Financing the 2021 Bronco

[LarryZiegler]

Ok, here is a problem. There's no need to go over credit scores. I have personally had Ford give top tier rates to customers who had scores in the 500s. It is more to do with structure being in line. Now, an 800 score helps to bend things to a better curve, but I've also had Ford turn down 800 scores due to debt to income not being in line.

That’s another part of credit underwriting. I fit in the top credit tier and I’d be rejected for a fully loaded Raptor for the same reasons you outlined. If the income is there, a 740 credit score won’t be rejected

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[VictoryLights]

I happened to see finance rates for the Bronco Sport thru Ford Motor Credit. 0% for 36 mo, 0.9% for 48 mo, 1.9% for 60mo, 3.9% for 72 mo, and 5.9% for 84 mo. Assuming the cost of money doesn’t change, I won’t be surprised to see these rates for the regular Bronco. After all it is a high volume seller

I would be very happily surprised by this.

 

[VictoryLights]

I don’t think I’ve ever seen a dealer offer 0% or thousands in rebates. With that said a 42K loan is $655 a month a 3.9% for 72 months, at 0% its $583, that’s $72 a month in interest. $5,184 in interest, that would have to be a hell of a rebate.

I've seen it and which is better all depends on the buyers situation.

 

[Straight 6]

72 month loans are brutal, 84 even worse!

 

[NayNay]

I don’t think I’ve ever seen a dealer offer 0% or thousands in rebates. With that said a 42K loan is $655 a month a 3.9% for 72 months, at 0% its $583, that’s $72 a month in interest. $5,184 in interest, that would have to be a hell of a rebate.

I just spun a deal today that was exactly that. In order to get the 0 rate they had to walk away from over 5k in rebates.

 

[NayNay]

That’s another part of credit underwriting. I fit in the top credit tier and I’d be rejected for a fully loaded Raptor for the same reasons you outlined. If the income is there, a 740 credit score won’t be rejected

They can and have been. I am not trying to be rude or out of line but I am a finance director at a Ford dealership. I see all kinds of things. I do my best to try and help and clarify for anyone. I feel this thread is gonna be the death of me lol

 

[centra28]

Sometimes the dealer is the best option, all depends on what they're offering or if they'll match. I've also used dealer financing to get a better price only to refinance thru my CU a few days later with a better rate.

This. You will likely get a better rate from the dealer. Just be sure to make them be clear on the numbers and know what your trade in is worth going in. A lot of dealers will try to focus on monthly payment amount vs interest rate, term length, and trade in value to work the numbers into their favor. It’s all a bunch of simple tricks and nonsense. The charlatans!

 

[NayNay]

72 month loans are brutal, 84 even worse!

That depends on an individual situation. Everyone is different. If an individual wants an 84 month loan and plans to keep a vehicle long term there's nothing wrong with it. Especially if the rate is decent.

 

[Bronco4lyfe85]

I've seen it and which is better all depends on the buyers situation.

I just spun a deal today that was exactly that. In order to get the 0 rate they had to walk away from over 5k in rebates.

Yikes, I’ve never been in that situation that I know of at least lol.

 

[LarryZiegler]

They can and have been. I am not trying to be rude or out of line but I am a finance director at a Ford dealership. I see all kinds of things. I do my best to try and help and clarify for anyone. I feel this thread is gonna be the death of me lol

I get what you are saying and I’m sure you’ve seen it all. A 50% debt to income ratio will either be a rejection or require a larger down payment (not likely to happen)

 

[NayNay]

Yikes, I’ve never been in that situation that I know of at least lol.

A bank wants to make money not lose it. The consumer needs to watch out for themselves. No big bank will.

 

[NayNay]

I get what you are saying and I’m sure you’ve seen it all. A 50% debt to income ratio will either be a rejection or require a larger down payment (not likely to happen)

True

 

[Rollerstud98]

This. 740-750 is usually considered “super prime”.

Sure would be nice to have a 0% offer but I doubt it. Just another number to keep an eye on now.

 

[Bronco4lyfe85]

Does a down payment change a banks outlook? I never really thought about it. Does the typical 10% possibly net better rates?

Say a 710 with 4K down versus a 750 with 0 down.

 

[Builtdadbodtough]

I prefer to have financing in place beforehand, but the last car I financed (in 2014), I got 0% through the dealer so ¯\_(ツ)_/¯

Same.

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