Financing

[FloridaGT]

What good rates have you seen and from where? The Ford website Mustang builder page calculates Ford 60 month financing at over 5%.

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[JimmyTwoTimes]

You can do WAY better than 5%. My credit is pristine and I'm at 0.99%, but you should be able to get under 2.5% unless you've got really really crappy credit.

 

[FloridaGT]

You can do WAY better than 5%. My credit is pristine and I'm at 0.99%, but you should be able to get under 2.5% unless you've got really really crappy credit.

Definitely good to hear. Was that through Ford or a bank/credit union? How many months? My credit score is around 770.

 

[Barrel]

Definitely good to hear. Was that through Ford or a bank/credit union? How many months? My credit score is around 770.

Pick a credit union near you and apply for a loan - of course you probably will want to wait until the car is closer to your hands before you do. Bet the interest rate beats anything a dealer or Ford will offer on this car - incentives aside.

 

[fionic]

Definitely good to hear. Was that through Ford or a bank/credit union? How many months? My credit score is around 770.

770? Pfff, you should easily be able to get under 5%

 

[JimmyTwoTimes]

Definitely good to hear. Was that through Ford or a bank/credit union? How many months? My credit score is around 770.

I did it through USAA whom I do all my banking with -- talk to your normal retail bank; you should be able to do under 2.5% easily with a 770.

 

[Bahndvr]

740?

 

[Bahndvr]

Oh found something along the lines of:
850 - 740: Excellent credit score - 3.2% interest rate (on average)
739 - 680: Average credit score - 4.5% interest rate (on average)
680 and below: Sub-prime score - 12.9% interest rate (on average)

 

[Five Oh Brian]

Rates in the 1.9-2.9% range a very common for customers with excellent credit currently. So many banks and credit unions are competing for your business. Use that to your advantage.

 

[L8APEX]

Try Penfed:

https://www.penfed.org/New-Auto-Loan/

 

[RisingForce]

Oh found something along the lines of:
850 - 740: Excellent credit score - 3.2% interest rate (on average)
739 - 680: Average credit score - 4.5% interest rate (on average)
680 and below: Sub-prime score - 12.9% interest rate (on average)

That is totally wrong.

I have got customers with 650 score at 2.9%

The score is NOT the only deciding factor. It has to do with your overall credit, your history when it comes to car payments and most importantly HOW much your borrowing ( vs the value of the vehicle AND how much you make)

With all that said, if a customer that has great credit and is in 660-720 range and puts around 20% down payment, can easily get a 2.9% rate through most competetive banks.

 

[Five Oh Brian]

That is totally wrong.

I have got customers with 650 score at 2.9%

The score is NOT the only deciding factor. It has to do with your overall credit, your history when it comes to car payments and most importantly HOW much your borrowing ( vs the value of the vehicle AND how much you make)

With all that said, if a customer that has great credit and is in 660-720 range and puts around 20% down payment, can easily get a 2.9% rate through most competetive banks.

+1. Our dealership has even gotten the best rates for customers in the sub-600 score range. The lenders look at scores, but also the structure of the loan.

 

[fionic]

+1. Our dealership has even gotten the best rates for customers in the sub-600 score range. The lenders look at scores, but also the structure of the loan.

how important is income vs debt for your dealership? (i have no credit history but my income/debt is very good)

 

[Five Oh Brian]

how important is income vs debt for your dealership? (i have no credit history but my income/debt is very good)

Income to debt ratio isn't important to the dealership; it's the lenders that care.

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