Anyone Recently Finance Bronco Through Ford?

[BroncoB]

My local credit union is still 1.74% for 24 months and 1.89% up to 60 months. Another cu had it for 1.24% but ended 5/31. I was hoping to get in on that but my build date got pushed to 7/25.

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[BroncoB]

Wow, thats great. Unfortunately I'm not active or retired military, so I can't get membership.

It extends to family members also.

 

[Kai]

Wow, thats great. Unfortunately I'm not active or retired military, so I can't get membership.

They take anyone now. They have been growing as the military shrinks.

 

[R.A.N.M.J.]

We got 2.09% from Bank of America. Ford financing was offering 2.9% on the same amount, same credit score (820, but I've been told that once you're above 760 it doesn't really matter) so we went with BoA.

 

[da_jokker]

One if those looked over extra expenses due to the Ford fubar. Also toss in more depreciation on your trade in.

Between the interest and the trade in, my Bronco is going to cost me at least 5k+ more than it would have had I gotten my 1st week reservation.

 

[T Copp]

How early do you all recommend I start looking at rates, and how long do these rates stay locked in if I would decide to stick with it?

I've usually just gone with whatever the dealership could find.

 

[lakesinai]

Hi All,
My Bronco is finally scheduled to be built on June 17th, and I've begun to do my due diligence to make sure I go find lowest interest rate financing I can.

I just got back from my bank, and was pretty shocked at how high their interest rates were ( know that they're up everywhere right now). But with good income, and great credit, and as a 20+ year member of my bank, I thought I might qualify for some *special* interest rates.
I guess those days are long over.

My question is to anyone in the same financial standing that may have recently financed their Bronco through Ford. What interest rate did you lock in at the dealership? (my bank was offering over 5%. I thought Ford was offering 2.9% initially, and was curious if that still stands)

[Please don't turn this post political, or tell me I'm dumb to finance through Ford. Just looking for honest answers]

Thanks!

Many dealers have special partnerships with various lenders in addition to Ford Credit. They get you a good rate for a favorable term, and earn a commission as well. Some even tell you that they appreciate your using that in house lender, especially worth considering if the dealer is not adding ADM and being straightforward with you.

 

[66GT]

I bought my sport in April. I have excellent credit and got 2.3% via a credit union.
One month later on the Bronco the best I could do was 5%.. rates jumped.

I bought on May 3rd. The credit union the dealer worked with still hadn't published their May rate table, so I was lucky enough to lock in the 2.99/84 late April rate. Timing is everything at this point. Things are changing so quickly.

 

[telenerd]

I was told never to finance with Ford from one of my family members. You pay all the interest up front first and almost zero goes towards principle during the first 2 years.

 

[MrMollusk]

Best ive found so far was a 3.19% at our local credit union. I’m going to see what our dealer has this week and see if we can get below 3%. We have good credit, like 760ish

 

[ctandc]

Check with a local credit union. I had refinanced my '19 GT with them (and then promptly sold it - wasn't a planned thing) and when I told her we were expecting the Bronco, she just kept the app open so she wouldn't have to pull credit again. I don't like banking with large bank chains - it's nice having a personal relationship with an actual human who answers the phone / email.

 

[DaveInSA]

I was told never to finance with Ford from one of my family members. You pay all the interest up front first and almost zero goes towards principle during the first 2 years.

Thats how loans work...

First of all, I'm not a finance guy. This is just what I've learned in my 40+ years. It may be wrong

If you don't plan on making larger or extra payments then yes that's how this usually works. It's called a front-loaded loan.
The interest is calculated on the current outstanding balance of the loan. So in the beginning when the balance is high, the interest is high and most of your payment goes towards that interest accrued since the last payment. The remainder of your payment then goes towards the principal.

I believe it works the same way if you're making larger regular payments. Since your payment is already paying the interest that has accrued since the last payment the extra amount over the regular payment also goes to the principal. But see my note further down on how Mitsubishi's finance treated this situation.
If however, you make an extra payment after that regularly due payment they may treat it the same way, paying off the interest accrued from the last payment first and then applying the extra towards the principal. This is more common with mortgage loans. They may default to applying any extra payments just to the principal. The payment allocation for extra/larger payments is what you have to clarify with the individual lender. Sometimes they default to paying the interest but will let you choose to apply it only to the principal. In 'ye olden days' of paper checks, you would have to write 'Apply extra to principal' or similar on the check. In today's world of online payments, you may have to send them a message or call them to have this done if that's how they operate.

Again, I'm not in finance so this may be completely wrong. I welcome any corrections from more knowledgeable people.

Funnily my first official car loan was from Mitsubishi and the way they did it was different. If you made a larger payment than what was due, they didn't apply it to interest or principal and instead applied it to your next payment's minimum amount. So if your payment was $300/mo and you paid $400, next month's payment due would be $200. I hadn't clarified with them at the time what their official process was since I wasn't really at a place in life to make larger payments anyway. I just saw what they did to my sister's loan when she tried making a larger payment a couple of times.

 

[Skoolbus]

To those that qualify, I recommend usaa. Got preapproved this week for 2.4% at 60 months and 2.5% for 72 months. I'll give the dealer a chance to match or beat it, but I doubt they will. Only way I think I could possibly get a lower rate would be to jump through all the hoops CUs require in order to qualify.

 

[patientB]

PenFed Credit Union is fairly easy to get into. Rates are currently 3.24%/60 and 3.29%/72. These are good for both new loans and for re-fis, so you could conceivably go with however your dealer papers you and then re-fi.

 

[RunNGunArk]

I used PenFed.org for my bronco. very easy great rate...

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