how to finance?

[Hoofnmouth]

Credit union will give a good deal ,sometimes ford credit has some incentives like 3000 off or whatever you might have to go with ford credit to get incentives then a couple weeks later switch to your cu for the rest or loan.
Shopping for a rate now with so much crazy stuff in the future so close is like biying a skimpy bikini before you have a date to put it on.

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[Hacksaw]

If you're just trying to get a ballpark to determine affordability, use an online calculator and offer aggregator like bankrate.com. But realize rates could be different by the time you are actually buying.

Don't expect anything special from Ford in the way of rates. Figure outside financing is going to be the best you will get, and go from there.

 

[da_jokker]

Didn't intend on ruffling any feathers so my apologies.

I just simply meant that financially speaking, they say Car payments should not be more that N% of your monthly income. And if a $800 payment falls under that, then one would think you are pretty well off and therefore have more money to put down.

For me, I hate obligated financial commitments, especially on something that depreciates so bad. You never know what can financially happen in the next 4-7 years and that is a big financial commitment. I'm all about one time monies if it makes sense.

And yes, I've actually purchases 4 new cars in the last 10 years...but I bought them... not borrowed on them.

So for the Bronco, I will be putting down as much as it takes to keep my payment around 200-250 per month. I am concerned about the interest rate as well because the worse it gets, the more money I have to move around..


** EDIT **
Monthly payments (including insurance) should be less than 10-15% of your take home.

But I am definitely a believer of each to their own. We were just talking Finance so just tossing in some Financial advice that's all.

 

[Troy13]

General best practice is to walk in with finance in hand and see if your dealership can beat it. I got 3.9% on a new car when I had just graduated college and rates have gone down significantly since then. I personally can't imagine the fed will raise rates much if at all before next summer/end of next year but that's all speculation at this point.

 

[rbeaudo1]

I have purchased a lot of new cars with my dealer and they always finds me the best rate when Ford credit has no incentives. My 2019 Mustang GT is through MS&G credit union they went with them so I could get a cash back incentive rather than the cheaper rate from FC instead. Not sure all dealers do this though.

 

[emerald86]

General best practice is to walk in with finance in hand and see if your dealership can beat it. I got 3.9% on a new car when I had just graduated college and rates have gone down significantly since then. I personally can't imagine the fed will raise rates much if at all before next summer/end of next year but that's all speculation at this point.

Your dealer will appreciate the chance to beat it and earn your business. It can be time saving for everyone if they handle the financing too.

 

[da_jokker]

I've never financed not going through the dealer. If you go to a credit union before hand... how does that work with the dealer? Does the credit union hand you a blank check or something, or some sort of secret password you give the dealer so they will hand you the keys

 

[Basel]

Hey all – doing some research on auto loans. If you have one, what’s your APR? Have you tried to get lower payments or interest rates?

I always lean towards credit unions. PenFed has been pretty competitive for me with new loans and refis. I’m curious how soon after launch Ford will start introducing rebates/finance deals for the Bronco - more likely 1yr+.

 

[Austin26]

Would it be worth it now to start an account with a credit union solely for possibly better rates?

I've been a Wells Fargo member for 20 years but I doubt that matters to them. I'd rather not touch my credit until we buy a house for obvious reasons. Thanks in advance! Would love some advice. I'm an honorably discharged veteran if that may qualify me for a better auto loan.

Edit yes I'm aware of Navy Federal Credit Union but am open to other suggestions!

 

[Raptor911]

If you have excellent credit like 750+ and have access to a credit union, then you should be seeing 1.99% for 60months.

 

[TX_Bronco77]

Would it be worth it now to start an account with a credit union solely for possibly better rates?

I've been a Wells Fargo member for 20 years but I doubt that matters to them. I'd rather not touch my credit until we buy a house for obvious reasons. Thanks in advance! Would love some advice. I'm an honorably discharged veteran if that may qualify me for a better auto loan.

Can't hurt, I have my car loan now through a local credit union that I got right after I opened my account. They not only helped me with that but also got me a low rate debt transfer CC at the same time. I am hoping now that my credit scores have improved dramatically when it comes time to finance the Bronco I can get an even better rate than what I have now.

 

[Bronco4lyfe85]

Credit union will give a good deal ,sometimes ford credit has some incentives like 3000 off or whatever you might have to go with ford credit to get incentives then a couple weeks later switch to your cu for the rest or loan.
Shopping for a rate now with so much crazy stuff in the future so close is like biying a skimpy bikini before you have a date to put it on.

I like skimpy bikinis...

 

[pan-y-cerveza]

Would it be worth it now to start an account with a credit union solely for possibly better rates?

I've been a Wells Fargo member for 20 years but I doubt that matters to them. I'd rather not touch my credit until we buy a house for obvious reasons. Thanks in advance! Would love some advice. I'm an honorably discharged veteran if that may qualify me for a better auto loan.

Edit yes I'm aware of Navy Federal Credit Union but am open to other suggestions!

Probably doesn't make any difference when you do it. You may get a better rate if you wait and use your car financing as the reason for joining. They may give you a better rate to get you to join but in my experience they will give you the best rate no matter what.

When we got our mortgage we got the (by far) best rate through our CU having never dealt with them before. Literally strangers to having a great mortgage over a coffee.

 

[Bronco4lyfe85]

Would it be worth it now to start an account with a credit union solely for possibly better rates?

I've been a Wells Fargo member for 20 years but I doubt that matters to them. I'd rather not touch my credit until we buy a house for obvious reasons. Thanks in advance! Would love some advice. I'm an honorably discharged veteran if that may qualify me for a better auto loan.

Edit yes I'm aware of Navy Federal Credit Union but am open to other suggestions!

Nope shop rates when it’s time to take the keys. What if you open an account but a different credit Union has way better rates? You can always close the account but its just more steps to take. They open your account when you sign the deal so I wouldn’t waste your time tbh.

 

[Blksn955.o]

We will look at our credit union as well as ford and other offers. When we bought our Fusion in 08 chase ended up coming back and offered 1/4 off whatever the lowest rate from a competitor was. Always have, know, and keep your options open to act on the best offer available to you.

We started prepping for this purchase last fall. Making sure Credit Cards where paid off, prepare ourselves for the payment, get the current car paid off as we only want one car loan at most at a time.

Then rates fell so we refinanced our house from a 30 to a 20 knocking off 5yrs and dropping from a 3.75 rate to 2.99. Not because we had to but because it was just right for us. Added benefit is we now have closing costs come tax time so that deduction to our return will assist in sales tax or add to a cushion after down-payment and sales tax on the bronco.

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