How are you paying for Maverick?

[Last Truck Ever]

I originally planned to finance only a smallish portion, but everyone in my area is suddenly experiencing huge hikes in homeowners and car insurance rates, and I'm not sure I want to be making payments, even tiny ones, while suddenly needing more $$ each month for insurance. I'm hearing scary hikes across all insurers.

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[Blkhwk741]

I use Ford credit and they used the credit rate the day I placed the order not the day of delivery

7% today VS. Approximately 3% back in Sept 2022 is a substantial difference. Any difininative answer out there?

 

[Gmood1]

I originally planned to finance only a smallish portion, but everyone in my area is suddenly experiencing huge hikes in homeowners and car insurance rates, and I'm not sure I want to be making payments, even tiny ones, while suddenly needing more $$ each month for insurance. I'm hearing scary hikes across all insurers.

My insurance rate actually went down, $41 a month. My home rate did rise a little.

 

[RasMav]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

All of these past anecdotes are unhelpful. Today is a very different market from even a few months ago. Let's cut the "zero down" bragging.

I picked up my Mav today. My dealer didn't even try FMC. They offered a local CU at 6.25% for up to 60 month. No better for a shorter loan, even 36 mo.

I went with a national CU at 5.54% for anywhere from 36 mo to 60 mo. For > 63 mo the rate went up.

I may make double payments once the wife's car is paid off in a year, but if you can invest your cash, you'll still come out ahead even at these elevated rates.

 

[Guv]

Been financed (1.9%) through a local CU, payments made by money from our retirement check

 

[Sounder206]

Made my first payment today through the local credit union. One down, 71 more to go.

I’ll have to pay it off ASAP or refi later. My rate is at 7.2% and that’s with my excellent credit, best I could get at the time of delivery.

 

[Robert C]

Does anyone know the current Ford finance interest rates?
And would the interest rate at the time of purchase(Sept. 2022) apply now?
Thanks

They sure don't.
It's not considered an "incentive" of the Maverick.
It was just the interest rate st that time. And who applied for credit 10 months ago to lock it in? That would be long expired anyway.
Smart Vincent does not include interest rates - of the Maverick.
It only does if the interest was special to that car - which they define as an incentive. With Maverick they have always just charged the max.
Currently Ford has great rates on the F150 Edge and especially Mustang. Overpriced to start with but good interest.
But with the less expensive (well it used to be) Maverick they will make a killing at around 7%
Credit unions arn't much better right now.

 

[Montana]

It's good to see what looks like a majority of people reporting they are not having to finance for these ludicrous interest rates.

 

[Robert C]

I use Ford credit and they used the credit rate the day I placed the order not the day of delivery

You should kiss your dealer on the mouth for that deal.

 

[Gmood1]

Made my first payment today through the local credit union. One down, 71 more to go.

I’ll have to pay it off ASAP or refi later. My rate is at 7.2% and that’s with my excellent credit, best I could get at the time of delivery.

Penfed has lower rates and you can do a soft pull pre-approval with them https://www.penfed.org/auto

Navy Fed also has rates in the 4 to 6% range.

Penfed is open to anyone nationwide.
I've used them several times on vehicle loans over the years.

My Maverick is currently financed with them at 2.29%. Yeah those rates are long gone. But the current rates still beat most banks.

Also, Penfed uses the Equifax Fico 9 score for soft pulls. So your Equifax credit report needs to be unfrozen before applying.

 

[RLmesc]

My last SUV they offered me a 0.9% 6 year loan, I paid it off in three but this time Ford dealer could only get a 6.5% loan and since I traded in a $16k Kia, my exposure was only $19k so I asked to put $10k on my Ford Pass VISA but they would only allow $1K and anything above that they'd charge 3% interest so I said no and paid it off. The money i save I will put into wraps and window tints.

 

[Blkhwk741]

Penfed has lower rates and you can do a soft pull pre-approval with them https://www.penfed.org/auto

Navy Fed also has rates in the 4 to 6% range.

Penfed is open to anyone nationwide.
I've used them several times on vehicle loans over the years.

My Maverick is currently financed with them at 2.29%. Yeah those rates are long gone. But the current rates still beat most banks.

Also, Penfed uses the Equifax Fico 9 score for soft pulls. So your Equifax credit report needs to be unfrozen before applying.

Thanks, for the good quantitative interest rate info.

 

[9monthslater]

I got very lucky and got 0% from Ford Credit over 3 years when I took possession in Oct 22. The wait was not fun, but I am very thankful.

 

[PA-Homesteader]

Cash or check

I been saving the last 1 1/2 years and now I have enough set back to pay 100% in cash

Now I just need it to be built

 

[SnyperX]

I had a trade then loan with like 1.9% financing. I don't know how you people pay in cash. I suppose if I still lived in my parents basement with no bills I could squirrel away the money. I mean with mortgage, utilities, food, crap the for kiddos, and retirement savings I am not also going to be able to put cash away for a vehicle purchase. Good downpayment maybe.

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