What is everyone paying for their 5th Gen Ranger?

[subquark]

With all the stuff you've been buying yours should've broke their whole system. ?

"broke" is the operative word ... =p

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[LostMy65]

We have since paid off our equity loan. And we have no need to have debt, but both my wife pay for a lot of things with credit cards and just make the payment when the bill comes.
Last time we checked, we had a great credit score.

 

[Sharky]

I dont understand these FICO score ratings at all. we have always been rated 825 and higher. we bought & paid off some things since moving into this home 7 years ago.
the score was 830.
we double up the mortgage payments & owe less than $15000. we use the credit cards for gas & groceries or other items as needed. the card gets paid off at the end of each month.
when I bought the truck 2 years ago our score jumped to 835. we paid off the truck this year & the score dropped to 825.
we recently had some bad luck & needed a new dehumidifier, hot water heater & a $600 dentist bill. all were put on the card. new credit score is now 814.
all this was less than $2000 & paid off at the end of the month.
so we have the same income with a much lower debt but the score dropped,
WTF is going on ? these credit companies are out to lunch in my opinion.

 

[Noface]

Is everyone relying on the dealerships to find the "best" banking institute for the loan? If not what the suggestion on reputable / best loan providers.

 

[subquark]

Is everyone relying on the dealerships to find the "best" banking institute for the loan? If not what the suggestion on reputable / best loan providers.

I used Ford Motor Credit and they had a good rate for me ($6000 down on a $26K truck for 3 years).

They do simple interest and no penalty for early payoff.

BUT ... if I had not used them, I would have probably used my credit union (their rate was actually 0.5% higher at 2.4%).

So if you don't like Ford credit, take a look at what your bank or credit union offers.

I'm also lazy and it was easier to do Ford since it's Ford.

Just read the fine print, don't believe words out of anyone's mouth, and good luck!

 

[LostMy65]

I used Ford Motor Credit and they had a good rate for me ($6000 down on a $26K truck for 3 years).

They do simple interest and no penalty for early payoff.

BUT ... if I had not used them, I would have probably used my credit union (their rate was actually 0.5% higher at 2.4%).

So if you don't like Ford credit, take a look at what your bank or credit union offers.

I'm also lazy and it was easier to do Ford since it's Ford.

Just read the fine print, don't believe words out of anyone's mouth, and good luck!

How long ago was that? Because the way I understand it, even those with good scores are lucky to get less than 3% now. And the talk is they will continue to rise.

 

[DonB]

How long ago was that? Because the way I understand it, even those with good scores are lucky to get less than 3% now. And the talk is they will continue to rise.

Ranger customers right now can get .9% @ 36 months, 1.9% @ 48 months, and 2.9% @ 60 months with good credit.

 

[LostMy65]

Ranger customers right now can get .9% @ 36 months, 1.9% @ 48 months, and 2.9% @ 60 months with good credit.

Okay, that's good to hear. But I don't think that's locked in until the truck is here for us.

 

[DonB]

Okay, that's good to hear. But I don't think that's locked in until the truck is here for us.

Correct. But they're already locking 2.9% on '23 orders so I imagine it'll be here for a bit.
https://www.realcartips.com/ford-incentives/

 

[LostMy65]

Correct. But they're already locking 2.9% on '23 orders so I imagine it'll be here for a bit.

That's good news!

 

[DonB]

That's good news!

check the link I left above.

 

[subquark]

How long ago was that? Because the way I understand it, even those with good scores are lucky to get less than 3% now. And the talk is they will continue to rise.

I ordered on January 28th and got the 0.9% rate from that date (and also rebates, etc). They wanted to make it 1.9% but I had an email saying I would have the rate at the time of ordering.

And you're right, unfortunately, rates will continue to rise. But it's still better than the 10+ percent rates of 20+ years ago.

 

[AzScorpion]

Is everyone relying on the dealerships to find the "best" banking institute for the loan? If not what the suggestion on reputable / best loan providers.

I rarely go through the dealership unless it's 0% like I got on my Ranger though Ford Credit. Join a credit union as they usually have the best rates and are MUCH better to deal with than most banks, especially big commercial banks like Chase or BOA.

 

[AzScorpion]

I dont understand these FICO score ratings at all. we have always been rated 825 and higher. we bought & paid off some things since moving into this home 7 years ago.
the score was 830.
we double up the mortgage payments & owe less than $15000. we use the credit cards for gas & groceries or other items as needed. the card gets paid off at the end of each month.
when I bought the truck 2 years ago our score jumped to 835. we paid off the truck this year & the score dropped to 825.
we recently had some bad luck & needed a new dehumidifier, hot water heater & a $600 dentist bill. all were put on the card. new credit score is now 814.
all this was less than $2000 & paid off at the end of the month.
so we have the same income with a much lower debt but the score dropped,
WTF is going on ? these credit companies are out to lunch in my opinion.

It's because it's based on debit to income ratio.They (the credit score companies) look at your credit cards and loans all the time. If your CC increases more than your normal monthly charges (even though you pay the balance in full) it'll usually take a hit. Now when I make large credit card purchases I just pay that portion off as soon as it's out of pending.

When I sold my Jeep mine took an 8 point hit. You'd "think" getting rid of debt would be a good thing but they like to see some debt and payment history. It's gone right back up and only took a couple months but it's something to be aware of if you want to keep your score high.

 

[subquark]

How long ago was that? Because the way I understand it, even those with good scores are lucky to get less than 3% now. And the talk is they will continue to rise.

My rate is from January 28, 2022 and my FICO was 816.

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