FICO score needed for Ford Credit top tier financing rate?

[mcky2011]

Fed funds are at 5.25 with another 50-75 bps on the table.

don’t expect to see anything under 7% even with an 850 credit score.
That’s the market we’re in… they do not want people financing anything, cars homes.. etc.
They have been trying to slow the economy for a year plus now.

My credit union is advertising 4.7, most are or at least should be in that neighborhood.

You can check Navy Fed easily, theirs was 4.7 last week when mine matched Ford's 3.9 for my loan.

Same approach as car dealers, if your bank isn't working for your business, you need a new bank.

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[krisk]

The rates will go lower, Once these high rates do their intended damage to the economy and get the FED inflation target at 2%, (we are down to 3%) then they can cut.
Keep in mind I have not even been scheduled yet, I have NP so I am probably looking 5-6 months before I will need financing

The rates will eventually go lower, but I don’t see any way that is happening in 5-6 months. I expect the fed will raise rates by 25 basis points the end of this month and very likely at least one more time by the end of the year. I’d be surprised to see rates lower than the current rates any sooner than 12-18 months.

 

[dfwford]

My credit union is advertising 4.7, most are or at least should be in that neighborhood.

You can check Navy Fed easily, theirs was 4.7 last week when mine matched Ford's 3.9 for my loan.

Same approach as car dealers, if your bank isn't working for your business, you need a new bank.

Don't you have to be military, former military, or an immediate relative to someone who is/was in the military, to join Navy Federal?

 

[Rio Lobo]

Don't you have to be military, former military, or an immediate relative to someone who is/was in the military, to join Navy Federal?

yes

 

[mcky2011]

Don't you have to be military, former military, or an immediate relative to someone who is/was in the military, to join Navy Federal?

Navy Fed? Mostly.

Most federal credit unions used to have similar stipulations, however some including my current CU opened up to the general public.

Banks are under no obligation to match any rate from another lender. IMO if they aren't willing to at least match, I'm moving my business elsewhere.

 

[JAM486HP]

The rates will eventually go lower, but I don’t see any way that is happening in 5-6 months. I expect the fed will raise rates by 25 basis points the end of this month and very likely at least one more time by the end of the year. I’d be surprised to see rates lower than the current rates any sooner than 12-18 months.

That seems to be the general speculated time frame, hike and hold. Although nothing is set in stone and unforeseen events can always shift course. Heck, even with my build, might not take delivery till Q1/24. Just find out when the time comes

 

[Dave2013M3]

I have purchased several vehicles from ford credit. Like 7 now. I just purchased a 2022 escape. New 2022. With 0 percent APR because it's a 2022. Traded in 2 lease fusions I had. A week before that I purchased a 2022 mach 1. It was new. I put 8k down . And got a 9 percent APR. No discount being a Mach 1. I gave up on my 2024 order. I don't have good credit. In the High 600s. Once your in the club the ford credit club, by paying your monthly payments on time. Ford credit will hook you up. They ran my credit though everyone. And ford gave me the best rates.

This I got tier 1 with a 640 score...

 

[All Terrain NAtion]

Im not sure why anyone would care about Ford Credit. They are generally middle ground rates verses local credit unions or banks. Credit score, Location can be factors on loans

 

[pkinneb]

Generally anything over 750 should get you best rate.

This is correct.

 

[sir5574]

Fed funds are at 5.25 with another 50-75 bps on the table.

don’t expect to see anything under 7% even with an 850 credit score.
That’s the market we’re in… they do not want people financing anything, cars homes.. etc.
They have been trying to slow the economy for a year plus now.

which is exactly why I'm paying cash!

 

[zstanny]

My wife just bought her 2023 expedition with a 618 credit score. $0 down and $5,000 upside down trade value and the dealer was able to get her a 7.9 @ 84 months through Ford Motor Credit.

When you typed this out, did anything strike you as off?

 

[Jrws1014]

When you typed this out, did anything strike you as off?

You mean did I mess up my post? No everything there is accurate. My point is the dealership can make a call to their rep and get stuff approved.

 

[Rio Lobo]

You mean did I mess up my post? No everything there is accurate. My point is the dealership can make a call to their rep and get stuff approved.

What he's really saying is no matter the rate, maybe go for a slightly less expensive, used, older, vehicle. Or wait. Or pay off negative equity. I think that's what he's trying to ask/say

 

[Jrws1014]

What he's really saying is no matter the rate, maybe go for a slightly less expensive, used, older, vehicle. Or wait. Or pay off negative equity. I think that's what he's trying to ask/say

I feel he should not get involved with my financial decisions. He has no idea what my income is or my vehicular needs…. I was only giving an example of what a dealer can work with and get a deal done. No one needs to nor should comment on my families finances. I’m not out here asking for help with my bills or to have someone help by my mustang via crowdfunding. Shit happens, credit can take a hit….doesn’t mean I don’t make a healthy 6 figures.

 

[marcekb]

I feel he should not get involved with my financial decisions. He has no idea what my income is or my vehicular needs…. I was only giving an example of what a dealer can work with and get a deal done. No one needs to nor should comment on my families finances. I’m not out here asking for help with my bills or to have someone help by my mustang via crowdfunding. Shit happens, credit can take a hit….doesn’t mean I don’t make a healthy 6 figures.

I agree. It was kind of uncool, even arrogant, of him to go there. Your example was honest, transparent, and helpful. Thanks for sharing.

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