Ford Financing

[L8apex]

This is my first brand new car and obviously the only car I've ever ordered and will buy without lots of haggling and cost comparing...

So I need some advice from you all that have dealt with this a bit more.

When should I start working with my bank or a lender for financing/loan application? My order is being built week of 8/9, delivery sometime in mid Sept. Ive been looking around, but wasn't sure when I should/can start locking in financing.

Any advice is appreciated.

When you get approved for a loan they do a “hard” credit pull to assess the risk of lending you money.

Too many hard credit pulls can negatively affect your credit score and cause you to get a worse rate.

BUT the credit score only gets affected after 30 days from a pull. So you could shop 100 different lenders in a 30 day period and it would only affect your score once. Shop for loans 31 days apart - the second one could be affected by a difference score.

I have seen disingenuous salesmen try to push people into a car saying if they walk away from the table today they won’t be able to get as good of financing anywhere else because of multiple hard pulls. Which isn’t true.

TLDR: Start shopping for loans with in 30 days of when you expect to check out Ford financing.

Sponsored

 

[Gamecock]

You only need to be a member for the insurance. USAA Banking is open to the general public. I worked at the bank for 5 years.

I don’t think that’s true. I think you have to meet the eligibility requirements no matter what. I think you are confused but go ahead and link it in where it says banking products are open to non-members. I could be wrong. I have been a member for 30 years, and that would be a new one. I just went to their website as if I wasn’t a member and tried to open an account to see and it gave me the eligibility requirement for members, same as it always has been (actually when I joined it was for officers / officer candidates only, then they added NCOs, then later added all military, so they do change things).

 

[kodiakisland]

I don’t think that’s true. I think you have to meet the eligibility requirements no matter what. I think you are confused but go ahead and link it in where it says banking products are open to non-members. I could be wrong. I have been a member for 30 years, and that would be a new one. I just went to their website as if I wasn’t a member and tried to open an account to see and it gave me the eligibility requirement for members, same as it always has been (actually when I joined it was for officers / officer candidates only, then they added NCOs, then later added all military, so they do change things).

I know several years ago they started including anyone with a family member who was in the military to join, even if that person was not a USAA member.

 

[Gamecock]

I know several years ago they started including anyone with a family member who was in the military to join, even if that person was not a USAA member.

That’s true, family members are eligible.

 

[AbeFroman]

You only need to be a member for the insurance. USAA Banking is open to the general public. I worked at the bank for 5 years.

Can you explain how to do this? I just signed up and it said I wasn't eligible for auto loans

 

[Bronc-itis]

I created an account for USAA too and it required my military credential verification

I will probably be applying at penfed and usaa. But who knows when my 5/4 order will be ready..

Base
Squatch
2.7
Auto
MIC

 

[bchapa2002]

Can you explain how to do this? I just signed up and it said I wasn't eligible for auto loans

Can you explain how to do this? I just signed up and it said I wasn't eligible for auto loans

I would call the customer service department. USAA is constantly changing eligibility requirements. When i worked there, the bank was open to everyone. That may have changed.

Call USAA at 800-531-USAA (8722), that's 800-531-8722, and say Join USAA.

 

[AbeFroman]

I would call the customer service department. USAA is constantly changing eligibility requirements. When i worked there, the bank was open to everyone. That may have changed.

Call USAA at 800-531-USAA (8722), that's 800-531-8722, and say Join USAA.

Thanks, I'ill give this a try and report back for all.

 

[FstFrd00]

I'm 30+ days out so I haven't contacted any bank or CU, but I have been keeping my eyes open on who offers the best rates.

 

[Lord Bronco]

Here’s my dilemma. My blend date is 7/13, so it’s time to decide.

Save your scorn of my financial choices thus far. The smart thing to do would be keep my car and drive it another 10 years, but I want the Bronco and I’m going by heart, not brain. With that context…

My current car is paid for and its sale value right now to Carvana or Carmax ranges from 26,000 to 27,000. My original plan was to sell it and pay off a $25,000 debt that’s 11.5% that I pay about $600 a month on, at which rate it’s going to take a good while otherwise. Or pay $20,000 of it off at least and use $4,000-$5,000 for Bronco down payment. But now I’m wondering if I should instead trade it in on my $40,040 (plus taxes) BD which would cut my monthly on the car note to $250 or less depending on APR of whatever bank I use.

Any thoughts or advice from the financial gurus here?

Probably should have gotten a base Base, paid off the debt by selling my ride, and finance the whole Base at a total barely more than current debt at lower APR.

 

[Contact]

Here’s my dilemma. My blend date is 7/13, so it’s time to decide.

Save your scorn of my financial choices thus far. The smart thing to do would be keep my car and drive it another 10 years, but I want the Bronco and I’m going by heart, not brain. With that context…

My current car is paid for and its sale value right now to Carvana or Carmax ranges from 26,000 to 27,000. My original plan was to sell it and pay off a $25,000 debt that’s 11.5% that I pay about $600 a month on, at which rate it’s going to take a good while otherwise. Or pay $20,000 of it off at least and use $4,000-$5,000 for Bronco down payment. But now I’m wondering if I should instead trade it in on my $40,040 (plus taxes) BD which would cut my monthly on the car note to $250 or less depending on APR of whatever bank I use.

Any thoughts or advice from the financial gurus here?

Probably should have gotten a base Base, paid off the debt by selling my ride, and finance the whole Base at a total barely more than current debt at lower APR.

Depending on your credit rating, I personally would pay off the high interest debt. Your vehicle interest rate should be a lot lower than the loan at 11.5%. Let's say 2-3% range. That's a 8 -9% big difference. Especially, if you pay the loan off early enough to effect your credit rating(if it needs a little boost). If you finance the vehicle (+TTL) let's est. $44000 at 3% then your payments would be approx. $790/ mo at 60 months, but no 11.5% loan at $600 a month equals 790-600= +$190/mo., otherwise, by not paying off the loan of $600mo. would result in a car loan of $19k ($44k-25k car value) at 3% for a $340 payment. $340 + $ 600 = $940. So, having one debt to pay each month vs two helps to manage things a bit. This is just my opinion of what I would think of doing. Good luck!

 

[Lord Bronco]

Depending on your credit rating, I personally would pay off the high interest debt. Your vehicle interest rate should be a lot lower than the loan at 11.5%. Let's say 2-3% range. That's a 8 -9% big difference. Especially, if you pay the loan off early enough to effect your credit rating(if it needs a little boost). If you finance the vehicle (+TTL) let's est. $44000 at 3% then your payments would be approx. $790/ mo at 60 months, but no 11.5% loan at $600 a month equals 790-600= +$190/mo., otherwise, by not paying off the loan of $600mo. would result in a car loan of $19k ($44k-25k car value) at 3% for a $340 payment. $340 + $ 600 = $940. So, having one debt to pay each month vs two helps to manage things a bit. This is just my opinion of what I would think of doing. Good luck!

Sounds about right. Thanks. Paying off the debt won’t boost my credit rating in time for it to help but I have good credit. What sucks is yesterday my rating dropped two points to go from “very good” to “good” because of new loan for wife’s new car just hitting credit while the old loan I just paid off for her previous car with insurance proceeds on 6/12 still showing up as not paid on my credit.

 

[mcalpal]

@Lord Bronco I would do @Contact says because it's best to get rid of the high interest first and the monthly will actually end up being better.

 

[Brongo]

Ford’s financing for a new Bronco will be 25% APR for 120 months OR $25,000 Cash Forward.

 

[Faust]

Considering I got a mailer from Ford for a new mustang.. and the offer they displayed was a compelling 5.9% APR for 84 months..... Yeah, don't expect much.

Sponsored