Financing the GT350

[OMGPonies]

Title was supposed to the "Financing THE GT350", oops! :headbonk:

Anyone have experience to share getting the GT350 financed through Ford or your bank/CU? Is there any reason to expect anything different than a normal, lower priced car, such as the loan to value ratio when factoring in paying over MSRP? What about credit requirements? I have a credit score in the 700's and solid income, only limiting factor in my credit could be age at 24 but Ive always been successfully financed before and have a few years of history.

I have never bought anything this expensive and typically pay cash for cars. I'm sure if any problems arise I can put down extra money to bring things in line, but just wanted to ask some members for confidence since I am about to send a deposit for an out of state car.

Thanks to all!

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[L8APEX]

Financing an ADM is financing instant depreciation. To pay interest on top of that is not a good idea.

Do you already have a deal with the dealership?

You should try: https://www.penfed.org/Auto-Loans-Overview/ call them and see what they have to say.

 

[OMGPonies]

Financing an ADM is financing instant depreciation. To pay interest on top of that is not a good idea.

I intend to put a large portion upfront as a down payment, but would like to finance part to ease the upfront shock and also because I can earn a better return investing than a typical auto loan interest rate. Certainly do not intend to finance the ADM portion but just asking if there had been any problems encountered with that to give me a feel for any potential limitations with financing such a car.

 

[L8APEX]

I intend to put a large portion upfront as a down payment, but would like to finance part to ease the upfront shock and also because I can earn a better return investing than a typical auto loan interest rate. Certainly do not intend to finance the ADM portion but just asking if there had been any problems encountered with that to give me a feel for any potential limitations with financing such a car.

It all depends on how much the ADM is. So how much is it?

 

[OMGPonies]

It all depends on how much the ADM is. So how much is it?

$5,000 ADM and I intend to put a minimum of $15,000-$20,000 as a down payment. Base GT350 with stripes and track pack is my planned options order.

Thanks for the link to PenFed in your last post. Looks like their rates are even better than my own CU, will certainly call them!

 

[krt22]

If you are in the bay area, try Tech CU, slightly better than PenFed

I also dont see why this would be any different than financing through FMC,especially with 20k down. You just wont get any of their specialty rates.

 

[L8APEX]

$5,000 ADM and I intend to put a minimum of $15,000-$20,000 as a down payment. Base GT350 with stripes and track pack is my planned options order.

Thanks for the link to PenFed in your last post. Looks like their rates are even better than my own CU, will certainly call them!

$5k isn't that bad. I was expecting some obscene number like 1x,xxx+! Call them!!!

 

[OMGPonies]

Thanks guys. Appreciate the re-assurance about financing, just was paranoid that I could be missing something obvious that could make financing a high performance car totally different.

I figure that the $5k ADM isn't bad, especially compared to my next best offer from a local dealership of $30,000 ADM! I know that I could risk waiting and try to get a car after things calm down, but the ADM is worth securing the opportunity to own this car in my opinion.

 

[ITLRUN]

Putting a large amount down will help you "buy down" you rate with Ford Credit too. You might be surprised what they will do. Keep in mind, the F&I office is trying to make money too. Let them know you are shopping them too.

 

[nastang87xx]

Putting a large amount down will help you "buy down" you rate with Ford Credit too. You might be surprised what they will do. Keep in mind, the F&I office is trying to make money too. Let them know you are shopping them too.

Right on. My dealership really wants me to finance with them. I told them that I got a helluva deal with Chase before because I get so many discounts with my accounts and online setup and they'd be more than happy to look into beating it. And it wasn't a beat around the bush deal with the Finance Manager. It was a, "Chase? I don't know how but I'll beat em." rather than a "Well...we'll see what we can do. Typically...blah blah blah cow poop pie...blah blah but sure. Finance with us and it'll be the best deal around!" No that's no guarantee of magic interest rate dust but I think they're desperate. Not sure why...


I'm putting down over 25K. I'd like to put down closer to 30 but we'll see. I'm financing with ADM. But it's so small that a shoddy interest rate would affect my payments more than the ADM.

 

[vdavie]

The rate Ford may offer may be a bit higher than say a Focus. The Mustang and the GT350 is going to be a good seller for them so they don't need to go that low. Gm, Ford ect.. do that a lot on good sellers. I suspect 1.7-1.9 with great credit.

Vince

 

[nastang87xx]

The rate Ford may offer may be a bit higher than say a Focus. The Mustang and the GT350 is going to be a good seller for them so they don't need to go that low. Gm, Ford ect.. do that a lot on good sellers. I suspect 1.7-1.9 with great credit.

Vince

Not bad honestly. I did 2.65 for my 2011.

 

[vdavie]

i just did 1.7 on my 16 Explorer. I had lower on an Evo at 1.6 but because this is a new body style they would not go any lower. I have Tech Fed but it was the same same.

Vince

 

[krt22]

No that's no guarantee of magic interest rate dust but I think they're desperate. Not sure why...

.

Just like home loans, im sure they have the ability to buy down the rate in exchange for securing the loan. They still stand to earn quite a bit of interest over the life of the loan, so no big deal to them to take a little less to win the business.

 

[vdavie]

Not really when you think about it. Finance 40k over 5 years at 1.99 its a bit more than 2k.

Vince

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