Current Interest Rates?

[Lowcountry Bronco]

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.

Thanks Dad! Can you co-sign for me while you're at it?

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[BigJim1957]

I used Ford Credit last July and got a 4.3% interest rate which was about the same as what my Credit Union was offering me. So, I went with Ford Credit since they had financed the last five Fords I have purchased in the past.

 

[Neverowneda4x4]

830 credit. I was given 8.9 by ford dealer in January (a local credit union). My credit union offered me 5.24 but dealer told me they were only offering it for 30k loan. I needed a 40k. I decided to just take their offer and pay it all off asap. Payment would've been $835 on a 5 yr. I paid in full that first month.

 

[BroncoMark]

Just got a loan from my credit union for 4.88%. I have okay credit (~760s) but the loan is only for $35k while the purchase price is $38k. Doesn’t really matter though as I was planning on putting 20% down anyway.

 

[BroncoA512021]

Thanks Dad! Can you co-sign for me while you're at it?

Sadly economics is not taught in high school. Buy what you can afford..... Real Estate 1st and 2nd. Cars come later,..,.

 

[TonkaTruck]

I closed with 5.49% at my local credit union for a 60 month loan.

Just a note for those looking at out of state credit unions, the checks will usually take 7-10 days to arrive after everything is signed. I was originally going to go with PenFed, but it would’ve delayed me getting my Bronco by a week.

Finance office at my dealer offered 5.45%, but I had already closed.

 

[Nate Train]

Sadly economics is not taught in high school. Buy what you can afford..... Real Estate 1st and 2nd. Cars come later,..,.

At my school, we teach a personal finance class. Doesn't mean kids pay attention, though.

 

[Alfa]

Bought early last month. Financed 100% with Ford Motor Credit to just leave the small town dealership quickly. With top tier credit, 7.95%. Refinanced 2 weeks later, after the registration was issued, with my credit union, 4.29%. I put half down, but they would have given me the same rate for 100% financing up to 72 months.

Current rate is 5.29%, so I guess I got in just in time.

 

[BroncoA512021]

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.

Vacations are not physical assets. The average consumer is uneducated about emotional financial decisions

 

[GearHd6]

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.

Every time one of these subjects comes up, there's always someone that mentions this same thing? Does anyone that's waiting for a Bronco actually listen to this advice? I highly doubt it, they just want their Bronco no matter what it takes. I highly doubt someone thats waited this long for a Bronco is going to say, "oh hey I need to finance for more than 60 months, I guess I'll leave it at the dealer". The thread was asking for current interest rates, not financial advice.

 

[BroncoA512021]

Every time one of these subjects comes up, there's always someone that mentions this same thing? Does anyone that's waiting for a Bronco actually listen to this advice? I highly doubt it, they just want their Bronco no matter what it takes. I highly doubt someone thats waited this long for a Bronco is going to say, "oh hey I need to finance for more than 60 months, I guess I'll leave it at the dealer". The thread was asking for current interest rates, not financial advice.

Honestly, if you are worried about interest rates, you probably can't afford it.

 

[Crusher]

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.

Not if you're planning of keeping the vehicle beyond that.

 

[2022 base]

I just got 5.4% @ local credit union for 60 months with a 789 score!

 

[Traveling.Gaijin]

5.49% with USAA. My dealer isn't even bothering with offering their rate, my salesman said they can't beat that lol

 

[GearHd6]

Honestly, if you are worried about interest rates, you probably can't afford it.

So shopping around for a good interest rate means you can't afford something? I just don't get that mentality. Not everyone wants to lay out $50-60k for a vehicle. Maybe they have the cash in the bank to do that but they'd rather not throw it all out on a vehicle. Some would rather put down half of it then get the best rate they can and finance the rest. It's just odd how some minds think.

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