Maverick Financing / Lease Guaranteed Approval Program [Valid Until March 31, 2022]

[brnpttmn]

A goal would be to have a manageable monthly payment. You may or may not want to put entire 17G down because depending your situation, you may want to have emergency money just in case. As someone mentioned earlier, and I agree a 60 month loan should be the maximum loan term. 72 month will cost extra Grand in interest for a 25K loan. Put enough down payment where the monthly payment is good for you. And don't forget Insurance. Good Luck!

Yeah, the interest rate hike between 60 and 72 months on ford's current financing is substantial.

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[darrink]

Can someone clarify financing? I noticed the website says 0% APR finance for 36 months and .9% for 48 months. But it says the rates are valid until 10/4. Which is before anyone gets one of these trucks. Is it possible/likely I reserve the truck, it gets delivered in say November and then the finance guy starts throwing higher numbers at me? Or is Ford going to keep rolling these into offers over to make sure customers dont feel like it's a bait and switch. First time car buyer, tier one credit. Trying to cover all bases. Thanks!

 

[pxpaulx]

Yeah, the interest rate hike between 60 and 72 months on ford's current financing is substantial.

Exactly...the thing about it is it doesn't look substantial! That is how it gives the appearance of still being reasonable. Hey, it is just an extra percentage point, and my monthly payment is lowered by $60 if I go with the 6 year instead of 5 year loan. Except at the end of the loan, you've shelled out over $1,200 in additional interest to save that $60 monthly.

IF $60/month is the difference between you being able to afford this truck...you should not be buying this truck.

Can someone clarify financing? I noticed the website says 0% APR finance for 36 months and .9% for 48 months. But it says the rates are valid until 10/4. Which is before anyone gets one of these trucks. Is it possible/likely I reserve the truck, it gets delivered in say November and then the finance guy starts throwing higher numbers at me? Or is Ford going to keep rolling these into offers over to make sure customers dont feel like it's a bait and switch. First time car buyer, tier one credit. Trying to cover all bases. Thanks!

Take a look at the 1st page of this thread - Ford has released a spreadsheet to the dealers indicating the parameters of these rates, and that they will be available until the end of March next year, which is great for buyers to know the runway that the very favorable rates will be available.

 

[mikehill2121]

The funny part is they thought they were bragging but actually they're just showing how they're not that intelligent with money lmao. Anyone who would turn down 36mo at 0% to finance a car outright doesn't know how to make their money work for them or is wayyyy too afraid of debt.

Unless big fee is tacked on.

 

[Deleted member 1370]

If you're confident in your steady earnings (you should be if you're buying a new car), and they'll give you an optimal rate with less than your entire $17K down (I'd imagine 20% down should be good enough), you should really consider paying less down. If you're worried about payment size knock a couple options off the truck to get it down to $25K. If you can get the 1.9 @ 60 mos and finance 15K you'll be able to keep the payments under $300mo, build your credit, and still have a few thousand dollars buffer for your emergency fund (if you already have an emergency fund, start funding an IRA or mutual fund/brokerage account).

I do have an emergency fund/good amount of savings. about 4k worth. That was my idea as well to keep the payment under 300 a month. Precisely my goal. So you hit the nail on the head. I cant change any options as I am locked in, i am scheduled for week of November 1 now. yea as long as i can keep the payment under 300 a month i am more than confident in my steady earnings a month. Even at my min wage gig, i can MORE THAN swing the payments at that rate. Easy peezy. I just wanted to throw down as much as I could to get more of it out the way, keep the payments low as you said and also have more in reserve too. I technically have 20k available for the pickup but wasnt gonna put it all down and such. Good idea on the mutual fund. My grandfather is in "the know" about those matters. Once i get the truck in hand actually and getting payments in etc, I think thats a really good route to go and do

 

[Deleted member 1370]

A goal would be to have a manageable monthly payment. You may or may not want to put entire 17G down because depending your situation, you may want to have emergency money just in case. As someone mentioned earlier, and I agree a 60 month loan should be the maximum loan term. 72 month will cost extra Grand in interest for a 25K loan. Put enough down payment where the monthly payment is good for you. And don't forget Insurance. Good Luck!

I do have extra in reserve on top of that. Over 4k in savings and I have 20k to actually spend on the pickup so at 17k i have even 3k in reserve further on top of the 4k I had in savings with my normal weekly earnings and such. I 100% agree with you on the manageable payment. Thats my main goal and point. Agreed. I want under 300 a month. Thats my goal. If i can get under 300 a month even on my min wage salary and hours i work i can swing it easy peezy with zero issues whatsoever. I just wanted to put down as much as i can to a. get that lower rate a month as well as b. just get more of the payments out the way. As I dont want to have said longer month loans as you mention. I too dont want 72 month nor the 84 they offer or 80 something. I was thinking on the 48 month or 60. Depends on what they can offer me or what the payments will be when rubber meets the road. yea i didnt forget insurance. Got my quote from multiple companies and theyre all about the same for my age, kind of vehicle, area i live in etc. So the allstate offer is as good as itll get. Anyhow as long as the payment is under 300 a month I can swing it with no issues at all.

 

[hunterdon1]

Glad I`m in a position I don`t have to finance anything.

Same here. Plan to pay cash for it.

 

[Eagle11]

Can someone clarify financing? I noticed the website says 0% APR finance for 36 months and .9% for 48 months. But it says the rates are valid until 10/4. Which is before anyone gets one of these trucks. Is it possible/likely I reserve the truck, it gets delivered in say November and then the finance guy starts throwing higher numbers at me? Or is Ford going to keep rolling these into offers over to make sure customers dont feel like it's a bait and switch. First time car buyer, tier one credit. Trying to cover all bases. Thanks!

You can lock in rates for up to 90 days, just go to your dealer and tell them you want to lock your rate in while you are waiting for your truck.

 

[Eagle11]

Exactly...the thing about it is it doesn't look substantial! That is how it gives the appearance of still being reasonable. Hey, it is just an extra percentage point, and my monthly payment is lowered by $60 if I go with the 6 year instead of 5 year loan. Except at the end of the loan, you've shelled out over $1,200 in additional interest to save that $60 monthly.

IF $60/month is the difference between you being able to afford this truck...you should not be buying this truck.

Not true, credit rating depends on your income to debt ratio, that $60 can hurt you. Credit is a big ole game that is total BS.

 

[Benson]

36 months 0%. SPY calls. I like my free money!

How do you know the interest rate? I didn’t see that on the bulletin image.

 

[CLH917]

How do you know the interest rate? I didn’t see that on the bulletin image.

Just going off what’s on Fords website. The rates listed are valid thru 10/4, I imagine they will be updated with similar if not the same rates with new dates soon.

 

[stoptothink]

Dave's philosophy is really for those that can't initially control their spending and are loaded down with bad debt. I started down the FIRE path 5 years ago, hit our goal earlier this year! A free loan for 36 months means you can leverage that money in investments for the same timeframe - it is a no brainer.

If you have the cash in hand, taking the free loan instead is just extending the payout of the same money over an extended period. The problem is if you just sit on the cash anyway, it is a waste - go ahead and pay for the truck. If on the other hand you take that same money and invest it in an S&P index fund, even if earnings are just 6% (which is below the historical average) you'll be ahead over $2,400. If returns are 8%, that jumps to $3,400. Here is the earnings with withdrawals calculated and 6% return (monthly amount is from a loan calculator at 0%):

Yup. I'll walk in with a check, but looks pretty certain that Ford will be making it more enticing for me to finance (as VW did when I bought my jetta - saved >$1k on a $15k car by financing). More than likely just putting as much down on a credit card (cash back + 15 months interest free) as the dealership will allow and financing the rest at 0%. Can easily pay with cash, whether from tapping "emergency fund" or simply cutting back our brokerage account contributions for 3 months or so, but why wouldn't I be picking up the dollars Ford is throwing on the ground for those of us who are financially responsible to pick up?

Dave Ramsey is great...for the 95% of the population who have no impulse control and are otherwise financially irresponsible.

 

[brnpttmn]

Anyone see anything else on this? The article states that Ford Credit is offering 90 days deferred payments on Maverick financing. I didn't see any source in the article, and the links all appear to refer back to the same site, but it's cool if it's true.
Ford Maverick Buyers Can Now Get No Payments For 90 Days - CarsDirect

 

[Eagle11]

Yup. I'll walk in with a check, but looks pretty certain that Ford will be making it more enticing for me to finance (as VW did when I bought my jetta - saved >$1k on a $15k car by financing). More than likely just putting as much down on a credit card (cash back + 15 months interest free) as the dealership will allow and financing the rest at 0%. Can easily pay with cash, whether from tapping "emergency fund" or simply cutting back our brokerage account contributions for 3 months or so, but why wouldn't I be picking up the dollars Ford is throwing on the ground for those of us who are financially responsible to pick up?

Dave Ramsey is great...for the 95% of the population who have no impulse control and are otherwise financially irresponsible.

Depending on the dealer, 3K is the max on a CC.

 

[DryHeat]

Why would you take a loan out if you had cash to buy it outright like you should be doing in the first place.

Here's one example of "Why take out a loan?"

Your remark about doubling your money every 7 years means you are expecting annual returns of around 10% on your investments. Let's assume that's true.

If you finance $30k for 36 months at 0% interest, you pay about $833 per month. You start with $36k in your pocket that you wouldn't have if you paid cash; that dwindles down to zero at the end. On average, you have about $15k more in your pocket over the life of the loan.

If that average $15k earns 10% per year over the 3 year life of the loan, then -- using your assumptions -- you end up $4,500 to the good after 3 years by taking the loan. If you put it in a safer investment and earn only 1%, you are still up $450.

Dave Ramsey has helped a lot of people who have found themselves in debt trouble and need organizational and motivational help. But his assumptions don't work as well with financially secure people who have ample funds and are simply looking for the most effective way to apply them.

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