Anyone recently financed through Ford?

[Caferd]

I got a 6.94%apr from Ford credit for the $1000 rebate. Within a few weeks I refinanced through PenFed for 2.99%apr. my credit score is over 800

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[Arbybaconator]

I got a 6.94%apr from Ford credit for the $1000 rebate. Within a few weeks I refinanced through PenFed for 2.99%apr. my credit score is over 800

Nice! I have PenFed as well. I think this is the exact route I will take. Was the refinance process pretty simple with them? I have never refinanced before. Do you get dinged for multiple hard pulls? Or do you just do it within the window where it doesn't affect your score?

 

[Caferd]

Nice! I have PenFed as well. I think this is the exact route I will take. Was the refinance process pretty simple with them? I have never refinanced before.

It was kinda a pia, PenFeds phones didn’t work. Spent hours trying to call them. They emailed back and said that it was a temporary problem but the next few days I still had problems. They made me call Ford credit and get early payoff and had me mail the check to Ford credit. I’m not sure if all that’s normal tho. ??‍

 

[Agashi25]

It was kinda a pia, PenFeds phones didn’t work. Spent hours trying to call them. They emailed back and said that it was a temporary problem but the next few days I still had problems. They made me call Ford credit and get early payoff and had me mail the check to Ford credit. I’m not sure if all that’s normal tho. ??‍

I’m gonna cry laughing if Ford sends you the title lol

 

[Caferd]

I’m gonna cry laughing if Ford sends you the title lol

I’m sure they will. I’ll then have to put PenFed on it and all that Or get some crazy interest rate from PenFed

 

[Steve2352]

I did the same thing, will pay it off on first payment. I got 3. something.

I did a similar thing but my dealer said the min loan was 8K to get the 1000 and I can pay it off when I get the statement before the first interest payment is due

 

[ldsavow]

 

[yamaholic1]

My advice is to find and join a local credit union. They typically have some of the most competitive rates.

Definitely my suggestion...I've always got better rates through my credit union than through any of the dealership options. My truck has a build date of 3/1 so hopefully have it toward the end of next month - and although my CU has always had really good rates their current best is 3.49% which I would've guessed would be better than that. I just made the mistake of paying off my current truck before applying for the new loan and that actually caused my credit score to drop into the 700s which is crazy to me...now I have less debt but it made my score plummet?!? I guess I just don't understand their reasoning behind how they calculate credit scores...

 

[huskerf150]

I just did last week, 5.4 with perfect credit. Headed to credit union next week, 1.9 for 63 months, 2.5 for 75 and 3.5 for 84

You are right on with your quotes, I am making one payment and headed to credit union myself. Shop around the dealer may find someone too after a month. HUSKERF150

 

[currybob]

I received my payment information two weeks ago that showed the payments and payoff of the loan with Ford. I had financed the trade-in difference just to get the rebate.

Some were told by dealers they should wait to payoff or refinance a couple of months so the title would not get lost or something like that.

I sent in the loan payoff the day I got the statement. One week later I got my title in the mail, I was shocked it was that fast but there it was.

So if your paying yours off or refinancing, do it as soon as you get your loan info. It went smooth as silk.

 

[jwgreene]

Maybe it’s just me, but it really seems like Ford has much higher interest rates than other brands offer. 2.9-8.9% is not a good interest rate. GM was willing to give me $4250 rebates, $5000 off msrp, and 1.9% interest rate before I decided to order an F-150. Ford, like other brands will do 0% with no incentives taken, so clearly they can do low rates.
Has no one threatened to walk out on a deal in order to get a lower interest rate? I plan on telling my dealer up front when the truck arrives that I won’t be paying 2.9% or higher, and I’ve walked out on deals before so it’s not something I’m afraid to do. In the end, it’s a truck that I want ....... I don’t NEED the truck to live. The dealer however does need to sell the truck.

 

[Norris McCarty]

Maybe it’s just me, but it really seems like Ford has much higher interest rates than other brands offer. 2.9-8.9% is not a good interest rate. GM was willing to give me $4250 rebates, $5000 off msrp, and 1.9% interest rate before I decided to order an F-150. Ford, like other brands will do 0% with no incentives taken, so clearly they can do low rates.
Has no one threatened to walk out on a deal in order to get a lower interest rate? I plan on telling my dealer up front when the truck arrives that I won’t be paying 2.9% or higher, and I’ve walked out on deals before so it’s not something I’m afraid to do. In the end, it’s a truck that I want ....... I don’t NEED the truck to live. The dealer however does need to sell the truck.

You’ll probably walk out without the truck.
There are plenty of places to get low interest rates on a new vehicle if your credit is good enough.
FMCC doesn’t have to give $ away to sell these trucks right now.

 

[jwgreene]

You’ll probably walk out without the truck.
There are plenty of places to get low interest rates on a new vehicle if your credit is good enough.
FMCC doesn’t have to give $ away to sell these trucks right now.

Neither does GM or Ram, all 3 are selling what they want due to shutdowns and chip shortages. Yet the two mentioned above seem more willing to negotiate. I’m not certain that a lot of folks here didn’t just accept what they were told when the finance guy said we can only do 6%. I’ve never paid over 2.9% on a vehicle financing through the manufacturer, and that includes my first new vehicle purchase as a 22 year old with not much credit.
If I get up and walk out at a 2.9% offer I’d put money on getting called back in before I make the parking lot with a lower rate offered.

 

[unixadm]

I got 5.3% for 60 months from Ford Credit. My credit score was 832. I’m in the process of refinancing with PenFed at 2.89%.

 

[Norris McCarty]

Neither does GM or Ram, all 3 are selling what they want due to shutdowns and chip shortages. Yet the two mentioned above seem more willing to negotiate. I’m not certain that a lot of folks here didn’t just accept what they were told when the finance guy said we can only do 6%. I’ve never paid over 2.9% on a vehicle financing through the manufacturer, and that includes my first new vehicle purchase as a 22 year old with not much credit.
If I get up and walk out at a 2.9% offer I’d put money on getting called back in before I make the parking lot with a lower rate offered.

Good luck....seriously. But I wouldn’t wait on a call back. FMC sets the rate on interest rate specials through FMCC....not the dealer. The dealer may can get you a lower rate through one of their lenders than FMCC is currently offering.
Finance with FMCC.....get the rebate....then refinance at the lender of your choice......relax.....enjoy your new truck..

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