Interest rates vary depending on where you live. In general for a 72 mo loan, a decent interest rate is half of what you have quoted for you
nice!
I took my Bronc home next morning 6/16 financed at 2.9% for 84months with Ford. What I learned, call all of your local credit unions and when at dealer ask ypur dealer to beat your best quote without sharing the name of credit union. Then ask them to bid out via their indirect system to "all" the credit unions in area that they work with. Very very good chance you will get up to 1% lower if they actually do this, and I think they must under fair lending or fair borrowing act (forget name). It only became apparent to me upon taking Ford financing and the dealer having me sign a fair lending doc which showed 12 or so lenders that I have a right to get qoute from. I am guessing Ford has legal responsibility to help buyer access other lenders, but of course you can bet that they do not volunteer. Was learning experience for me and hope helps you. If you think about, as collateral for auto loan, Bronco is actyally worth more used (if you pay MSRP) and thus a higher future value versus present value (@MSRP) should translate to below market rate vs loans for other vehicles which are worth less the minute you drive off lot (unlike Bronco which can be worth more). Again, hope helps and good luck!
Rates have changed since you took delivery, but your advice is worth gold. A lot of people think they’re obligated to finance with the dealer, which is not the case. If people do their homework, like you did, they can save a bundle. Thanks.I purchased my Bronco on Friday 7/15. Dealer started at 4% for 60months, I called a couple local credit unions, 1st offered 3.25% for 60months 3.75% for 72months, and 4% for 84months. I asked dealer to bid out locally (fair credit act means they are supposed to do this ~ more on this below). They came back with higher rate from same credit union that I already called (had card on table and told them name) and dealer offered Ford rate of 0.01% lower. They did not send to all for quote even though can (and think they must by law if you request), so I called 2nd local credit union while at dealer and was offered 3.5% for 84months. While on phone with credit union at dealer who was in background asking if I would stop application if she could get me 3.49% for 84months, the credit union lady on phone offered 2.9% for 84months. I told the dealer I was going with credit union and would be back the next day with check, as I was about to walk out door the dealer finance mgr stopped me and said let me call Ford credit and see if can ask for favor to match. Well, 5min later, said got me 2.9% for 84months. Was getting late and had to pickup my boy from daycare, so I signed half the papers and still ducked out and came back next day.
Thank you, very helpful information!I purchased my Bronco on Friday 7/15. Dealer started at 4% for 60months, I called a couple local credit unions, 1st offered 3.25% for 60months 3.75% for 72months, and 4% for 84months. I asked dealer to bid out locally (fair credit act means they are supposed to do this ~ more on this below). They came back with higher rate from same credit union that I already called (had card on table and told them name) and dealer offered Ford rate of 0.01% lower. They did not send to all for quote even though can (and think they must by law if you request), so I called 2nd local credit union while at dealer and was offered 3.5% for 84months. While on phone with credit union at dealer who was in background asking if I would stop application if she could get me 3.49% for 84months, the credit union lady on phone offered 2.9% for 84months. I told the dealer I was going with credit union and would be back the next day with check, as I was about to walk out door the dealer finance mgr stopped me and said let me call Ford credit and see if can ask for favor to match. Well, 5min later, said got me 2.9% for 84months. Was getting late and had to pickup my boy from daycare, so I signed half the papers and still ducked out and came back next day.
Was Ford Credit.
If you're just getting a pre-approval you can just guesstimate the amount. When/if you actually go to get financing your bank/CU will ask you for a purchase agreement so you can see the actual exact amount you'll need to purchase the car. You'll have to get the dealer to send you a copy of one. Once you send the bank the purchase agreement, and tell them how much you plan to put down as a deposit, they'll approve the remaining amount and mail out a cashiers check for the financed amount either directly to the dealer or to you.
