Current Interest Rates?

[BroncoA512021]

I get that but, bank websites always list their best rates available for the best credit score (they even disclaim that in the fine print). That banks website was showing about 2% higher than that person said they got. That just seemed odd to me that the bank wouldn't list their best rate on the site.

The rates fluctuate daily. I commend a bank for truth in advertising

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[Rspayde]

Sucks to hear all these high rates. Such a bummer how things are now.
I picked up my Bronco in October '21 and my rate is 2.5% with around 730 rating.

I got 2.71% in November of 2022. I have damn near perfect credit at 800 but still. I called around and searched for about three hours and got a good loan with a local credit union. There are still places offering decent loans you just have to put in some effort.

The only requirements were to put $5 in a checking account and be a GA resident.

 

[UNBROKN]

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.

Fantastic info here. Mine is not as relevant to this thread except for people to understand even more how there are many factors. Our local credit union (Virginia Credit Union) is at 4.99% right now. That is contingent on good credit, amount financed, etc...
Sometimes we do not have a choice where we go. My interest rate through Ford Credit is 7%. In Dec 2021 I financed with $20k down of the $48k price. They were the only ones that would finance me. My credit score has been horrible for a couple of years, but I am finally getting it going in the right direction. Not getting my Bronco was not an option. The $20k down saved me a ton of interest. More than if I had put very little down and had a much lower rate. This was not option for me because The ONLY reason FC financed it was because of the large down payment.
I try to pay a little extra every month as well. Sometimes it is nothing, sometimes it is $50 or more. Every little bit helps in saving interest. Use the free payment calculators online and it will show you how much you can save by paying extra towards each payment. It can be substantial.

 

[VoltageDrop]

that’s actually very impressive, you will get some comments about the loan term but in this economy thats the best I’ve seen on here these past weeks.

Anybody giving him grief about the loan term at 3.49% is silly considering a plain savings account pays 4% now and a 2-year CD is nearly 5%.

My rate will be 0% but I found 5.29 as USAA. The smartest is to not have a car payment at all, ever. If you want to be sure you are never wealthy just keep making payments the rest of your life. I have made way too many costly mistakes in life to pay even more for my Bronco.

The blanket statements being thrown around here are comical. While I salute all the debt-free people, there is such a thing as making debt work for you. Take my advice with a gain of salt, though, because I'm a fool who took an 84-month loan at 2.29% on my first Bronco then sold that depreciating asset for $15k more than I paid.

 

[Hdscreens]

A month ago my local CU had a 5.6 rate 48-72 month terms but Granger found PNC bank to beat that rate at 5.1 for the same 48-72 month term options.

 

[NateDogg1776]

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!

I just went through this last week. My local ford dealer quoted me at 7.8%for 72 and 75 months with 20% down I have like a 760 credit. This was way too high I ended up getting 5.5 at my local credit union. Seems like local banks are beating ford unless my local dealer was just hiking the rates up.

 

[vrtical]

Ford was over 7% in January.... any CU is your best option and will 99% of the time beat mainstream lending banks.

 

[BadSquatch_707]

Was able to get 2.1% through a credit union a year ago to the day. Highly recommend the Credit Union route.

Also reccomend short term Treasury Bills (6 month T-Bills) while you wait for your rig to be built.

 

[KirchTX]

A month ago my local CU had a 5.6 rate 48-72 month terms but Granger found PNC bank to beat that rate at 5.1 for the same 48-72 month term options.

Granger here too. My game plan is to shop local credit unions, PenFed, etc starting 7-10 days before I pick up from Granger and then let them shop it as well. My understanding is that credit pulls within 2 weeks all count as 1, but someone correct me if I'm mistaken in that.

I don't want to shop around now and then my score is dinged bc I was rate shopping too soon. My ETA is 5/4 to 5/10 but I may not make it up there until 5/20ish.

 

[vrtical]

Granger here too. My game plan is to shop local credit unions, PenFed, etc starting 7-10 days before I pick up from Granger and then let them shop it as well. My understanding is that credit pulls within 2 weeks all count as 1, but someone correct me if I'm mistaken in that.

I don't want to shop around now and then my score is dinged bc I was rate shopping too soon. My ETA is 5/4 to 5/10 but I may not make it up there until 5/20ish.

Most rates will carry a 30 day or longer lock. I had a 60 day. Sooner the better depending on when rates move.

 

[Leonides037]

We just got our Bronco Raptor in Las Vegas. My original credit Union was only offering 5.49% so we looked around and we found Aloha Pacific FCU and we got a 5 year loan at 3.5%. $5k DP 840+ credit score.

 

[KirchTX]

Most rates will carry a 30 day or longer lock. I had a 60 day. Sooner the better depending on when rates move.

True, but they won't be able to check rates at the dealer financing until I'm there and then I'm imagining the rates will come back higher than they should bc my credit score lowered in the last 30 days... because too many banks/credit unions quoted rates. Which is completely dumb that they factor such a thing into your credit.

 

[tourproto]

Agree. I got 1.9 on my Subaru in 2018. Paid it off in 3. Then, it made sense to finance and keep your cash in the markets earning interest above the 1.9. Not so, with the current rates. I'm sending my "car payment" back to my savings to pay myself back in 3 years rather than pay $9000 more for my car in financing.

This is a little off-topic from the OP but this ^^^ is the crux of the matter. If you can borrow for less than you can make elsewhere (e.g. stock market), borrow all you can (for an appreciating asset)

If you are going to pay more in interest than what you can earn investing elsewhere, borrow as little as you can and pay it off as fast as you can.

I would have financed my Bronco if I could have gotten a 1.9% rate. A 4.5% interest rate is borderline IMHO (and what I was offered in March 2022 for my BL). Anything nearing 7% to finance a depreciating asset in this economic climate makes zero sense to me.

 

[GAN]

This is a little off-topic from the OP but this ^^^ is the crux of the matter. If you can borrow for less than you can make elsewhere (e.g. stock market), borrow all you can (for an appreciating asset)

If you are going to pay more in interest than what you can earn investing elsewhere, borrow as little as you can and pay it off as fast as you can.

I would have financed my Bronco if I could have gotten a 1.9% rate. A 4.5% interest rate is borderline IMHO (and what I was offered in March 2022 for my BL). Anything nearing 7% to finance a depreciating asset in this economic climate makes zero sense to me.

Yep.... Household Finance 101. If I can find a rate better than 4% I'll take the loan and earn 5+% on my cash, otherwise I'll put a large portion down. I don't really want a large payment at this point in my life if I can avoid it.

 

[Hdscreens]

That’s what my CU made it seem like if a couple credit pulls within a week or two sort of are looked as 1. I did however get a letter two weeks after picking up my Bronco from a Granger finance partner explaining why my finance was denied. Their reason was my credit score was 802.

Granger here too. My game plan is to shop local credit unions, PenFed, etc starting 7-10 days before I pick up from Granger and then let them shop it as well. My understanding is that credit pulls within 2 weeks all count as 1, but someone correct me if I'm mistaken in that.

I don't want to shop around now and then my score is dinged bc I was rate shopping too soon. My ETA is 5/4 to 5/10 but I may not make it up there until 5/20ish.

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