Financing the 2021 Bronco

[Hacksaw]

I would amend #2 to be "401K Loans *may* have fees for processing".
I know my 401K plan doesn't. That said I agree with your post 100%. If someone needs to borrow from their 401K plan to buy a car . . . find a cheaper car.

True, not all have a fee to the participant. You would have to check your company's Summary Plan Description, and Fee Disclosure Statement to see what (if any) the costs are. Some plans also have annual fees in addition (or in place of) to the processing charge too. These fees are there to offset the cost of compliance and reporting requirements of loans. Some plans don't even allow for loans unless for financial hardship reasons that they must approve.

As always check with your specific plan and know what you are getting yourself into first.

Sponsored

 

[HeritageRider]

When I bought my '14 Focus, my credit score was around 630, and I only had $1000 down payment. Ford Credit turned me down. The dealership did find me decent financing, though. It was through - get this - GM Financial. GM financed my new Ford! ? This time around, my down payment will be much better, and my score is currently 695, hopefully over 700 by the time I buy.

 

[rdperez9411]

i read somewhere that to get xplan pricing you have to finance through Ford, can anyone clarify?

 

[ct1975]

i read somewhere that to get xplan pricing you have to finance through Ford, can anyone clarify?

Not true.

 

[SpaceBronco_Yamato]

Here’s a strategy I’ve had great success with in the past that you might want to consider (and apologies if someone has already suggested this as I didn’t read every response.) Building upon several of the suggestions, you absolutely need to know what your credit score is and what you qualify for. My credit union def has given me amazing rates but also the dealer has too. The dealer has additional financial incentive rewards if a customer finances though them versus an outside lender. For example, hypothetically, if a dealer makes $100 for selling a vehicle, they might make an additional $100 if you finance through the dealer. So that gives you leverage in the negotiations. If you know going in that you pre-qualify for 5% interest rate through your own outside lender and the dealer comes back with, say 6%, you can say “no deal unless they can beat 5%.” Pre-qualification is key because it won’t ding your credit score with multiple inquiries. We’re far enough in advance that you can find this stuff out now and be cool by the time you need to hard negotiate.

 

[dweskamp]

Credit unions tend to offer best rates.

Pre approved at Navy federal 2.4%

 

[dryoung711]

720 should be fine but maybe 780+ if they have that tier available. I have always received 100% financing (including tax & title fees) from a local CU and just did a 66-month loan at 2.35% on a used car. And my $5 savings account is the only other business I've done with them (other than 3 auto loans and a boat).

Looking forward to see if Ford has anything to offer but I wouldn't expect much since the Bronco orders are already through the roof.

 

[FlyinBD]

Ford has been offering 0%, but I bet that will circle the drain before the Bronco release to buyers. Credit Unions historically the have the best rates. My used 2014 F-150 purchased 3 years ago got 3.39%. Better than home loan rates at the time. Just paid it off.

 

[Keith Holt]

So I am wondering, how hard is it to get financed through Ford? Would they even be the best option to finance with? Any suggestions to either or these questions would be greatly appreciated. Thanks
Berg

I use American Airlines credit union.
Best rates across the board.
Ask to join. If you have any issues I can get you in.
My done just got a used car loan 2.4%

 

[Keith Holt]

I use American Airlines credit union.
Best rates across the board.
Ask to join. If you have any issues I can get you in.
My done just got a used car loan 2.4%

Son sorry

 

[Ajusaf]

Pre approved at Navy federal 2.4%

Why so early? you still have over 6 months to go for a bronco so that offer won't last?

 

[calgecko]

720 is 'ok'.. try to get closer to 800

 

[timhood]

So I am wondering, how hard is it to get financed through Ford? Would they even be the best option to finance with? Any suggestions to either or these questions would be greatly appreciated. Thanks
Berg

For the Bronco, there will be NO incentives offered at least until 2022. Ford or dealer financing is never *never* competitive without incentives. Shop around for rates at different credit unions. I can get 2.19%/5yrs or 2.29%/6yrs at Navy Federal, for example.

 

[Chief1301]

I've actually found that when I take the time to truly explain things to people it works both ways. They are empowered when doing their deals and they also tend to be more likely to purchase from me with less issues/problems. They are more comfortable buying added products at FAIR prices (some places kill people on them). And we get perfect surveys which are extremely important.

NayNay, what's your opinion of the Ford Flex Buy Program. Positives, Negatives?

Sponsored