Getting a loan - timing to beat interest rate increases?

[SZairborne]

My Bronco is currently in production. My mods have popped and I have 0 constraints. I am looking to beat the new interest rate increase from the feds and my bank will hold my preapproval for 90 days. Should it try to lock in something now or wait till its out of production?

Thanks

Sponsored

 

[freezey00]

I'd suggest waiting. Mine went into production and was completed on March 20th. It has been sitting in awaiting shipping assignment for a month now.

 

[Monster1926]

If you want and your dealer is willing they can paper the vehicle and you can take the loan and pay for it if your that worried.

 

[2100]

Mine went into production on 1/14 and is still on a micro chip hold.

No guarantees in Bronco delivery estimates

 

[760 bronco]

I would suggest against taking that ding on your credit. There is no guarantee you will see your bronco in 90 days with all of the shipping issues.

 

[SZairborne]

Thanks for the replies!

 

[hsun85]

If i remember correctly, a pre-approval from your bank/CU is good for 30 days.

 

[DustyBronco]

What kind of interest rates is everyone getting from Ford?

My credit union is offering 1.99 for 60 months. I have no idea if that’s good for a new vehicle right now.

 

[MayhemMike]

A rate increase won’t be significant enough to offset the value of any additional down payment money you have at delivery. If you have to wait a month or two as some have after being built,simply act as if the Bronco loan is active and put the would be monthly payments into your down payment fund.

 

[2021AreaFiftyOneOBX]

What kind of interest rates is everyone getting from Ford?

My credit union is offering 1.99 for 60 months. I have no idea if that’s good for a new vehicle right now.

1.99 is great! Most banks are well into the 3%’s already and rates are only rising (The Fed is about to raise rates at least .50% again). Lock it in!!

 

[chrisrizzo]

I would advise you to wait. If you wish and the dealer agrees, they may paper the car, and you can take out a loan and pay it off later if you're concerned. You can also visit https://fitmymoney.com/auto-repair-financing-guide/ for more information. The value of any additional down payment money you have at delivery will not be offset by a rate increase. Though you have to wait a month or two after the house is finished, just pretend as if the loan is still ongoing and make the monthly installments into your down payment fund.

 

[Butzy]

I don't see what could go wrong if you don't lock it in. They aren't gonna get lower.....

 

[ColeTrain84]

My credit union said it doesn't matter what the fed does since its a secured loan. They also said the rates they give are since the loans are in house and isn't affected by the increased rate. Could they charge more? Yes. But they aren't planning to

 

[airishfan]

I would suggest against taking that ding on your credit. There is no guarantee you will see your bronco in 90 days with all of the shipping issues.

no guarantee he see it in 90 years

 

[RustysBronco]

What kind of interest rates is everyone getting from Ford?

My credit union is offering 1.99 for 60 months. I have no idea if that’s good for a new vehicle right now.

This is an excellent rate especially right now

Sponsored