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What financing APR rates are you seeing?

Sirjohn

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I was charged an 8.9% rate when I bought my Maverick last month. The dealer was mostly honest in that they were willing to sell at MSRP (+ a $1k paint and fabric protection package). I wanted to pay cash but the dealer wouldn't sell it to me unless I financed thru them so they could also profit from the financing. Had I refused or come in with my own financing, they would have just refused to sell and since there was a line of people waiting to buy it if I didn't, I went ahead and used their financing. But I'll pay it off at the 90-day mark and the minimal interest I'll end up paying is still a way better deal that paying the thousands over MSRP that some dealers are charging.

Pay it off sooner so they wont receive any kick backs from the finance company and don't feel bad because they fleeced you for a worthless paint and fabric package.
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Sirjohn

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So kinda a weird question but I figured I would ask anyway

I ordered from Long McArthur so an out of state purchase is what I'm dealing with. My plan is to wait until my truck goes into production then see what kind of rates I can get with my bank. I also want to apply for Ford credit and see what they offer.

Should I contact the dealership and apply for credit there as well to see what rates I can get? Because LM Ford is offering $1000 if I finance with them.

My overall plan is to put around 50% down and finance the rest. Then pay off the balance within 6-10 months.
I know I have to watch for early payment fees, but is there anything else I should know/watchout for with this plan I have?

Overall the financing rates dont bother me too much because like I said earlier I plan on paying off the loan in 6-10 months.
Check Long McArthur's rates. They give you the "up to 1K" for delivery or travel costs to the dealer, which you will need to provide receipts for. Then they ask you to stay financed with thier lender for a few months so they can get paid out by the lender, at which point you could refinance if the LM terms aren't to your liking.

Other than that maybe be careful or too many credit hits?
 

Fmp0926

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Pay it off sooner so they wont receive any kick backs from the finance company and don't feel bad because they fleeced you for a worthless paint and fabric package.
Yeah I realize that the paint and fabric package is worthless. Still, I feel like they were pretty fair considering how in-demand the Maverick is so I'll let them collect the kick-back from the Finance company.
 

Utjazz

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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.
Great advice! Thanks
 

dillon_116

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No, I'm waiting for mine to at least ship before I start shopping. It took three weeks to say built so who knows when it will ship.
How long have you been built for? And has it shipped yet?
Mine got built today and ETA is 3/3-3/8, hopefully shipped in next few days.

Thinking of reaching out to Tower as it gets closer to arrival.
 

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MJ Heat

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I picked up our Maverick Hybrid last Thursday. I am proud to say that that my credit rating is maxed out. Still rates for financing were in the 5’s up to the 8’s, so I opted to pay cash. My dealer sold the truck at $500 under invoice (Farm Bureau rebate).
 

skadizzle

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How long have you been built for? And has it shipped yet?
Mine got built today and ETA is 3/3-3/8, hopefully shipped in next few days.

Thinking of reaching out to Tower as it gets closer to arrival.
Mine went into production on 1/6 and finally said built on 1/29. It finally shipped on 2/1. Only managed to move from Mexico to Arizona so far. My ETA is 2/27-3/10. It said 2/10-2/16 until it finally said built.
 

dillon_116

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Mine went into production on 1/6 and finally said built on 1/29. It finally shipped on 2/1. Only managed to move from Mexico to Arizona so far. My ETA is 2/27-3/10. It said 2/10-2/16 until it finally said built.
Ah, not sure if I would be able to wait that long in between production and built.
Well if mine gets shipped soon, it may be to the dealership right behind yours!
 

skadizzle

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Ah, not sure if I would be able to wait that long in between production and built.
Well if mine gets shipped soon, it may be to the dealership right behind yours!
Yeah I figured mine was sitting waiting for more trucks headed to the SE.
 

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Looks like Tower FCU is off the table now. I I checked less than two weeks ago and it was at an amazing 2.24% for 36 months. Today, that's more than doubled to 5.74%! Anything longer is 6.49%+. I'd rather pay cash than take that rate.

Ford Maverick What financing APR rates are you seeing? Tower FCU rates 2-10-23
 
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BradnChristine

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Navy Federal today. And FYI, they now allow all veterans and family to join.

Ford Maverick What financing APR rates are you seeing? navy loans
 

Nunyabiznus

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O.00 paid cash. But if I do finance it would have been 0.9
 

BradnChristine

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O.00 paid cash. But if I do finance it would have been 0.9
Since SAVINGS interest rates have already hit over 5% (Primis Bank...5.03% APY), I am seriously considering keeping my cash and taking NFCU up on that 4.74% LOAN for 60 months. I'm not expecting the FED to lower rates over the next 5 years, and I'm old enough to remember the late 1970s with 15% CD interest rates. I had been planning on taking advantage of 0.0% for 36 months for a 2022, but those days are long gone.
 

dillon_116

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Looks like Tower FCU is off the table now. I I checked less than two weeks ago and it was at an amazing 2.24% for 36 months. Today, that's more than doubled to 5.74%! Anything longer is 6.49%+. I'd rather pay cash than take that rate.

Tower FCU rates 2-10-23.png
Wow, thanks for the update. I was holding off until my truck was closer to delivery next month. Bummer. I spoke to someone at Tower last weekend too and he said he didn’t expect any big changes soon…
 

FordMavUser27

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Shout out to the folks who recommended tower credit union (before they raised their rates).

just got my email saying I was approved for 15k/36 months at 2.24%! My local credit union agreed to price match that rate as well after some negotiation.

I was just going to pay it off, but at that rate I can now keep that cash on reserve. Now I just have to wait and hope my 2023 XLT Hybrid is still going to be built the week of 02/20/2023 haha
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