APR/Loan rates/terms for 2023 Custom Order Question

[inboundnebula]

Hello Mustang gang. 2023 custom order has finally arrived at the dealership. Will be having the financing conversation with them within the next couple of days. For those who have gone thru this process lately, what is the best financing rate you have been able to secure with Excellent FICO score? I am willing to put down a larger deposit or go a shorter term if needed.

Thus far, finance manager has stated Ford is offering 2.9% for 60 months. Given all the latest Fed reports, that is not too shabby (people keep mentioning 6% rates for 800+ FICO). In the past (couple of years+), I was used to seeing 0% or 0.9% for 48/60MO but understand that is likely a pipe dream given current rates.

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[MAGS1]

Hello Mustang gang. 2023 custom order has finally arrived at the dealership. Will be having the financing conversation with them within the next couple of days. For those who have gone thru this process lately, what is the best financing rate you have been able to secure with Excellent FICO score? I am willing to put down a larger deposit or go a shorter term if needed.

Thus far, finance manager has stated Ford is offering 2.9% for 60 months. Given all the latest Fed reports, that is not too shabby (people keep mentioning 6% rates for 800+ FICO). In the past (couple of years+), I was used to seeing 0% or 0.9% for 48/60MO but understand that is likely a pipe dream given current rates.

2.9% for 60 is a phenomenal rate right now. Unless there’s a local credit union that you can check with, a bank isn’t going to beat that rate (or meet it for that matter).

 

[wynand32]

I'm not able to locate Ford's current finance options on the Mustang, but I know I paid 3.9% for 60 months back in September. So 2.9% for 60 months would be a great rate today and I doubt you'll find anything even close to it anywhere else.

 

[inboundnebula]

Thank you @MAGS1 ! I believe you are correct, it is all about having realistic expectations given the current environment. A 2.9%/60MO means 1.9%/48MO is likely, which wouldn't be too bad. I am very open a large down payment to avoid being underwater (within reason)

Just checked, local (KC) credit unions start at 5.49%. Yikes.

 

[MAGS1]

I'm not able to locate Ford's current finance options on the Mustang, but I know I paid 3.9% for 60 months back in September. So 2.9% for 60 months would be a great rate today and I doubt you'll find anything even close to it anywhere else.

Same here, I did the 3.9% for 60 in September and even then I couldn’t find anything close except one credit union (which was for local, public employees only which I am not).

 

[WV millwright]

Got 2.75% from my credit union in November. I believe they went up to 2.99% now. Loan term didn't matter to them with excellent credit. I'd say the 2.9% for 60 is probably about the best you can hope for right now. I believe Ford's national promotion right now is 3.9% for 60, but there are always regional specials depending on where the car is registered.

 

[shogun32]

I am very open a large down payment to avoid being underwater (within reason)

then put 20% down. If you have nothing else to do with the money that will throw off 3.5% or better, just sock away 6mo worth of payments in whatever interest-bearing vehicle you can find.

 

[inboundnebula]

then put 20% down. If you have nothing else to do with the money that will throw off 3.5% or better, just sock away 6mo worth of payments in whatever interest-bearing vehicle you can find.

That is food for thought, as I have not purchased iBonds this year haha.

 

[KingKona]

then put 20% down. If you have nothing else to do with the money that will throw off 3.5% or better, just sock away 6mo worth of payments in whatever interest-bearing vehicle you can find.

This.

And why would anyone be upside down on a new car right now?

 

[Jstang23]

Thank you @MAGS1 ! I believe you are correct, it is all about having realistic expectations given the current environment. A 2.9%/60MO means 1.9%/48MO is likely, which wouldn't be too bad. I am very open a large down payment to avoid being underwater (within reason)

Just checked, local (KC) credit unions start at 5.49%. Yikes.

I bought my GT in February and decided to finance for tax saving reasons. I have an 850 credit score and my family has had good relations with the bank for 50 years, I got a 6.5% interest rate. However I paid a 15k down payment and traded in a vehicle. I am going to refinance here in the next month or two, but 2.9% is an amazing deal right now. Don't kid yourself and expect to find much better. Cheers

 

[shogun32]

Thanks for sharing the details about the financing rates for the 2023 custom order. It's always helpful to hear about real experiences from fellow car enthusiasts. The 2.9% rate for 60 months sounds pretty decent, especially considering the current market conditions.

Dodge is charging 7.9% for vendor finance so thank your lucky stars Ford is so desperate they are willing to lose 5% to get you into a car.

 

[MAGS1]

Thanks for sharing the details about the financing rates for the 2023 custom order. It's always helpful to hear about real experiences from fellow car enthusiasts. The 2.9% rate for 60 months sounds pretty decent, especially considering the current market conditions.

2.9% is a phenomenal rate right now. Jump all over it and don’t look back

 

[KingKona]

2.9% is a phenomenal rate right now. Jump all over it and don’t look back

You know that's not the OP, right?

 

[wynand32]

I think this thread suddenly went off-track a bit. I don't believe the 2.9% financing is available from Ford right now, is it? The OP was in January.

 

[speedfrk]

According to my dealer, Ford has 3.9 for 72 right now on Mustang. That's still pretty good since the Fed will raise rates again and it will just keep getting more expensive. Funny how the Fed is raising rates to lower inflation but it it makes everything more expensive that is financed in any way, lol.

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