Ford Financing?

[FlyNavy86]

Just curious what Ford is offering for financing right now on Mustangs. I can’t imagine it’s competitive, but figured I’d ask. My credit is 800+ but it would be good to hear for a variety of scores.

Sponsored

 

[Q6543]

Great question, anything under 8% would be excellent and closer to historical norms.

 

[SoggyBottomBoy]

Great question, anything under 8% would be excellent and closer to historical norms.

god... 8% just sounds horrible to me. My last car (21 challenger r/t) i got at 3%

 

[Dena]

Long term secure loans run something like prime rate plus 2-3%. Credit cards and unsecured loans are much higher. There is an exception and ford will offer lower rates to encourage sales. It's not a great time to take out a loan but I suspect tomorrow it will be worst.
If you're unable to pay cash, I would suggest you put as much down as you can afford and try to pay the loan off early. A little warning, don't tap into your retirement account because the penalties are much higher that the interest you will pay.

 

[Zig]

could one us[e] ford interest advantage to help offset the loan rate?

 

[BlackFerret69]

Just curious what Ford is offering for financing right now on Mustangs. I can’t imagine it’s competitive, but figured I’d ask. My credit is 800+ but it would be good to hear for a variety of scores.

Last time I checked a couple months ago, it was 7%.

 

[steveo1960]

Does Ford lock you into a time period or can you pay off the loan early ? Also if you do pay off the loan early is the total interest over the full term added on top of the borrowed amount or is it amortized like a house mortgage for example. Thanks!

 

[dfwford]

Does Ford lock you into a time period or can you pay off the loan early ? Also if you do pay off the loan early is the total interest over the full term added on top of the borrowed amount or is it amortized like a house mortgage for example. Thanks!

To my knowledge, there's no penalty for an early payoff.

In fact, it occurred to me. Ford is offering a 3 month deferral on payments if you take delivery before 10/2. That's enough time to refinance for a lower rate.

 

[dollybud]

Last time I checked a couple months ago, it was 7%.

I asked my Canadian dealer out of curiosity and I believe he said 5.9 % the same as Bank car loans. I can pay cash with a $12,000.00 loan.

 

[SoggyBottomBoy]

Long term secure loans run something like prime rate plus 2-3%. Credit cars and unsecured loans are much higher. There is an exception and ford will offer lower rates to encourage sales. It's not a great time to take out a loan but I suspect tomorrow it will be worst.
If you're unable to pay cash, I would suggest you put as much down as you can afford and try to pay the loan off early. A little warning, don't tap into your retirement account because the penalties are much higher that the interest you will pay.

imagine having a retirement account sheesh

 

[Dena]

imagine having a retirement account sheesh

It's a matter of setting your priorities. I never expected to inherit much money and I know I will want to quit work at some point. It's not exactly working out the way I expected because I am 72 years old and still working because I am keeping a promise and not because I need the money. A little money each month over time and sooner or later it becomes noticeable. I could write a book about it but Dave Ramsey already has written several.

 

[Stratman397]

It's a matter of setting your priorities. I never expected to inherit much money and I know I will want to quit work at some point. It's not exactly working out the way I expected because I am 72 years old and still working because I am keeping a promise and not because I need the money. A little money each month over time and sooner or later it becomes noticeable. I could write a book about it but Dave Ramsey already has written several.

I am 66, but love cleaning houses, so do a couple a week. Gets me out of the house.

 

[tin3rete]

As far as I know, the interest rate for Ford financing was around 7% a few months ago. However, the situation may have changed since then. Also, it's always a good idea to explore other financing options. Personally, when it comes to loans, I always seek expert advice from a Mortgage Broker in Mansfield. They consistently provide me with detailed guidance on choosing the most profitable and comfortable loan options, with the best rates tailored to my financial situation.

 

[Vapor Blue GT]

Last month they were over 8%. We could only get 3 banks to offer us a loan as many banks and zero credit unions had any information on this car. Excellent credit and we got 7.6 I think

 

[NightSurgeX2]

Last month they were over 8%. We could only get 3 banks to offer us a loan as many banks and zero credit unions had any information on this car. Excellent credit and we got 7.6 I think

That makes no sense to me. You give them the VIN and the purchase agreement, that's all the info that they can need/want.

I had no issue getting rates from 3 banks and 4 credit unions. 850+ credit score, got 5% for 60 months. But I honestly plan to pay it all off once I get a bit more stability in the stock market and feel better about liquidating more cash.

Sponsored