Anyone financing? What rates are you getting?

[BroncoA512021]

Yes, for the last 12 months. Thank god it is going down somewhat… If you go back to the previous 12 months, the inflation rate was 9%(?). 9+3 =12. So If you go back over the last 24 months, the dollar has dropped in value around 12%, probably more. Go back farther and it’s worse. A car loan is typically 4 to 5 years. What is the cumulative inflation rate over that period? Ugly!

The average person thinks they are entitled to expensive cars..people do not want to work hard and save for the future. I do not remember anyone ever saying something cost too less...

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[SoDak1623]

1.99 is way better than what folks are getting today... Sadly most people think they are entitles to expensive cars and do not do the math..... 84 months is good at less than 2% but insane at 7 %

For sure, 84 months on anything near today's rates is a terrible deal.

 

[bikesandguitars]

I would drive a couple hundred miles for a 6% rate. I just moved some vehicles around - 760 credit score. I was offered 7.99%

 

[Sircheeto]

This is a great thread. I am Jonesing for a Bronco and the financing rates are preventing me from executing.

Has anyone looked into or are activly engaged in Ford's Flex financing plan? Just wondering how that is working out and if that avenue makes sense.

 

[Shawn_1121]

4.9% opened 9/22

 

[jrollo7]

So I need to take delivery on my Bronco this week. I've financed all my more recent vehicles as the rate has always been below 2% which I can easily beat even with conservative investments. However its now looking like ~6% is the going rate which I could only beat by being more aggressive which I don't really have the stomach for. Is anyone getting much better than 6%? I'm thinking about just writing a check for this one.

I got 5.34% back in August, 2023 with an 800+ credit rating.

 

[jrollo7]

We went with Navy Fed and got 4.25% for 60mo, back in June 23. Although we had proof ready for my spouses deceased father, we were never asked to provide it. We just told them what branch he served when asked and that was it. You may get the same treatment.

I also have NavyFed-great rate back in August and every rep is excellent.

 

[Cbable]

Ford Finance on my Bronco was 7%, nothing lower on the Bronco. I took it for two months and then paid it off.... Best decision I made on it.

 

[cat69man]

I bought mine in Mar. 2022 and got a better deal outside Ford with 1.99% for 60months. Capital One. They even beat my CU.

 

[bn25168]

5.29% for 60 months. This was in December 2023.

 

[Hobie]

So I need to take delivery on my Bronco this week. I've financed all my more recent vehicles as the rate has always been below 2% which I can easily beat even with conservative investments. However its now looking like ~6% is the going rate which I could only beat by being more aggressive which I don't really have the stomach for. Is anyone getting much better than 6%? I'm thinking about just writing a check for this one.

5.99% and my credit score was 843. I've never paid interest rates this high. This was 48 months by the way. The kicker is that i only owed 23k on my 2023 Wildtrak 4 door, they gave me a trade allowance of 54k and i still had to pay 5.99% to get into a 24 wildtrak 2 door hardtop.
Crazy times my friend.

 

[Fvracer12]

5.49 for 48 months from a local credit union last month when we purchased our bronco. Our dealer offered 5.99 for 60 months.

 

[lapazleo]

Sure it does. If I can make more money with my cash invested than I can save through finance rates, then I'll gladly pay later. The depreciation of the vehicle is less important than the devaluation of the dollar. Sure, I like paying for stuff up front, but I like making money even more. Kinda like the people who think getting a tax refund is a good thing, not everyone manages their money to make money.

It's not wrong to pay cash, but it's not always the correct choice if you are concerned about wealth. For many people, being debt free is more important than having more money. That's not a bad thing. Many people can't handle debt. For those that can though, using your money to make money will grow your accounts far more than just paying cash for stuff.

Let me put it to you this way. If you knew you could invest everything you had and make 10% returns, wouldn't you borrow as much as you could at 3% to invest? I know, it's a gamble, but it takes money to make money and giving all your money to Ford only makes Ford money.

Do billionaires like Warren Buffet make car payments? No. Borrowing money at 3% to invest in a 10% return is playing with rattle snakes it works ok for awhile but what happens if that 10% drops to less than 3%? Remember nothing in life is guaranteed. You still owe the 3% loan regardless. That rattle snake will eventually bite you. Cash is king always has been. That using other peoples money for free theory has been proven wrong time and again.

 

[lapazleo]

Yup….exactly! But inflation is cumulative.

Yes it' actually more like 9%.

 

[kodiakisland]

Do billionaires like Warren Buffet make car payments? No. Borrowing money at 3% to invest in a 10% return is playing with rattle snakes it works ok for awhile but what happens if that 10% drops to less than 3%? Remember nothing in life is guaranteed. You still owe the 3% loan regardless. That rattle snake will eventually bite you. Cash is king always has been. That using other peoples money for free theory has been proven wrong time and again.

You think billionaires like Buffet are on this board posting, or do you think I'm a billionaire?
They don't care about making a couple thousand on a return. It's not worth their while. Of course they pay cash for small things. They do however take out large loans for huge investments with huge returns. Bigger money, bigger debt, bigger profit. A couple thousand is worth my while though.

The fact I'm not a billionaire, don't like to work, and have expensive hobbies means I have to make the most with what I have. Yes, I could use all my cash up front, work some OT or a second job to pay for my hobbies, but then I'd be working instead of having fun. I prefer to work less, have more money, and spend my time having fun. To each their own.

I just get tired of the fake superiority of the look at me, I paid cash, and that's the only smart way kind of posts. Plenty of them around here. Like I said, for many who can't manage debt, cash is the better option. It however is not the only or smartest option in all circumstances depending on your financial goals.

Just like the really smart people I work with who don't understand why getting a tax refund is a bad thing, not everyone manages their money to make money, and that's OK.

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