Loan help

[Jo.S.]

My bronco is in final prep at the dealer. .I figured out I need a small loan to help pay some of the cost. Darn taxes. No problems with my credit score. I looked it up tonight. Any advice on where to get a loan, dealer, ford, bank, etc.? Where seems to be the best rates? What do I need or should know for pickup? First time buyer of a new car!!!! I usually tend to hold on to my vehicles for years and years and more years. Haha
Thanks

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[Brian_B]

Credit union usually a safe choice if you have one available.

That said don’t be afraid to shop around

Auto loan isn’t crazy - you will need proof of insurance before they let you drive it off the lot. Valid drivers license of course. Lender will do a credit check and may want some financial info (pay stubs, W2, etc). That’s about it

 

[DewarT]

Credit Union- especially in this financial climate. It was a couple points below Ford when I bought A couple months ago. Expect the rate to be north of 6%

 

[Brian_B]

As with any loan - the more you can put down the better off you will be

 

[AndGerry]

As with any loan - the more you can put down the better off you will be

Both @Brian_B & @DewarT have great advice and are your basic guidelines… since your credit score is good, the dealership may try to match the credit union’s rate. You can ask them if they are running promotions.

 

[HolidayDog]

Go to your local credit union. Ask if they have a Flex Loan program with AFG Auto Financial Group. The the AFG Flex loan allows you to get into a loan that is similar to a lease…you can choose the term length, amount down, and get a lower rate($200-300/month lower than a traditional auto loan). After your term you won’t have the vehicle paid off but they do offer to buy the vehicle back for a set rate. can pay it off by the end of the term by paying more than the minimum monthly payment.

At the credit union you won’t need to play the shell game/pressure sales pitch at your dealer. It’s an emotional ride and at that point you are willing to sign anything to drive off the lot with your bronco. Not a good time to make financial decisions.

Your credit union will also have a GAP program and also a warranty program too.

I bought the gap coverage but opted for a warranty from Granger.

shop around, just make. Sure you don’t have your credit pulled until you are ready to take delivery and get your loan. The credit check ding your credit score.

 

[Black_Stallion13]

In my experience the dealer is always able to match the best loan you can find through one of their various lenders they work with. As others said, see what rate your own bank can do so you have a baseline for negotiating. When u sit down with finance manager, tell him you “probably” planned on just paying cash with rates being high. He will frantically plug in options to see how low they can get you to avoid u walking out with no financing. When he says it’s as low as possible, tell him still needs to be lower to be worth it for you. Under no circumstance tell them u plan to finance anything before making the finance guy sweat, even if you know that’s what you are gonna do.

 

[malpais]

Believe it or not all my local credit unions were north of 7% for 60 months, many over 8. This is with excellent credit.
Surprisingly Bank of America has the best rate I found.

 

[Mammal]

Navy federal. If you have had a grandparent, sibling , parent, child in the military, alive or not, you qualify for membership. Their lowest rates were 4.54% vs 7-8.5% with local credit unions/ bank.

 

[LarryZiegler]

My bronco is in final prep at the dealer. .I figured out I need a small loan to help pay some of the cost. Darn taxes. No problems with my credit score. I looked it up tonight. Any advice on where to get a loan, dealer, ford, bank, etc.? Where seems to be the best rates? What do I need or should know for pickup? First time buyer of a new car!!!! I usually tend to hold on to my vehicles for years and years and more years. Haha
Thanks

The interest rate you pay is based on the state you may live. Here in Calif we belong to 2 credit unions with 1 charging 5.5% and the other charging 5.99% with auto pay up to 72 months. Before interest rates went crazy, we used BofA (online auto loan quote) for our new 2021 Bronco and got an interest rate .35% lower (1.94%) than our lowest credit union rate of 2.29%.
Lastly, if you are making a down payment of 20% or more, you don’t need GAP insurance, which will save you a few bucks.
Good luck

 

[AK007]

Check your local credit unions. I would suggest checking out all local rates on their websites or calling if it isnt posted, if no luck there the dealer wants you in that seat and they may have relationships with banks and credit unions to get you in your Bronco. The first Bronco I purchased, the dealer connected me with a few options, but the best was a credit union I wouldnt have had access to because they only serve other states. The second Bronco I found a local credit union that even Tesla was advertising to their customers, I was able to lock in a great rate before they raised their rates.

 

[helifino16]

I had a loan set up with my Credit Union before I went to pick up the Bronco and they matched the deal. There's been several people who have reported that their dealer wouldn't even let them take delivery without Ford Financing. (The things they think they can get away with! - lol)

 

[userdude]

Navy federal. If you have had a grandparent, sibling , parent, child in the military, alive or not, you qualify for membership. Their lowest rates were 4.54% vs 7-8.5% with local credit unions/ bank.

Really?!? If my brother was a Marine, I can get a Navy account? USAA is the one I always wanted, though. I can't say I'm that thrilled about my CU now, it's basically being run as a bank with fewer benefits that before.

@Jo.S. The advice to hold back some of the cash for a bigger loan rate, then pay it down with the cash is what I would say. If you're only borrowing a few thousand, the rates aren't going to be good. Make sure it's simple interest and no payoff penalty, though; CU's are usually good at least for this.

 

[Glade Runner]

Navy Federal Credit Union had the best rates for me. (Still too high, but that’s the current economy)

They came in a full 1.5% lower than my other credit union that I have been with forever.

The dealer told me that NFCU has traditionally been the only rate they couldn’t beat.

 

[Brian_B]

USAA is the one I always wanted, though.

USAA is a lot harder to get membership, since they want to keep that exclusive insurance pool. NFCU will probably take you as long as you know what the national flag looks like.

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