What financing APR rates are you seeing?

[JBryant]

Went through this today. Long story but maybe it'll help.

My Bronco Sport will arrive at my dealership in the next few days. Ive been asking for the purchase agreement for a couple weeks now so I can get pre-approval from my credit union. Never would give it to me, just kept saying they can do it through my bank from their office. I know they can, I just didn't want them padding the interest rate for themselves or anything. Checked with my credit union yesterday and they are at 4.74% currently. Asked my salesman yesterday what Ford financing was at and was told the best they can do is 4.99% and there's no way any credit union could come near that. Asked if there are any financing incentives, rebates, credits, etc. And was told there was not.

Got bored last night and looked on my dealers website and was eyeballing my Bronco listed there in their stock. Scrolled down a little further and noticed it listed a $500 and $1000 incentives.

So, go into dealer today to either deal with financing there, or get my purchase agreement so I can go to my bank. My salesman wasn't there so I ended up with a higher up salesman. Explained what I wanted and of course they ask what payments you want. Told him let's see what interest rates are and that'll determine what payments are. Told him to find out interest rates and I'll apply to that bank only. Days they go through ICCU which always has the best rates. My Brother bought a new Prius two days ago and they financed through them at 6.7%. both of us have about a 750 credit score.

Anyways, told him my bank is at 4.74% currently. Asked how long ago that quote was from because rates have risen significantly lately. Told him it was yesterday afternoon. He came back twice to make sure I was positive about that rate. Told him if I couldn't get that rate or less I'd just pay cash for it and not mess with financing. (A total bluff). He came back and said they could get that rate through my bank. That's when I asked about those two cash offers from Ford listed on their website for my vehicle. He said there wasn't any so I showed him on their website on my phone. He disappeared for a few minutes and comes back saying the $500 one only counts for a lease. Then he says I can take the $1000 off the price but he "just found out" that I was rate locked to September 21st when I ordered and I'd have to give that up to get the $1000 discount. The rate he got me through Ford financing was 2.9% for 60 months.

Bottom line, do your research, go in prepared, and don't be afraid to say no to them when necessary. They're used to people wondering if they CAN get financing and just going along with whatever they are told.

Fantastic leg work. It always pays off to do your homework, that is, unless you did it and the dog then ate it.

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[scottp01]

Wow. They really are trying to screw people over. I believe Tim Bartz said it is as simple as them clicking a button in their system and rates will come up that match date of initial order after your car arrives at dealer.

That's only for promo rates. 2023 didn't have any promo rates so you're stuck with market rates at delivery.
Ford did have a "lock your rate" promotion, but the Maverick was excluded.

 

[AntD]

That's only for promo rates. 2023 didn't have any promo rates so you're stuck with market rates at delivery.
Ford did have a "lock your rate" promotion, but the Maverick was excluded.

This is crazy. Going to have to come back on here and get some recommendations when I actually find out a time frame of when my Maverick is getting built. Thanks for the info.

 

[JBryant]

Fantastic leg work. It always pays off to do your homework, that is, unless you did it and the dog then ate it.

Also one other thing that people keep forgetting. It only takes a few minutes to google an auto loan calculator. Fill in the figures and then compare different interest rates. It will surprise most folks that on 48 month terms, the payment does not change that much. Here is just a random example - Financing $29,000 for 48 months at 4.5% = $661.30 per month; 5.5% = $674.44 per month; 6.5% = $687.73 per month. Bottom line is from smalles to largest is less than a Big Mac a week. LOL.

 

[scottp01]

Also one other thing that people keep forgetting. It only takes a few minutes to google an auto loan calculator. Fill in the figures and then compare different interest rates. It will surprise most folks that on 48 month terms, the payment does not change that much. Here is just a random example - Financing $29,000 for 48 months at 4.5% = $661.30 per month; 5.5% = $674.44 per month; 6.5% = $687.73 per month. Bottom line is from smalles to largest is less than a Big Mac a week. LOL.

On that $29k, going from 0.9% to 4.5% over 48 months is over $2,200 in additional cost over the course of the loan. And 60 or 72 month loans are getting bent over even more. All for Ford screwing up and not delivering our trucks.

I'm not cool with Ford making me wait over a year for my truck and then charging me almost $2k more for the same truck, are you?

 

[Darnon]

I'm not cool with Ford making me wait over a year for my truck and then charging me almost $2k more for the same truck, are you?

Ford's not charging you $2k more, the Federal Reserve is.

 

[miserylovescompany]

Hello everyone! Just trying to get a feel to see what people are seeing out there regarding apr rates. I know there are a bunch of variables but someone with good/excellent credit just trying to see what people are seeing from Ford/Local Credit Union. Also any rollover 2022 with vins get their 23s and get a good credit rate? Thanks!!

I have very good credit and got a loan from B of A - 72 months for 5.49%. Sent that info to my dealership ahead of purchase and they said they couldn't offer anything close to that for me so I went with my bank.

 

[IdahoDirtFarmer]

Also one other thing that people keep forgetting. It only takes a few minutes to google an auto loan calculator. Fill in the figures and then compare different interest rates. It will surprise most folks that on 48 month terms, the payment does not change that much. Here is just a random example - Financing $29,000 for 48 months at 4.5% = $661.30 per month; 5.5% = $674.44 per month; 6.5% = $687.73 per month. Bottom line is from smalles to largest is less than a Big Mac a week. LOL.

I should have mentioned that as well. I open up an auto loan calculator on about 4 tabs on my phone. I can input everything for all options then switch between to compare.

 

[RLader]

My credit is 750+
My credit union said a 730 credit score..
And they could do 5.3 at 60mo
Or 5.45 at 72 months...
Haven't looked anywhere else yet

Mine says 5 and 5.25 on same length.

 

[RLader]

Here's my advice - get your loan together before going to pick up a truck. Unless you have a guaranteed rate for Ford Credit the scumbag finance manager will lie, add on percentage points, steer you to a company that gives them the biggest kickback. My credit rating is 850 and I literally had a credit manager two days ago tell me Ford Credit ( I told him I wanted to use them ) would only give me 8.5% rate but mechanic's bank would give me 7.5. I had traveled out of state to pick up a Maverick so I didn't have many options. When I receive the registration I'm refinancing the loan for 4.0% I'm mad at myself for not getting a loan before going. A good rate with very good credit should be somewhere in the 5% range.

Ford showed five percent for 60 & 72 months this week.

 

[RLader]

I should have mentioned that as well. I open up an auto loan calculator on about 4 tabs on my phone. I can input everything for all options then switch between to compare.

If you go to the site where you build your Ford, there's a calculator. It shows the rates for different lengths of finance. You can also put in your own rate

 

[Redneck Garage]

Also one other thing that people keep forgetting. It only takes a few minutes to google an auto loan calculator. Fill in the figures and then compare different interest rates. It will surprise most folks that on 48 month terms, the payment does not change that much. Here is just a random example - Financing $29,000 for 48 months at 4.5% = $661.30 per month; 5.5% = $674.44 per month; 6.5% = $687.73 per month. Bottom line is from smalles to largest is less than a Big Mac a week. LOL.

Said the friendly finance manager as he was trying to take your Big Mac ...... it may "sound" like it doesn't change that much but over the loan term it is thousands of dollars.

 

[sanpablo]

Hello everyone! Just trying to get a feel to see what people are seeing out there regarding apr rates. I know there are a bunch of variables but someone with good/excellent credit just trying to see what people are seeing from Ford/Local Credit Union. Also any rollover 2022 with vins get their 23s and get a good credit rate? Thanks!!

I'm locked in for 5.6 60 months for 45 days with local credit union. My Mav has been "in production" since 1/18, modules populated. Hope it ships sooner than later. I don't think dealer will be close to that but I haven't gotten an answer from them. I think they like to wait until truck arrives.

 

[jsus]

Said the friendly finance manager as he was trying to take your Big Mac ...... it may "sound" like it doesn't change that much but over the loan term it is thousands of dollars.

Yep. It adds up.

($687.73 - $661.30) == $26.43/mo

$26.43/mo * 12 mo/yr == $317.16 more interest per year
$26.43/mo * 12 mo/yr * 4 yr == $1,268.64 more interest over four years

 

[IdahoDirtFarmer]

If you go to the site where you build your Ford, there's a calculator. It shows the rates for different lengths of finance. You can also put in your own rate

Easier to just open up a standard auto loan calculator on a couple tabs. I just find the one I use from Google to be easier and quicker to find and manipulate.

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