Ford Financing Question

[DCloak]

Since I'm getting closer to my car being built, I'm thinking about the financing. I'll likely finance through my Credit Union unless the dealer can give me a better APR. I understand I'll be able to get the $1000 off Ford incentive because that was the offer when I placed the order on 2/19. Does anyone know if I would be able to get the Ford Financing deal that was offered when I placed my order?

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[Skye]

I think (LOL) you'll have to discuss this with your dealer. I've read previous posts that, some dealers continue with the offer at the time of order while others give you what options are available at the time of signing. Probably best to let others chime in with their experiences before heading over.

 

[Bikeman315]

I think (LOL) you'll have to discuss this with your dealer. I've read previous posts that, some dealers continue with the offer at the time of order while others give you what options are available at the time of signing. Probably best to let others chime in with their experiences before heading over.

+1. Also check to see what options your dealer has. Many offer better rates from banks other than Ford Finance.

 

[Ock]

tbh all that matters is if you have a good credit score... if u do you will be fine. be careful though some finance people shoot your info out to 5-10 creditors to get best score but this can be bad to because of how many hits...it all depends on what they do. i prefer to go in w/locked rates, then see if they can beat that, but tell them not to shoot your info into cyberspace w/a BAG...(big ass gun).

 

[DCloak]

Thanks for the tips. I have an excellent credit score so I should get a good rate. I was curious because I thought there was a 0% financing deal with Ford Credit when I placed my order and that's currently not an option. I wanted to get some insight before talking to the dealer.

 

[br_an]

finance people shoot your info out to 5-10 creditors to get best score but this can be bad to because of how many hits

Credit pulls (for an auto loan) like this within a short period are treated as one hit. Shop for the best rate without fear of impact to your score

https://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries-for-an-auto-loan/

 

[Ock]

Credit pulls (for an auto loan) like this within a short period are treated as one hit. Shop for the best rate without fear of impact to your score

https://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries-for-an-auto-loan/

thats what i thought, but when i bought this mustang i had multiple hits, it was really odd. idk. but i agree that is how it should work.

 

[br_an]

thats what i thought, but when i bought this mustang i had multiple hits, it was really odd. idk. but i agree that is how it should work.

I think you'll see the inquiries but they'll not reduce your score if they're within the two week "shopping period". I believe most financial institutions will lock your approved rate for something like 30 days so you have plenty of time to shop, but not too long. I'm guessing you can't really nail down the rate before they build your car.

 

[Call_Me_Bruce]

Get pre-approved by your Credit Union. Have that rate in your back pocket and see if the dealer can beat it. I did that the last time I bought a car and it seemed to work pretty well.

 

[DCloak]

Get pre-approved by your Credit Union. Have that rate in your back pocket and see if the dealer can beat it. I did that the last time I bought a car and it seemed to work pretty well.

That's what I'm planning to do.

 

[Earlsays]

I would seriously consider Ford Credit - they are excellent to work with, offer low rates with good credit - if you can get a lower rate with a credit union, absolutely - but many times there are incentives/rebates if you finance through FC - they also offer incentivized interest rates (like 0 or 1.9 when maybe that's not the going rate)

Also, be sure to tell the finance person not to run your credit with every lender out there - I always tell them ONLY FC - I have had slimy finance people hit me with 8-10 inquiries at one time across multiple lenders....some say this is treated as "one hit" as far as point droppage goes, but that hasn't been my experience. I have seen my score drop 30-50 points from their "run every bank in town" shenanigans.

 

[Earlsays]

Here's another thing to keep in mind - nobody plans to have problems on their credit report - but things happen - if you have positive history with Ford Credit, you are almost guaranteed approval in the future - they look at things a bit differently - if you are good with THEM....other bad stuff may not disqualify you, when it might with other lenders. Again, I know that nobody plans this, just throwing that out there...or, if times get tough, they will do quite a bit to work with you vs. other lenders who just say "sorry, no" and put you our for repo. I have financed with Ford, and I have financed with other lenders, and I don't think I would chose anyone except ford in the future.

 

[The Demon]

I would seriously consider Ford Credit - they are excellent to work with, offer low rates with good credit - if you can get a lower rate with a credit union, absolutely - but many times there are incentives/rebates if you finance through FC - they also offer incentivized interest rates (like 0 or 1.9 when maybe that's not the going rate)

Also, be sure to tell the finance person not to run your credit with every lender out there - I always tell them ONLY FC - I have had slimy finance people hit me with 8-10 inquiries at one time across multiple lenders....some say this is treated as "one hit" as far as point droppage goes, but that hasn't been my experience. I have seen my score drop 30-50 points from their "run every bank in town" shenanigans.

Yep, I agree. It will also be interesting to see what Ford offers with the rates going up lately.

 

[DCloak]

Here's another thing to keep in mind - nobody plans to have problems on their credit report - but things happen - if you have positive history with Ford Credit, you are almost guaranteed approval in the future - they look at things a bit differently - if you are good with THEM....other bad stuff may not disqualify you, when it might with other lenders. Again, I know that nobody plans this, just throwing that out there...or, if times get tough, they will do quite a bit to work with you vs. other lenders who just say "sorry, no" and put you our for repo. I have financed with Ford, and I have financed with other lenders, and I don't think I would chose anyone except ford in the future.

Thanks for the advice. I'm vigilant with checking my credit report. I log into Credit Karma on a weekly basis. I've used Ford Credit in the past so I'm happy with them. We'll see if they can beat my Credit Union rate.

 

[MAGS1]

I was told by my dealer and I got it in writing that they will give me the best of either what was in place when I ordered (5/21/22) or what is available at the time of delivery.

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