6-7% right now. No chance I'm signing on for that.

Thankfully during the summer of 2020 I refinanced my mortgage while rates were stupid low, and by banker talked me in to getting a HELOC at the same time while I was already filing all the paperwork, just in case... Well, I'll have to send her a thank you card and a bottle of wine, as it is very much going to pay off when my maverick arrives and I can just buy it outright. 2.85% using myself (or my house rather) as the bank is better than anything I'll be able to find anywhere. Combine that with the yearlong wait stacking cash for a down payment and suddenly I'm not so worried about financing anymore.

 

[ilikebike]

After I got my "shipped" email last week, I gave my dealer a call to see what kind of rates Ford was giving and was disappointed to hear they have no special financing at all for Maverick. He said some local banks they typically link up customers with are giving 6-7% right now. No chance I'm signing on for that.

Thankfully during the summer of 2020 I refinanced my mortgage while rates were stupid low, and by banker talked me in to getting a HELOC at the same time while I was already filing all the paperwork, just in case... Well, I'll have to send her a thank you card and a bottle of wine, as it is very much going to pay off when my maverick arrives and I can just buy it outright. 2.85% using myself (or my house rather) as the bank is better than anything I'll be able to find anywhere. Combine that with the yearlong wait stacking cash for a down payment and suddenly I'm not so worried about financing anymore.

That rate is nice and all but how long is the loan? If it's a 20 year payback then even at 2.85% it will cost twice as much in interest as a 7% 5-year note.

 

[Wee Mav]

I was offered 3.9% for 60 months from FMC when I purchased my Maverick on Friday (9/15). Required 20% down.

Wow 3.9% is the best I've seen recently for a Maverick.

There are 0.9% and 1.9% specials for some of the other models, but I'm not seeing anything about a 3.9% rate on the Maverick. I wonder if the dealer bought down the rate?

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