Interest rates?

[Shane W]

Can I ask what your monthly will be and what percent is that of your monthly income?

750 but interest rates vary that number. Just wanted to see if there are any good rates right now. Google search doesn't get me good results. As far as my DTI% I'm setting very low, zero credit card debt

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[Shane W]

I got my Bronco last November and I got pre-approved for like 4.99% with a 740 score at a credit union. When I went to Ford, they offered me something like 6.99%. After I told them I was going to go with my credit union, they literally offered to match it so...see if they'll beat some other place that gives you a rate you're comfortable with. If not, then you've still got the other rate.

Thank you, hope that happens to me as my credit union isn't horrible, its just went from 4.99%, then 5.49% and now 5.74% in the last 6 weeks. Not the trend I was hoping.

 

[Shane W]

USAA yesterday

Thanks and my dad was a military member but disowned me when I was 3

 

[Shane W]

I have a 740 credit score and got 8% on March 31, 2023 when I picked up my Bronco.. I’m going to start to look around to refinance… I also put 18,000 down on a 60,000 dollar vehicle…

That's close to where I'm at. I'll probably just take my lumps and refi when things return to normal.

 

[Shane W]

Purchased from Galpin Ford in December 2022.

Paid $53.3K MSRP. After tax, destination, DMV, and document fees, drive-off was $61K.

$31K down, and the payment was $503mo for 72mo. Interest was 7.8%.

Made 3 payments, then refinanced with my Credit Union 2 weeks ago with another $19K towards the loan balance.

New loan balance is $11,274. New payment is $217mo for 60mo. Interest is now 5.25%.

Will have this paid off in December of 2023.

That's how ya do it! I'll be working like crazy to get this thing paid off also

 

[The Compensator]

USAA bank does not require military service, just the insurance side. Anyone can open a bank account with USAA bank. Apply online and have an answer quick.

Good to know. It was one of the first questions they asked me when I applied, but it didn't ask if it was actually required. Thanks for clarifying!

 

[Shane W]

Yes, I believe so. May take your wife joining and then you’d be eligible to join. Or just straight line to you. Worth a try.

He died 19 years ago.

 

[FloridaBroncoPipeDream]

Purchased from Galpin Ford in December 2022.

Paid $53.3K MSRP. After tax, destination, DMV, and document fees, drive-off was $61K.

$31K down, and the payment was $503mo for 72mo. Interest was 7.8%.

Made 3 payments, then refinanced with my Credit Union 2 weeks ago with another $19K towards the loan balance.

New loan balance is $11,274. New payment is $217mo for 60mo. Interest is now 5.25%.

Will have this paid off in December of 2023.

What were your closing costs for the refinance ?

 

[Tishomingo]

Harder to find rates under 5% these days, with any score.
Just put as much as you can down, and deal with the interest. Really though the difference between 3% and 6% is not much on a relatively cheap vehicle like the Bronco.

 

[FreddieLee]

What were your closing costs for the refinance ?

I've never paid or heard of closing costs associated with refinancing a vehicle. In my experience, banks are glad to have the business of a new loan.

As it stands, if I paid this over the span of 60mo, they'd make $1,752.12 on the loan.

 

[Alfa]

2 months ago walked out of the dealership with 100% loan through Ford Motor Credit. 800+ credit score, almost 8% at 72 months. 3 weeks later, refinanced with my credit union at 4.29%. They would also finance 100%, but I put down 50% and it did not affect the rate.

The also locked my rate for 60 days. I already had the financing in place, but used Ford Motor Credit to walk out of the dealership quickly since the dealership hadn't worked with my credit union before and it was late on a Saturday.

 

[FreddieLee]

Really though the difference between 3% and 6% is not much on a relatively cheap vehicle like the Bronco.

I have to disagree there.

$60K, $0 down, @ 6% would be $1,159.97mo with $9,598.09 in interest paid at the end of the loan term.

$60K, $0 down, @ 3% would be $1,078.12mo with $4,687.29 in interest paid at the end of the loan term.

Not a huge difference in the monthly payment, but you're paying double to carry that loan to term at 6%.

 

[WaitingForMyBroncoHTX]

I have a 740 credit score and got 8% on March 31, 2023 when I picked up my Bronco.. I’m going to start to look around to refinance… I also put 18,000 down on a 60,000 dollar vehicle…

Definitely look to refi with a credit union. I don't know where your loan is with now, but that seems too high.

Mine was $52K with 20K+ down and 800 score, and I was at 5.5%. All the big banks were higher then the credit unions here.

 

[Blairwarlock]

Use a credit Union and take anything below 6% right now, assuming good credit. Never finance with the dealership if you can avoid it. Plan to refi in 6-12 months. Prime rate sucks today but this week was likely the last time the Fed will raise short term rates. We expect them to begin lowering Fed rate Q4 or maybe Q1’24. On the flip, now is the time to put money in a CD or US TREASURIES ideally before rates begin to come down.

 

[rayhil67]

I was able to order my Bronco on 3/27 and to my surprise I got the build date a week later. MY Wildtrak is scheduled to be build the week of 6/5 so as long as everything goes to schedule, I should take delivery around the 4th of July. I have been watching loan interest rates very closely and at my Credit Union they have went up 3 times since I ordered it. I was hoping that rates would start to drop but I'm not seeing it. What kind of rates are you getting, Ford Motor Credit offering any good deals for excellent credit score's? Not sure if it helps but I'll have over 30% down. And before I get the I paid cash for mine guys, need not respond but good on you, I'm not in that position. Oh, my credit union is currently 5.74% for 66 months... can I beat it?

Well you kind of got lucky with only a 2.5 month wait, (Congrats by the way) I have a 2.49 rate but waited over a year (I know tons of people waited longer). It all balances out, Waits were caused due to bad planning by Ford, High interest rates are due to bad voting habits by people!!!!

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