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Cranbery

Cranbery

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Tremor squad, curious to what kind of financing you guys have been getting?

I'm looking to go through Granger which I assume will be Ford financing (though I saw they are also on Bank of America's financing list as well - which is offering 2.29% their best rate, I don't have a history with either Ford or BoA).

I have ~800 credit score, average age of credit is ~6 years as I'm 29, oldest account is from when I was 18 though, have a current car loan with perfect payment history and my student loan fully paid with perfect payment history, make ~115k/year with paystubs to prove if needed. I'm hoping this gets me to 2% or less APR - but I've heard in the current market Ford isn't offering great rates.

What have you guys been getting if you don't mind me asking, and with what credit scores/incomes? I've also heard Fords financing is very relationship based so I'm wondering if they're just going to give me a shit 6% or something since ive never used them.
 
My dealer shopped rates and let me chose. Ended up with a 2.69% interest rate with a credit union that was local. It was cheaper than the credit unions advertised rates.

$10k down
800 credit score

Ford has 0% for 60 months for non Raptor and Tremor…..not for us.

You should be able to get a pretty great rate with what you’ve shared.

If you are worried what your dealer may have before pickup you can always shop online and get a pre-approval.

Good luck.
 
Mjdubs said:
My dealer shopped rates and let me chose. Ended up with a 2.69% interest rate with a credit union that was local. It was cheaper than the credit unions advertised rates.

$10k down
800 credit score

Ford has 0% for 60 months for non Raptor and Tremor…..not for us.

You should be able to get a pretty great rate with what you’ve shared.

If you are worried what your dealer may have before pickup you can always shop online and get a pre-approval.

Good luck.
Click to expand...
Great info man, thank you for sharing. Sucks the 0% isn't for us.

I was considering getting the BoA pre approval just in case - I'm going to call and do the financing over the phone before flying out.
 
Also note mine was for 78 months. Should’ve included that. Could’ve done 2.64 at 60 months but didn’t want a higher payment on the shorter term. Feel I can beat 2.64% in the market.

Car money interest is cheap.

Congrats on the new truck. I’m blown away with mine. It’s quite the upgrade from what I came from.
 
I was a Finance Manager at BMW and a Mercedes Benz in the past. With a 800 credit score and what you are showing, you should not have a problem getting the best rates available. All the banks will look at your credit score, credit history and income coming in vs. what's going out. Not having credit history with them only matters if your credit is somewhat suspect but I did come across once instance where it did help.

True story. I had a guy with really bad credit. Like a 588 score. At BMW we would not even look at that App cause score was below the threshold. At Mercedes Benz we were able to submit it. I was thinking there is no way he's getting Approved just based on the score. We looked at his credit report. It wasn't the greatest. Late payments everywhere, didn't pay things off but for whatever reason he always paid Mercedes Benz Bank on time for the past 8 years on like 2 different leases. Go figure. After speaking to the bank people at Mercedes they said we are going to Approve him just based on that. We don't care he doesn't pay anybody else but he does pay us LOL. I can say for this case, the payment history was a factor.

The rates are based on current market. That can change monthly. You usually can't beat the manufacturer's own bank rates when they offer special financing like 0% for up to 72 months obviously but when those aren't available, you just have to settle whatever is market. If the manufacture has their own bank like I think Ford does, they can be really competitive and hard to beat.

Dealerships usually send out your credit app to different banks and usually go with whoever gives them the best rate or who will pick up the contract terms. Dealerships get a buy rate or wholesale rate and they usually mark up anywhere from .5-3.0% depending. They may offer that buy rate in rare instances but that usually means they sold your a bunch of other stuff like warranties etc. or just a volume seller and don't care too much about making money on the Financing.

You also have the option of just going straight to your own bank or credit union. I use PenFed. They have pretty good rates. At the time of my purchase I went with the 72 months and I believe it was 2.39% at the end of September 2021. That was the best I could find at that time. If the Dealership is able to beat the rate I found, as a courtesy, I will use the bank of their choosing. I also have great credit.

It's best to check with your bank or credit union and find the best Rates available. Just have the dealership try and beat that. Again this is all based on current market. 2.39% in September in Hawaii might be good then but today there could be a better or worse rate.

You could also just sign up with their Financing and just refinance with another bank with a better rate later on but just make sure that bank allows it and you are able to qualify for the better rate. Sometimes the banks require you to not buy out contract for like the first year. Sorry this was long. Hope this helps. Just my 2 cents.
 
I just got 2.29% for 72 months.............shopped around and the best I could get.
 
1.99% up here in Canada.
 
808 Tremor said:
I was a Finance Manager at BMW and a Mercedes Benz in the past. With a 800 credit score and what you are showing, you should not have a problem getting the best rates available. All the banks will look at your credit score, credit history and income coming in vs. what's going out. Not having credit history with them only matters if your credit is somewhat suspect but I did come across once instance where it did help.

True story. I had a guy with really bad credit. Like a 588 score. At BMW we would not even look at that App cause score was below the threshold. At Mercedes Benz we were able to submit it. I was thinking there is no way he's getting Approved just based on the score. We looked at his credit report. It wasn't the greatest. Late payments everywhere, didn't pay things off but for whatever reason he always paid Mercedes Benz Bank on time for the past 8 years on like 2 different leases. Go figure. After speaking to the bank people at Mercedes they said we are going to Approve him just based on that. We don't care he doesn't pay anybody else but he does pay us LOL. I can say for this case, the payment history was a factor.

The rates are based on current market. That can change monthly. You usually can't beat the manufacturer's own bank rates when they offer special financing like 0% for up to 72 months obviously but when those aren't available, you just have to settle whatever is market. If the manufacture has their own bank like I think Ford does, they can be really competitive and hard to beat.

Dealerships usually send out your credit app to different banks and usually go with whoever gives them the best rate or who will pick up the contract terms. Dealerships get a buy rate or wholesale rate and they usually mark up anywhere from .5-3.0% depending. They may offer that buy rate in rare instances but that usually means they sold your a bunch of other stuff like warranties etc. or just a volume seller and don't care too much about making money on the Financing.

You also have the option of just going straight to your own bank or credit union. I use PenFed. They have pretty good rates. At the time of my purchase I went with the 72 months and I believe it was 2.39% at the end of September 2021. That was the best I could find at that time. If the Dealership is able to beat the rate I found, as a courtesy, I will use the bank of their choosing. I also have great credit.

It's best to check with your bank or credit union and find the best Rates available. Just have the dealership try and beat that. Again this is all based on current market. 2.39% in September in Hawaii might be good then but today there could be a better or worse rate.

You could also just sign up with their Financing and just refinance with another bank with a better rate later on but just make sure that bank allows it and you are able to qualify for the better rate. Sometimes the banks require you to not buy out contract for like the first year. Sorry this was long. Hope this helps. Just my 2 cents.
Click to expand...
Thanks so much for the writeup with insider info, a lot of insight. I also would have taken the longer-term has 0.05% better rate for the lender to make their money back a year faster is a joke of a deal on our end lol. I'll probably be looking for the 72 unless 60 comes at below 2%.

I dont have a credit union, my main credit cards are chase, WF, discover, capital one, amex. I'm looking to see if any of them have Granger on their list of approved dealers.

I remember 0% financing being more common but I'd imagine right now the dealer and lenders make all the rules with how things are, and speciality cars/trucks never get the promo financing. Though I find it strange since the Tremor is just another trim line, not sure why it's being excluded, not like it's a raptor.

Good info all around guys appreciate everyone sharing, I will also post what I get later this month.
 
I’d recommend y’all don’t finance depreciating assets.
 
Bannerman said:
I’d recommend y’all don’t finance depreciating assets.
Click to expand...
It's insured with gap, and in the US trucks barely depreciate. Need to drive a vehicle anyways. My $65k is going to go much further in the market, my retirement account, and my business vs the sub 3% rate that'll be a few grand at most over a 6 year term.

If you pay it in full and someone else totals it, even not at your fault, you'll get what the insurance tells you, which even in this market will be less than what you paid in full. So you're exposed for the first 2-3 years doing that. Meanwhile if you put minimum down, it's the insurance and the lenders problem to settle.

There's many more reasons not to pay a vehicle in full if you have good credit and a use for your funds otherwise, rather than to pay it in full (only reason here imo would be bad credit, no other use for your funds that beats 2% yearly returns which almost a money market account beats lol, or a significant cash discount which is nonexistent in this market). My 2 cents.
 
Cranbery said:
It's insured with gap, and in the US trucks barely depreciate. Need to drive a vehicle anyways. My $65k is going to go much further in the market, my retirement account, and my business vs the sub 3% rate that'll be a few grand at most over a 6 year term.

If you pay it in full and someone else totals it, even not at your fault, you'll get what the insurance tells you, which even in this market will be less than what you paid in full. So you're exposed for the first 2-3 years doing that. Meanwhile if you put minimum down, it's the insurance and the lenders problem to settle.

There's many more reasons not to pay a vehicle in full if you have good credit and a use for your funds otherwise, rather than to pay it in full (only reason here imo would be bad credit, no other use for your funds that beats 2% yearly returns which almost a money market account beats lol, or a significant cash discount which is nonexistent in this market). My 2 cents.
Click to expand...
Was about all the way done typing this up myself before getting the notification. Couldn’t agree more.
 
Just got 2.09% for 72 months... plus $2500.00 off MSRP- a 'private' offer (per the dealer) from Ford, I guess they liked my payment history? 🤷‍♂️
 
Mama Tried said:
Just got 2.09% for 72 months... plus $2500.00 off MSRP- a 'private' offer (per the dealer) from Ford, I guess they liked my payment history? 🤷‍♂️
Click to expand...
Through Ford financing? Or bank/CU?
 
Now that you ask- not sure 😳. Going to sign the papers and get the truck on Saturday. I’ll update you then.
 
1.88% @60 months through USAA it would be the same rate for up to 84 months.
My Yeti thumbs lied. it's 1.89% damn little phones.
 
Did any of you do the financing over the phone? I assume there's no issue with that, I figured I'd want to get it all sorted so when I get there I can just take the keys and drive off.
 
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