Ford Credit / Financing with Credit Union?

[telenerd]

Howdy,

I’m thinking about applying for Ford Credit to finance my new Bronco. Just seeing if this is worth it or should I just go through the credit union?

It’s hard to tell what their rates are on the Ford website. I’m also looking to sell my Subaru, I’ve heard good things about Carmax and Carvana and they tend to offer more than trade in at local dealer.

Any advice welcome, to save on my payment and interest rate.

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[Bronc-Itus]

My 2018 f250
Ford Credit 5%
credit union 2.7%
No Brainer!

 

[MN_OuterBanks]

Zero chance Ford credit will beat a CU. Don’t waste your time.

 

[telenerd]

Wow 5% is quite high.

 

[Mango&Moose]

Wow 5% is quite high.

lol. It's the default on B&P

 

[pfd799]

Wow 5% is quite high.

That’s pretty standard for manufacturer APR unless they’re running a special which typically is 0-1.9%. Considering they usually run APR specials on vehicles they need help moving I wouldn’t count on that happening with the bronco for some time, credit union is definitely the way to go

 

[Deleted member 3063]

Even if the rates are identical at the end of the day you're a member of a credit union and a customer of Ford credit. Doing business with your own credit union helps all members, including yourself by keeping loan rates lower and savings interest higher.

Not all credit unions are created equal and it's on you to know the differences.

I've been a member for 30 yrs and can't imagine going back to a bank with all their random BS. Heck my CU even helped me resolve a dispute with the IRS without charge.

 

[pfd799]

Even if the rates are identical at the end of the day you're a member of a credit union and a customer of Ford credit. Doing business with your own credit union helps all members, including yourself by keeping loan rates lower and savings interest higher.

Not all credit unions are created equal and it's on you to know the differences.

I've been a member for 30 yrs and can't imagine going back to a bank with all their random BS. Heck my CU even helped me resolve a dispute with the IRS without charge.

Good point, I switched to a credit union from a megabank 5 years ago and they’ve been great

 

[Tonka Bronka]

Howdy,

I’m thinking about applying for Ford Credit to finance my new Bronco. Just seeing if this is worth it or should I just go through the credit union?

It’s hard to tell what their rates are on the Ford website. I’m also looking to sell my Subaru, I’ve heard good things about Carmax and Carvana and they tend to offer more than trade in at local dealer.

Any advice welcome, to save on my payment and interest rate.

1.49% at my Credit Union, join a good one now.

 

[abe]

Carvana gave me almost $3000 more than the dealership offered when I sold my F150.

 

[CADUC3US]

I contacted a local CU then my bank and my bank beat the CU before applying discounts for having accounts with them. The kicker for me is when to actually apply for the loan as the approval is usually good for just 30 days and with the volatile nature of scheduling you could get approved but then your build date could move out of the range the loan is approved for.

 

[uncledoodoo]

Dealer's motivation - get you to accept the highest rate they can because they get a kick-back
Credit Union's motivation - offer the lowest rate you can qualify for to compete against the dealer

you decide

 

[BE5OME1]

GCECU = 2.99% at 60mos
Ford = 2.79% at 60mos

Always play them against each other, I have even gotten Ford to throw in a 100k warranty if I went with them, they matched CU in that case.

On my recent (Dec 2020) F150 purchase.

 

[AlexInNY]

Regarding the trade-in, I’m looking to offload a 2016 BMW 428 Convertible and Carvana’s offer as I write this is $28,457 and Chapman’s ballpark trade-in offer subject to seeing the car (if I traded it in today) would be about $28,000, and there’s a big tax benefit with a trade-in. Just wanted to share what I was seeing.

 

[BeerForMyHorses]

Regarding the trade-in, I’m looking to offload a 2016 BMW 428 Convertible and Carvana’s offer as I write this is $28,457 and Chapman’s ballpark trade-in offer subject to seeing the car (if I traded it in today) would be about $28,000, and there’s a big tax benefit with a trade-in. Just wanted to share what I was seeing.

What's the tax benefit?

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