Interest Rates

[Jon54]

I‘m blessed that I don’t have to worry about borrowing $ for a vehicle purchase. My son has a Bronco on order and is looking for a 72 month loan. His credit rating is 810+. What kind of rates is he looking at? Dealer won’t tell him till the vehicle arrives.

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[AzScorpion]

I'd check with your local banks and credit unions first. Credit unions usually have much better rates and then when you go to the dealer see what they have. In the past I've had dealers match or beat the rate I found on my own because they get incentives for financing from their banks. You can plug in the numbers on just about every banks website so your son will know exactly what he's looking at for a payment.

I use Navy Federal CU and here's their loan calculator.

https://www.navyfederal.org/makingcents/tools/car-loan-calculator.html

 

[Scott_Anderson_]

I‘m blessed that I don’t have to worry about borrowing $ for a vehicle purchase. My son has a Bronco on order and is looking for a 72 month loan. His credit rating is 810+. What kind of rates is he looking at? Dealer won’t tell him till the vehicle arrives.

Unless they are running any promos on the new Broncos, 7% is my guess.

 

[Wytchdctr]

I have 1.99% on my Ranger now. A bit over a year later (a month or so ago now?) I looked at something else and with an improved credit score, like 30ish points more on all three - and got....... closer to 8% for a 60 month. I didn't shop it hard before I noped out and kept the Ranger and the rate. The only low-ish rates were 3 year loans. It is nuts at the moment I think.

But that was a month ago and a half hearted effort on my part.

 

[daniel3507]

It'll be high regardless of credit score unfortunately. He probably won't be able to lock in a rate or even get an idea until he's closer to taking delivery

 

[Jon54]

I’m simply trying to help him get a sense of what rates are today. I spent 25 years as cfo of a large real estate development company. One of,y primary jobs was negotiating interest rates, so I know how the game is played

 

[airline tech]

Yes the interest rates went up in July 22, the best rate now is 3.0%, so the 1.9% is no longer the lowest rate. Unless they came down since then.

Edit: It appears the best rate now is 4.88% for new @ 60 months

 

[Racket]

It would be nice if Ford would do another 0% interest promotion (like when I got my 2019). They hold the paper and you'll likely lose some price negotiation - although that seems rare now anyway. Other manufacturers have done it to clear inventory but it's been a minute since the Blue Oval has.

 

[OFC Ranger]

Timing is often times better than score.

Right when COVID started I had around 780 score, but what sealed the deal was no one was buying vehicles so they got desperate.

Ford offered me 0% at 84 months with the first 3 months deferred. Seemed like a no brainer.

 

[Todd Chapin]

I read these type of threads on current pricing, inventory and interests rates on new vehicles and I am SO GLAD I am not needing or wanting a new vehicle.?

 

[Todd Chapin]

Timing is often times better than score.

Right when COVID started I had around 780 score, but what sealed the deal was no one was buying vehicles so they got desperate.

Ford offered me 0% at 84 months with the first 3 months deferred. Seemed like a no brainer.

The good ol buying days lol....and they probably had a plethora of Rangers on the lot to choose from. My dealer had 20+ when I bought mine. I drive by there lot daily and have seen 1 Ranger there in the last year.

 

[AzScorpion]

It would be nice if Ford would do another 0% interest promotion (like when I got my 2019). They hold the paper and you'll likely lose some price negotiation - although that seems rare now anyway. Other manufacturers have done it to clear inventory but it's been a minute since the Blue Oval has.

John I got 0% too on my 2019 that's why I never paid it off as it was free money and I could make more investing mine. The only thing I gave up was a $500 rebate but the interest I saved was still going to be more (IIRC it was $750) so it was worth it. When I bought my Tremor the best rate I could get was 4.54% through my credit union for 36 months. It wasn't worth me paying interstate's on $4,200 (that was my '19 balance) so I just paid cash for it. I think if things start getting worse we could see 0% on certain vehicles come back in the near future.

 

[AzScorpion]

I’m simply trying to help him get a sense of what rates are today. I spent 25 years as cfo of a large real estate development company. One of,y primary jobs was negotiating interest rates, so I know how the game is played

Not to be a jerk but I don't understand the purpose of this thread then? If you were a CFO of a large real estate development company you should know you can go to any banks site and look up their rates for anything from home, auto, HELOC and personal loan rates. Once you have that info you know what the best rates are in you area and can go to the dealership with that info and try to negotiate a better rate through them. If you can't then you go back to the bank that has the best rate and finance it through them.

 

[NotBudule]

Ford did mine at 1.9 , 15 months ago ...

 

[Chris M]

It would be nice if Ford would do another 0% interest promotion (like when I got my 2019). They hold the paper and you'll likely lose some price negotiation - although that seems rare now anyway. Other manufacturers have done it to clear inventory but it's been a minute since the Blue Oval has.

I got 0% when I bought my '21 Ranger.
No way to get it now, though as you all have proven.

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