Special Finance APR Rates Released for Maverick

[black dog]

USAA offered 1.59% at 48 months. Percentage decreases with “auto loan withdrawal and another drop if you use USAA insurance.

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[medgar]

It is a simple interest loan. You are only paying interest for as long as the money is out. Take the longest term length but pay it down at the amortization terms you want. IE 36,48 months etc. There are many websites that will do the calculation for you. Therefore if you have an unexpected expense you can pay the lower monthly payment of a 72 month loan and use extra for expense for that month. My wife's Outback is on a 72 month loan and the payment is $234. I pay double to get principal down and less interest but have had to pay the $234 a couple of times due to untimely vet visit.

If you have the credit score money is cheap right now use it to your advantage. Also, shop the interest rate around you can find cheaper as posts above mention.

 

[Bbot]

Of course how will the rates work if we won't have the truck for months?

Wonder why they would publish rates without vehicles to sell?

 

[jjones252]

It is a simple interest loan. You are only paying interest for as long as the money is out. Take the longest term length but pay it down at the amortization terms you want. IE 36,48 months etc. There are many websites that will do the calculation for you. Therefore if you have an unexpected expense you can pay the lower monthly payment of a 72 month loan and use extra for expense for that month. My wife's Outback is on a 72 month loan and the payment is $234. I pay double to get principal down and less interest but have had to pay the $234 a couple of times due to untimely vet visit.

If you have the credit score money is cheap right now use it to your advantage. Also, shop the interest rate around you can find cheaper as posts above mention.

Rookie question here. To shop around interest rates from various places, do you have to do a credit check each time?

 

[g1zstar]

Rookie question here. To shop around interest rates from various places, do you have to do a credit check each time?

iirc yes, but it doesn't affect your credit since those score formulas take into account if they're all within a certain time from each other it's just you looking at options.

 

[martyi48]

I emailed the finance manager of the dealership where I ordered my Maverick. I asked him to explain how Ford can offer incentives such as 0% APR for three years on the Maverick this far in advance of even having the truck available. The second question I asked was why the offer ends July 6, as shown on the Ford Website. How is it possible to do a finance deal when the truck has not been accepted by the customer and how can the incentives end before the truck is even built? I don't think there will be much in the way of rebates when this truck is finally introduced so I'm betting this 0% deal is as good as it is going to get, at least for the first year or so. I'm hoping he will have the answers. If there is some fine print that throws a wrench in this deal he will find it.

Since three years is perfect for me and the higher monthly payments don't bother me, even with zero down, I intend to try to lump the whole ball of wax into the 36 month 0% deal, ie, purchase price, taxes, license and other fees. I want them to finance every dime I have to spend at 0% interest. I wrote here previously that things will change and to be wary of any good deals this far in advance. However, if somehow I can lock them into a 0% finance deal now so that it is applicable when the the truck arrives, well, that is just free financing and I can't do better than that any time at any place.

 

[NotAnonymous]

I'll be curious as to what your dealer finance person says.....

 

[martyi48]

I'll be curious as to what your dealer finance person says.....

I will post back when I hear from him.

 

[technolithic]

Rookie question here. To shop around interest rates from various places, do you have to do a credit check each time?

Some lenders do soft credit pulls to get initial rates, but most smaller ones like credit unions don’t

 

[medgar]

iirc yes, but it doesn't affect your credit since those score formulas take into account if they're all within a certain time from each other it's just you looking at options.

As others have said. Ask them if it is a soft hit or hard hit. If it is a hard hit you have x amount of days to shop around before it counts as another hard hit. I would start at credit unions in your area. One of our credit unions is 1.74% for 60 months and you need to be a resident of the county and open a $50 savings account.

Also, inquire about an interest rate credit if you put more money down on the car. Some lenders are open to this so they aren't upside down on collateral if they need to take the car back. This may not be a common practice now since money is cheap in current market.

 

[pxpaulx]

Hard to not like 0 for 36. Free is free.

I'll say if only we could take advantage of those rates....

Since I'm not banking on Ford offering these rates come this Fall (if we get our trucks by then) I'm making sure I shop around to other lenders along the way.

My initial thought is that they will persist these rates for awhile. Money is still cheap to borrow at the institutional level, and offering competitive financing to me feels in line with the target market. If Ford is really targeting selling to a younger demographic, they are much more likely to be financing their vehicle - why lose those sales+interest to local credit unions or other banks? Members here probably skew older and don't need the financing if it isn't competitive, but these rates are actually quite good.

I'll take free loaned money as well - maybe finance half the vehicle so the payment isn't ridiculous, that way I can leverage the money that would've been spent invested instead.

 

[pxpaulx]

Wait! Did I see "0"% ARP for 36 months? That is three years free money. Why would that not be the choice of all, assuming that it will be available when the truck is delivered? I would really pay no attention to any finance or lease deals now. I don't think it is wise to commit with the truck not even delivered and won't be for probably half a year or so. Too many things can and will change between now and then.

Literally the only reason 0% financing doesn't make sense is if it removes other available incentives.

 

[balucipher]

keep in mind these rates are probably for top tier credit

take the time in between now and delivery to get your credit scores up if they're not high. Use a free resource like creditkarma.com that'll give you advice on what's hurting your credit (maybe high balances on your credit cards, maybe a wrongly reported missed payment) and you can work on getting a good score so that your rates aren't higher than these advertised rates.

 

[808Rider]

Dang. 0% !!! I’m in if they can lock us in. It is different to have a lock and money down on a vehicle we’ve not even seen. If they have a cancellation clause that would be fair

 

[slashy42]

I am incredibly mistrustful of rates offered by auto makers and dealerships. They are going to get their money somewhere in the deal, and I've never had one that could touch bank rates when they were compared objectivity.

Always work out final pricing before you talk financing, especially trade in value. Once you've done that, then talk financing, and let them know what they are competing with and that you don't want to talk about monthly payments. You want to talk terms and rates, and they need to beat your current deal. If they want to change the price you'd already negotiated after they can't compete in financing then *walk away*.

Dealers want you to make an emotional decisions about how low the payments are, and how affordable a monthly payment is. It's tempting, but don't fall for it.

In the end, if they can be competitive, that's great! I'm skeptical though.

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