Financing an order

[Onslow]

I'm looking to order a Maverick when Ford reopens (2023?) their system. I usually go with pre-approved financing from credit union when buying cars.

One question I have is how much is required upfront ? If all (or a large percentage) is required then how would getting a loan work for a truck that is months from possession?

Thanks

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[Darnon]

Cart way ahead of the horse there. Financing is done when you take delivery and approvals are typically only good for 30 days. So you can hold off until the truck gets built and shipped to start checking into outside financing.

 

[Sleepyalero]

I'm looking to order a Maverick when Ford reopens (2023?) their system. I usually go with pre-approved financing from credit union when buying cars.

One question I have is how much is required upfront ? If all (or a large percentage) is required then how would getting a loan work for a truck that is months from possession?

Thanks

dealer will not run your credit until truck is in their possesion. i would suggest only paying what they want as a deposit (100-500$) for the order. you can then put down 0 or any amount really, unless lenders request a certain amount down to get you approved for the loan.

 

[Onslow]

Okay thanks. I probably should have put in an order before the cut-off. I'll talk with the CU about the plan as well.

 

[Brian_J]

Okay thanks. I probably should have put in an order before the cut-off. I'll talk with the CU about the plan as well.

To give you some more insight. Order your truck. When it comes in, discuss with the dealer how much you will be putting down and what the balance due will be. THAT is the amount you will finance from your credit union. I’ve never financed a new vehicle through my credit union as the ford rates were pretty good when I got my maverick, so I’m not sure how the paperwork works. I’d bet that ford will be able to match whatever your credit union is offering if you have good credit and give them the chance. When I bought my focus (before the maverick), ford Actually beat what my CU was offering.

 

[Sykotyk]

My dealership required a $100 deposit for the order and that was my only down payment. Financed it all.

Just remember that the vehicle itself is the collateral on the loan. No need to pay up front. Even if you have a lot, pay it once the maverick is yours and you want to lower the principal. Don't just offer them money unless it's needed. You can pay it down early once you've got the vehicle.

(also, all inquiries for a new car loan in 30 days only count as one inquiry, but not if you're going long after 30 days it can ding your credit)

 

[Naranjita]

The minimum amount down required is going to depend on the financer and your credit. I purchased my wife's 2021 Kia Sedona SX for zero down, a $41K loan. My credit union would allow up to 110% MSRP for a new car loan in my credit score range.

Since I paid under MSRP due to negotiation, rebates and incentives, once you add the sales tax to the final negotiated price, the final amount to be financed was about 105% of MSRP. Under 110% of MSRP maximum loan value. So no down payment was required for me. If there was no discounts and sales price would have been MSRP + sales taxes/fees, then I would have been over 110% and I would have been required to make a down payment for the difference over 110%.

Some loans will allow only MSRP. Some will allow up to 120% of MSRP, or 20% over. Some will not even allow MSRP, and may be 95% of MSRP, or 90% or 85%. And in some credit situations, maybe even 50%.

It's ultimately going to depend on your final sales price after all fees and what credit products/lenders you will qualify for that will determine the minimum amount down, if any.

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