To Lock in or not to lock in, that is the question...

[BigDinTX]

Hey folks! I wanted to ask the folks here for some advice please. I want to take advantage of the zero/ 0.9%/1.9% rates since most external lenders are saying they can maybe hit around the low 5% (I never asked them to pull my credit scores) for my scores . My lowest score is 763 and my FICO score is 695. I called my dealer today to ask about signing up for the FoMoCo credit offer as it's set to expire Jan 3, 2022 (so far). He said to wait since they don't have a VIN# as yet (ordered in Sept) and they could see what rate they can get from their other banks (this is a bad idea, for you rookies). Of course I don't trust what he says. I don't mind putting in the app Monday (or before Jan 3, 2022) so that the financing is already in place.

My question: is it a good idea to go ahead and lock in the rate now so they have it on file or should I pray to the financial gods that the zero rate is extended out past when I get my trucklette finally delivered in 20xx?

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[MattIngram]

Hey folks! I wanted to ask the folks here for some advice please. I want to take advantage of the zero/ 0.9%/1.9% rates since most external lenders are saying they can maybe hit around the low 5% (I never asked them to pull my credit scores) for my scores . My lowest score is 763 and my FICO score is 695. I called my dealer today to ask about signing up for the FoMoCo credit offer as it's set to expire Jan 3, 2022 (so far). He said to wait since they don't have a VIN# as yet (ordered in Sept) and they could see what rate they can get from their other banks (this is a bad idea, for you rookies). Of course I don't trust what he says. I don't mind putting in the app Monday (or before Jan 3, 2022) so that the financing is already in place.

My question: is it a good idea to go ahead and lock in the rate now so they have it on file or should I pray to the financial gods that the zero rate is extended out past when I get my trucklette finally delivered in 20xx?

Cannot believe I’m saying this but I think your dealership may be right about needing a vin to submit an application. And you may have to close by the expiration date to get the special rate but I could be wrong. I’m showing loans at more like 2-3% depending on the bank/term. Maybe others with more knowledge can confirm. I don’t use Ford Credit b/c the dealership always tries to stick me with the standard or retail rate. I also like to put money down [at the last minute to avoid theft] and go longer instead with all details handled between me and my bank.