Financing Rates

[KitsBronco]

Curious as to whether those who financed their Bronco's were able to receive the financing APR from date or order rather than date of delivery? I ordered my OBX in February and rates were 3.99% up here in Canada and now they are 7%. Hopefully I am protected with that lower interest rate but will have to check with my dealer. Wondering if anyone else brought this up with their dealer.

Thanks!

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[Jhopkinson]

I picked mine up today. I only financed through Ford to get it quicker. My Credit Union said the Vin# wasn't showing up for them yet, so I'll refinance with Penfed for 1.99% in a few weeks. In any case to answer your question Ford was 6.99% for five years and I have a 848 credit score.

 

[BroncoDude]

I hope I am wrong but I don't think they will lock in the lower rate unless you are days away from delivery. I paid 2.49% in November and now rates are 2.94% at the same credit union. Not that much of an increase so if you are seeing 3-4% increases in rates I would shop around.

 

[superyl]

I hope I am wrong but I don't think they will lock in the lower rate unless you are days away from delivery. I paid 2.49% in November and now rates are 2.94% at the same credit union. Not that much of an increase so if you are seeing 3-4% increases in rates I would shop around.

Same here. I paid 2.49% for mine this week.

 

[TX-Hans]

The OP is in Canada. The Canadian federal reserve, The Bank of Canada, might be setting different central market rates for how they see the economy going in their country versus what the US Federal Reserve is setting and the lending banks rely upon. Different country's banking system translates to different rates, especially with current economic climate.

 

[TXBoy79]

I picked mine up today. I only financed through Ford to get it quicker. My Credit Union said the Vin# wasn't showing up for them yet, so I'll refinance with Penfed for 1.99% in a few weeks. In any case to answer your question Ford was 6.99% for five years and I have a 848 credit score.

6.99%???? WTH. I would have laughed and side stepped that one.

 

[BroncoDude]

The OP is in Canada. The Canadian federal reserve, The Bank of Canada, might be setting different central market rates for how they see the economy going in their country versus what the US Federal Reserve is setting and the lending banks rely upon. Different country's banking system translates to different rates, especially with current economic climate.

Wait. He's in Canadia so 7% there is like 1.80% here. Sounds pretty good.

 

[KitsBronco]

Wait. He's in Canadia so 7% there is like 1.80% here. Sounds pretty good.

Yea we don’t get nice things like you guys down south.

 

[BlueBronco]

This is an another April fools joke, right??
No way a financial institution is going to give you an interest rate from months ago because that is when you ordered. Do you even have a VIN or build date yet?

 

[BRNCONOW!]

2.44% via my credit union.

 

[KitsBronco]

This is an another April fools joke, right??
No way a financial institution is going to give you an interest rate from months ago because that is when you ordered. Do you even have a VIN or build date yet?

It’s not a financial institution, it’s through my dealership. They confirmed today that they would honour the 3.99 even though rates jumped to 7%. Our credit unions and banks can’t compete with dealership.

 

[nwGTS]

In the US you can be preapproved and lock in an auto loan rate for -+ 30 days depending on the institution. Not sure how it works in CAN.

 

[BlueBronco]

It’s not a financial institution, it’s through my dealership. They confirmed today that they would honour the 3.99 even though rates jumped to 7%. Our credit unions and banks can’t compete with dealership.

Interesting. Do dealerships self finance in Canadia? Here, when you finance through a dealership they just use a bank or CU that they do a bunch of business with (and whom typically give the finance guys some sort of kick back). Also, 3.99% is what I would consider a high rate, I couldn't imagine getting bent over for 7%. Back in August my rate was 1.69% through BofA.

 

[KitsBronco]

Interesting. Do dealerships self finance in Canadia? Here, when you finance through a dealership they just use a bank or CU that they do a bunch of business with (and whom typically give the finance guys some sort of kick back). Also, 3.99% is what I would consider a high rate, I couldn't imagine getting bent over for 7%. Back in August my rate was 1.69% through BofA.

I think they try to rate shop through a wholesale channel and maybe self finance if that doesn’t work. I am going to check the credit unions up here but Canada is a bit of a gong show with this kind of stuff. Hoping to find 2.99 or even 1.99.

 

[peace2peep]

I'm getting 2.29% at Navy federal on a 72 month loan. Stretching so I can pay extra and kill the note in 48 months.

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