Current Interest Rates?

[weezy_jw]

Just curious what everyone is seeing for interest rates? Anyone recently use Ford Credit? I usually use my Credit Union, but wanted to see what everyone else was seeing. Thanks!

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[AJKitebrder40]

It was insanely high when I went to buy, I think locally I got 6 or so instead of Ford at 7%, I just paid it off outright. it's a considerable amount of interest. I had my JL paid off so I just used that towards it.

 

[Broncobren]

Following, curious as to rates people have gotten in the past week or so.

 

[hozer]

While not Ford, my wife did just buy a challenger.
25k down, credit in the 800's; 5.9%

 

[Jonny way]

mid 5% w/ excellent credit...from two weeks ago.

 

[Maximus3311]

mid 5% w/ excellent credit...from two weeks ago.

What institution gave you that rate? I'm curious about this too - build week is next week.

 

[KompressorV12]

Penfed last week. No membership requirements.

 

[jacknifetoaswan]

NFCU is between 4.54% and 5.04% on new car loans currently. I financed through them back in October at 4.29%, and it was the best I could find. Hopefully I'll be able to refinance at some point when interest rates inevitably drop.

JR

 

[TrailDust]

When we financed wife's Bronco Sport best rate we found was Chase, 5.25% with excellent credit. Ford was over 7%

 

[BroncoA512021]

Just curious what everyone is seeing for interest rates? Anyone recently use Ford Credit? I usually use my Credit Union, but wanted to see what everyone else was seeing. Thanks!

Everybody's credit situation is based on multiple variables...

 

[BroncoA512021]

Penfed last week. No membership requirements.

7

 

[BroncoA512021]

One should never take a loan longer than 60 months as the worst case scenario. A long loan on a declining asset is never a good idea.

 

[Southside_Ray]

5.5% with 10k down through PNC bank. Near perfect credit. 3 weeks ago.

 

[KompressorV12]

One should never take a loan longer than 60 months as the worst case scenario. A long loan on a declining asset is never a good idea.

I hate blanket statements like this that regurgitate info from grandpa 40 years ago. A vanilla consumer this is probably true, but I need to have a lower debt to income ratio for investment property purchases. I keep cars for about 1 to 1.5 years. I currently own a bronco and this is my second.

But where would it stop? Should I not go on vacation because memories aren’t only deprecating assets, there not assets at all.

 

[omi205]

Before getting into my story, it’s important to note that the finance % is dependent on many factors. I am seeing a wide range of % in this thread without any other detail…which doesnt help for comparison or answer the OP question. Among other factors the credit score, loan amount, and interest rates are important to determine a good apr vs a bad apr for that given time period (aka right now). I saw some mentioning getting 2 - 4% back in 2021…that dosnt help with regard to the OP as its asking for current APRs. Not APRs from three years ago.

I had 6.09% and my credit was at 834 when I purchased the car. Did a five year term with $5k down. Loaded badlands at just north of $60k. With such a high credit score, many would ask why such a high APR. The loan amount. As you can see I chose to put essentially nothing down (only $5k). Which made me borrow a large amount. This increased the rate a bit. That was with golden 1 credit union on 02/11/2023. So still current. I looked around after to see if refinancing was worth it…and the lowest I could find was 5.89 at the USC credit union. Wasnt worth it.

So how am I solving this problem? Im paying more then my monthly. I am over paying my monthly by $1k each month. That will cut my 5 year term down to 2.8 years (just under 3 years) and reduce the interest by over $6k. If you can manage the extra payment and you really want the car, this is another option to consider. Taking a loan and paying it off much sooner. Make sure your financing institution allows additional payments and early contract payoff without penalty. Most banking institutions will make you specify the additional payment as principle only via a phone call. So if you do this method you will likely have to call the bank and make these additional payments each month by phone AND indicate that they are PRINCIPLE ONLY payments. This step is very important for those who do not know.

Side Note: at that time Ford did approve me but at a ridiculous rate, it was +8%. For the record, I think 6.09 is ridiculous.

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