Financing question

[Boytano]

In my search to find a Shelby, financing was a requirement of most cars for sale including the one I bought.

The dealer was not very negotiable on the interest rate. I’m tempted to refinance with my credit union to save money and give a middle finger to Ford…

Anyone have experience moving the loan from TD Bank to other. A friend told me it’s best to do it within 30 days of purchase too?

Difference in interest is %2.75 vs %6.14!

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[Call_Me_Bruce]

Refi as quickly as possible. Most likely your Credit Union probably has a program set up to refinance.

 

[LxMike]

Don’t hesitate!

 

[EFI]

I refinanced within a year with a local credit union and no issues. I took the dealer's recommended lender at a higher rate to get their sale perks knowing that I would eventually use my own financing in the future.

Just make sure that you don't have any pre-payment fees for your current loan.

 

[The Chairman]

In my search to find a Shelby, financing was a requirement of most cars for sale including the one I bought.

The dealer was not very negotiable on the interest rate. I’m tempted to refinance with my credit union to save money and give a middle finger to Ford…

Anyone have experience moving the loan from TD Bank to other. A friend told me it’s best to do it within 30 days of purchase too?

Difference in interest is %2.75 vs %6.14!

The dealer gets a nice kickback from their financing firms. Check with them on how long you need to keep their financing before you can change. I have done it several times over the years. Used to be after 3 months you can move the loan and they still get their cut.

 

[Boytano]

Yeah we asked them several times how long we needed to keep the loan. Salesman said 3 months. Finance guy said I can pay it off before the first payment but if I kept it a year that would be nice. But they were so greedy with the interest rate I don’t really care. It’s another form of ADM on top of adm so I’m not going to lose any sleep over their kickback…

 

[spankybranch]

In my search to find a Shelby, financing was a requirement of most cars for sale including the one I bought.

The dealer was not very negotiable on the interest rate. I’m tempted to refinance with my credit union to save money and give a middle finger to Ford…

Anyone have experience moving the loan from TD Bank to other. A friend told me it’s best to do it within 30 days of purchase too?

Difference in interest is %2.75 vs %6.14!

Refi and save the money! 30 days is ideal because you won’t take the credit hit for each inquiry…they will all show but only count as 1 since they assume your shopping for a loan. I’ve never had finance agreement that has a pre-pay penalty or stipulates a required number of payments, you can double check but usually the dealer recommends making the first 3 payments because they won’t get their kick-back from the bank if you don’t.

 

[The Chairman]

Yeah we asked them several times how long we needed to keep the loan. Salesman said 3 months. Finance guy said I can pay it off before the first payment but if I kept it a year that would be nice. But they were so greedy with the interest rate I don’t really care. It’s another form of ADM on top of adm so I’m not going to lose any sleep over their kickback…

As a side point, it always seemed like it was the salesman that got the comp. So if he/she did a good job, waiting a few months is no big deal.

 

[drive_55_not]

As a side point, it always seemed like it was the salesman that got the comp. So if he/she did a good job, waiting a few months is no big deal.

Depending on how much you financed, The difference could be a couple thousand $$$ interest paid between the refi.

I don't know about you, But I haven't liked any sales guy that much.

And seeing the Fed is likely to do another .75 rate hike I'd refi sooner than later.

.

 

[cerbomark]

sell the (ford) loan ASAP!!!

 

[The Chairman]

Depending on how much you financed, The difference could be a couple thousand $$$ interest paid between the refi.

I don't know about you, But I haven't liked any sales guy that much.

And seeing the Fed is likely to do another .75 rate hike I'd refi sooner than later.

I think it’s only a few hundred $$ difference for a couple of months….
When dealing for vehicles like these: a good, long-term relationship with your dealer is key. Over the many decades I have been buying cars, I’ve only bought from maybe 3 dealers. And they have a long memory.

 

[Boytano]

Yeah I hear it burns a bridge with the dealer. But when it comes to allocation cars having a go to dealer doesn’t seem to mean much.

Only place I would recommend is Granger from the fun threads on Mach one deliveries. Can’t say buying the most expensive car on the lot was the most fun experience for me…

 

[shogun32]

it typically takes 30-60 days for the loan to 'show' on the clearing-house so until it does the CU may not let you re-fi. Also Refi rates are typically slightly worse than purchase rates.

But yes refi at your next opportunity.

 

[The Chairman]

Yeah I hear it burns a bridge with the dealer. But when it comes to allocation cars having a go to dealer doesn’t seem to mean much.

When my dealer got his only ‘09 GT500KR, he called me. When he received his GT350 & GT500 allocations, he called me. When I wanted a specific new car for the wife, I called him and he found it for me.
I bought 9 cars/trucks from that same guy at that same dealer. Will certainly go there next time. Your experiences may vary.

 

[Damonfl]

I refinanced pretty quickly on my last dealer financed loan. They showed no mercy in gauging on the interest rate. You know you can get a better rate but the dealer is easier to work with if you don’t negotiate that. The interest rates they float aren’t close to fair.

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