Financial/Math Experts

[NJ Pinelands]

I haven’t financed a new car in about 16 years and have never been much into financial things, so hopefully someone can help me out. The total price for my Maverick with all the fees is $21,865 plus about $1,600 for the thieves in Trenton. I think the Ford rate was .9 percent for 48 months when I ordered on October 30. How much down payment do I need to be around the $250 a month mark? I don’t expect my hybrid XL to come until May-August. Thank you ahead of time. I really appreciate any assistance.

Sponsored

 

[Dun4791]

Around 12k down

 

[Bj517]

Just Google car loan calculator. You can play with all the variables.

In any case, .9% is basically free money. I'd put as little down as possible

 

[NJ Pinelands]

I assume Ford has a minimum percentage as a down payment. Anyone know what it is?

 

[NJ Pinelands]

Around 12k down

That is more than I thought it would be. I was hoping about $8,000. Of course, the longer it takes, the more I can put down.

 

[NJ Pinelands]

I forgot that I have already put down $500 and I have the $500 Farm Bureau discount. Also didn’t include my trade-in, 2012 Chevy Colorado LT with 126,000 miles. In October, dealer said they would give me $5,500-6,000 on the trade.

 

[Dun4791]

https://www.lathamfordmotors.com/payment-calculator/

 

[jbtx71]

$21,865 + 1600 - 500 - 500 = $22,465 total financed. At 0.9% for 48 months would need $10,650 to get to $250/month. Chances are rates have changed since October. From the Ford website, the retail offer for 60 months is 2.9%. At that offer you would be at $8,500 down.

 

[NJ Pinelands]

$21,865 + 1600 - 500 - 500 = $22,465 total financed. At 0.9% for 48 months would need $10,650 to get to $250/month. Chances are rates have changed since October. From the Ford website, the retail offer for 60 months is 2.9%. At that offer you would be at $8,500 down.

I thought I read on this site that Ford is honoring the rate at time of order, not delivery date. $8-10,600 is ok with me. Is 2.9 percent still a pretty good rate. I checked with my bank and they stopped doing auto loans. They told me, at least in New Jersey, most banks stopped because there just isn’t enough return for them.

 

[jbtx71]

I am not sure about using the rate at time of order. 2.9% is still good. At $22k, every 1% in interest is about $5-6 per month...doesn't move the needle too much.

 

[RustyF150]

I haven’t financed a new car in about 16 years and have never been much into financial things, so hopefully someone can help me out. The total price for my Maverick with all the fees is $21,865 plus about $1,600 for the thieves in Trenton. I think the Ford rate was .9 percent for 48 months when I ordered on October 30. How much down payment do I need to be around the $250 a month mark? I don’t expect my hybrid XL to come until May-August. Thank you ahead of time. I really appreciate any assistance.

There's a payment calculator in the "Build My Maverick' on the shop.ford site. It has current interest rates through Ford.

 

[NJ Pinelands]

I am not sure about using the rate at time of order. 2.9% is still good. At $22k, every 1% in interest is about $5-6 per month...doesn't move the needle too much.

I guess I have been obsessed with a four year loan, but could go to five. I have had my Chevy Colorado for ten years and only have 126,000 miles. I expect to have the Maverick for ten. Don’t do many long trips, but when I do, I usually rent the cheapest car with the best gas mileage from Bill’s There is a Pretty Good Chance You Will Make it There and Back Safely Rentals to keep miles off my truck.

 

[NJ Pinelands]

https://www.lathamfordmotors.com/payment-calculator/

I just used this, thank you ! With the price minus the $500 Farm Bureau certificate, the $500 I have already put down, $6,000 for my Colorado, it certainly looks like I would be way under $250 with 8,000 down.

 

[brnpttmn]

Just go to the Maverick build site. I think you can still configure to your spec (or very similar) and use their finance calculator. Should be able to easily show every scenario you're interested in. Just make sure to multiply your monthly payment by the number of payments so you can see the impact of interest (especially if you are thinking of extending the length of your loan).

 

[NJ Pinelands]

Just go to the Maverick build site. I think you can still configure to your spec (or very similar) and use their finance calculator. Should be able to easily show every scenario you're interested in. Just make sure to multiply your monthly payment by the number of payments so you can see the impact of interest (especially if you are thinking of extending the length of your loan).

My goal was to be at 48 months and not go over $250 per month. As long as they stick to about the $6,000 mark on the trade in, I should be all set. Even if it turns into an August delivery, I don’t see me breaking the 132,000 mile mark, at most.

Sponsored