Interest Rates?

[Shoe_Here]

Hi all. My wife and I are looking at the new Explorer's and just curious what some of you are getting for interest rates through Ford or otherwise.

Thanx!

 

[lobuzz311]

I got offered 3.45% for any term through my credit union. The dealer matched that rate for 76 months (with no prepayment penalties) through their local bank contacts.
Ford also had 0% available, but it was for extremely short terms - 24 months, if I remember correctly. That just wasn't feasible for me.

 

[1tufgt]

I got offered 3.45% for any term through my credit union. The dealer matched that rate for 76 months (with no prepayment penalties) through their local bank contacts.
Ford also had 0% available, but it was for extremely short terms - 24 months, if I remember correctly. That just wasn't feasible for me.

I didn't think the 0% from Ford Credit applied to the 11 Explorers unless it was through their local bank. My Credit Union is offering rates as low as 2.65% on new for up to 48 months or 3.50% for up to 60 months.

 

[peterk9]

If anyone is thinking of leasing, ask the leasing manager if they have a Refundable Security Deposit program. I just made that name up. I asked my salesman about it and he wasn't aware of such a thing. He had to check with the leasing manager who had to check into it with Ford Credit. The final answer was 'Yes'. I had used this with my last two Highlander leases. In Ford's case, it allow you to put down up to 10 multiple payments, each one reducing the lease rate by 0.15% to a max of 1.5%. At the end of the lease, this money is refunded (no interest). The payment amount is based on the initial monthly lease cost, tax included, rounded up to the next $25. My payment worked out to, I think, $615/mon. so it was rounded to $625. I put $6250 down as a refundable security deposit and it reduced my payment to $573/mon. Saving just over $2000 over the 48 month lease. With the low interest the banks are paying, I figured I was better off using it this way. I can always use it later to put toward buying it outright at the end of the lease if I wanted to do that. When the salesman said that not many people use this program I told him that it is very likely because it isn't advertised so how can anyone know about it?:scratch:

 

[Rather be flying]

2.75% up to 60 months through my credit union and they have branches in several big cities others can join.

https://www.deltacommunitycu.com/Personal/loancenter/rates.asp

Chances are really good if you choose to take the "cash" rebate and have outside financing for say 2.75% Ford Credit can beat it. Don't let them beat it by .10% either, make them earn your business.

 

[edge929]

I've been looking for months and the best I've seen, for non credit unions is 3.15% from Bank of America HOWEVER I don't know the fine print (have to be a customer already with X amount in a savings account, plus I think there is a $200 application (read: BS) fee and of course excellent credit).

Ford's financing isn't realistic for most people as other have said. 4.9% for 60 months is hardly good considering CDs are barely at 2% right now. The low interest rates on CDs opened an unusual path for me. My parents who (should be) are almost retired offered to loan me the amount I need for 2.5% interest (for 60 months) since the best they can get from a CD right now is 1.6%. It's a win-win situation.

 

[Rather be flying]

Keep in mind Ford Credit is in business strictly to help its dealers sell cars. If you have excellent credit don't be afraid to ask/insist/demand a better rate than 4.9%.

 

[celly]

What's a car payment?

 

[Mishtar]

I had 3.5% secured through my bank and the dealer up here in Canada said he would not even bother to ask ford to at least match it as they are only giving out 6. something %. I was only asking for a 24 month loan as well. Not sure why they would rather have me pay the bank interest.

 

[peterk9]

I had 3.5% secured through my bank and the dealer up here in Canada said he would not even bother to ask ford to at least match it as they are only giving out 6. something %. I was only asking for a 24 month loan as well. Not sure why they would rather have me pay the bank interest.

My lease rate ended up at 3.49% for 48 months. I wasn't looking to purchase. This will be my 5th lease since '99.

 

[jeeden]

I always show up at the dealer with the preapproval from Ford credit. They always have great rates, I fill out the app online and then take the paper in with me. Reasons are:

1. I fill out the app in my home online, not in the little finance office
2. They don't get to shop my rate
3. They don't get to negotiate it with me, I take financing off the table of things they can mess with and focus on the price of the car only
4. Ford credit has been very good on previous vehicles in terms of billing, customer support, etc.

 

[edge929]

This will be my first vehicle purchase paid in cash, in full and I've always wanted to do that. Walk into the dealership, say "I'll take that one at invoice (to be fair, dealerships need to profit to stay in business) plus tax/title/tags, I'm paying cash, would you like a cashier's check or Benjamins? The next words out of your mouth better be along the lines of "sounds great" or I'm turning around and leaving." Absolutely no room for negotiation.

 

[Mishtar]

Lol nice Edge. Just noticed a few of your posts on Blue Oval the other day as well.

 

[Mishtar]

I always show up at the dealer with the preapproval from Ford credit. They always have great rates, I fill out the app online and then take the paper in with me. Reasons are:

1. I fill out the app in my home online, not in the little finance office
2. They don't get to shop my rate
3. They don't get to negotiate it with me, I take financing off the table of things they can mess with and focus on the price of the car only
4. Ford credit has been very good on previous vehicles in terms of billing, customer support, etc.

I just found out I could try this on the Ford.ca site. I have one monthly bill which is $950 a month for a Mortgage and I make over 90k a year and they said they would finance me for 14k only over 60 months....WTF. I have a perfect credit rating not that they even checked that it only asked anual income and mortgage payment. Oh and I think it is total bs that I had to give them the name of a dealer in my area or a postal code and they would said my request to the dealers in my area. I just wanted to see what rate they would give.

 

[edge929]

I just found out I could try this on the Ford.ca site. I have one monthly bill which is $950 a month for a Mortgage and I make over 90k a year and they said they would finance me for 14k only over 60 months....WTF. I have a perfect credit rating not that they even checked that it only asked anual income and mortgage payment. Oh and I think it is total bs that I had to give them the name of a dealer in my area or a postal code and they would said my request to the dealers in my area. I just wanted to see what rate they would give.

That is crap. Your only debt is a low mortgage compared to your income and they were only willing to go 14k? In 2006 they would have given you 140k if you wanted it. I've also noticed shopping for rates was cumbersome. "Just fill out or online app and that's it!" Yeah right, such BS after you read the fine print.

*Subject to everything under the sun. Need blood sample, verified income, tax records for past 5 years and first born. $200 application fee. Must currently have an account with us in the amount of no less than $100,000 US. We don't really intend to loan you anything but the government says we have to "try", hence this webpage. We are too scared to admit that there may still be some honest, hard working people who pay their debts.

 

[Mishtar]

*subject to everything under the sun. Need blood sample, verified income, tax records for past 5 years and first born. $200 application fee. Must currently have an account with us in the amount of no less than $100,000 us. We don't really intend to loan you anything but the government says we have to "try", hence this webpage. We are too scared to admit that there may still be some honest, hard working people who pay their debts.

lmao

 

[peterk9]

I just found out I could try this on the Ford.ca site. I have one monthly bill which is $950 a month for a Mortgage and I make over 90k a year and they said they would finance me for 14k only over 60 months....WTF. I have a perfect credit rating not that they even checked that it only asked anual income and mortgage payment. Oh and I think it is total bs that I had to give them the name of a dealer in my area or a postal code and they would said my request to the dealers in my area. I just wanted to see what rate they would give.

l filled that out also. No mortgage and $90K + in income and was approved for $42,411 for max 60 months. Dealer wasn't really even interested in looking at it. Only large monthly payment was $573 for my Highlander lease. Anyway, I'm leasing the Ex and there was no problem. I don't even know what they check. My online approval was received in about 3 minutes. :scratch: