Financing terms and rates

[Nick1236]

So I intend to put down about 25-30% and finance the rest of my truck. Been searching for rates recently and I'm a bit disappointed. Wondering what you guys have found.

Looking at 72 months @ 2.49% is the best I can find in my area. It seems Ford is not currently offering special APRs for Superduties at this time. My credit union will match rates but I need proof that they exist.

Has anyone recently financed their 2022 and gotten a better 72 month rate? Do you think Ford will issue a .9% APR special like they have in the past?

 

[Threeper]

72 month @ 2.45 is what I’m seeing. Seems pretty decent to me.

 

[oops]

USAA is offering 1.89% up to 84 months.

https://www.usaa.com/inet/wc/bank-loan-auto-main?wa_ref=pub_global_products_bank_auto

I can usually find a credit union that’s a couple of basis points below their rates. And same for the big five banks when things are frothy. Although the Wells Fargo drama may have stilled the waters for the moment.

Putting 25-30% down could make it more difficult to get the most premium rates. The bank needs to make money on the deal somehow…

 

[Nick1236]

USAA is offering 1.89% up to 84 months.

https://www.usaa.com/inet/wc/bank-loan-auto-main?wa_ref=pub_global_products_bank_auto

I can usually find a credit union that’s a couple of basis points below their rates. And same for the big five banks when things are frothy. Although the Wells Fargo drama may have stilled the waters for the moment.

Putting 25-30% down could make it more difficult to get the most premium rates. The bank needs to make money on the deal somehow…

Well I'm still financing like 48k even with 25% down. It's a 64k truck when you add CA sales tax and DMV fees. I'm sure there is money to be made for the banks

 

[Gunenthusiast]

I always thought USAA was only for military servicemen and their families.
Bank of America offered me 2.04% for 60 months with nothing down. I told them i'm looking for a 6 year loan and the branch manager told me they would likely match that rate for a 72 month term when I actually apply. So far that's the best i've seen that I can actually get. With inflation where it is that's like paying me to borrow! I'm interested if anyone can find better terms.

 

[Sccritterkiller]

I put down 50% last week and got 1.9% on 48 months YMMV.

 

[Forever & Ever Woods]

USAA is offering 1.89% up to 84 months.

https://www.usaa.com/inet/wc/bank-loan-auto-main?wa_ref=pub_global_products_bank_auto

I can usually find a credit union that’s a couple of basis points below their rates. And same for the big five banks when things are frothy. Although the Wells Fargo drama may have stilled the waters for the moment.

Putting 25-30% down could make it more difficult to get the most premium rates. The bank needs to make money on the deal somehow…

THANX!!! My Credit Union is at 1.99 for 75 and 2.99 for 84. This is great! (so as long as they hold until the rig comes in! )

With regards to the $ down you're correct. They "ASSUME" that most people don't have the financial wherewithall to pay down their loan early so they incentivize the larger amounts by longer terms. If needed, put 10% down and then get the long term, plop the other 20% down on your first payment and have it go direct to principal. Then you have best of both worlds, unless of course, it's a monthly payment thing.

 

[amclaen]

Credit Unions are trash. They don’t pay taxes

 

[SomethingRandom]

USAA is offering 1.89% up to 84 months.

https://www.usaa.com/inet/wc/bank-loan-auto-main?wa_ref=pub_global_products_bank_auto

I can usually find a credit union that’s a couple of basis points below their rates. And same for the big five banks when things are frothy. Although the Wells Fargo drama may have stilled the waters for the moment.

Putting 25-30% down could make it more difficult to get the most premium rates. The bank needs to make money on the deal somehow…

They won’t do 1.89% on a 72 month term much less 84mo. Like Navy Federal they tier rates based on term length. Although Navy Fed at least breaks out the lowest possible rate per term length.

USAA also advertises a rate that is discounted based on auto pay and having the vehicle insured by them.

 

[BlueKilla]

Credit Unions are trash. They don’t pay taxes

Neither do Churches or our former president how do you feel about them?

 

[BlueKilla]

I've found 1.89% x 72 w/$15k minimum financing and 2.64% x 84 w/$35k minimum financing locally. I'm going to put about 30% down and finance the rest.

 

[modified]

Can't be the current interest rates right now! I'm seeing 1.9% for 66 months at my local credit union. (AustinTelCo)

 

[Guest2542]

I just refi'd at Navy Fed for 2.29 for 72.

 

[SomethingRandom]

I just refi'd at Navy Fed for 2.29 for 72.

Yeah, I just did the same prequal for when my truck gets here. Hopefully by the end of the month.

 

[dew34]

I've found 1.89% x 72 and 2.64% x 84 locally. I'm going to put about 30% down and finance the rest.

Neither do Churches or our former president how do you feel about them?

lol now thats funny

 

[BlueKilla]

lol now thats funny

He was definitely cherry picking from the tax exemption list

 

[oops]

They won’t do 1.89% on a 72 month term much less 84mo. Like Navy Federal they tier rates based on term length. Although Navy Fed at least breaks out the lowest possible rate per term length.

FWIW, they were advertising the same rate when I bought my truck earlier this year, and they did approve me for 1.89% for 84 months. The caveat was they only approved $50k. (Effectively asking for a ~$20k downpayment, which is a fair bit more cash than I am personally comfortable leaving in a rust bucket.)

However, I was able to take that approval to both a local credit union who beat the rate with a more sensible down payment (if I opened a deposit account with them) and ultimately to the dealer I purchased from who was able to further better that rate for 72 months with $10k cash at drive-off from one of the Big Five banks.

They had a similar offer from another of the Big Five that I do have a deposit account with. But, notably, I had also gone to that bank directly for approval and they had made a much worse offer. So what worked for me was getting good loan terms on my own, and then ultimately letting the dealerships finance people work to get a deal done.

 

[LT75]

I always thought USAA was only for military servicemen and their families.
Bank of America offered me 2.04% for 60 months with nothing down. I told them i'm looking for a 6 year loan and the branch manager told me they would likely match that rate for a 72 month term when I actually apply. So far that's the best i've seen that I can actually get. With inflation where it is that's like paying me to borrow! I'm interested if anyone can find better terms.

Same here. Bank of America gave me 2.0% for up to 72 months. Took the 60 month. I like having everything in one spot since I bank there as well.

 

[MT N8IV]

Credit Unions are trash. They don’t pay taxes

Exactly the point of having a Credit Union. They aren't for profit and they invest more of the money back into providing loans, services and benefits for their members. They also don't generally f*ck people out of their money like BofA, WellsFargo, et al, do. There are strict rules as to what CU's can do with their surplus income and I can guarantee you it is more likely to help its members.

 

[BlueKilla]

Exactly the point of having a Credit Union. They aren't for profit and they invest more of the money back into providing loans, services and benefits for their members. They also don't generally f*ck people out of their money like BofA, WellsFarg et al do. There are strict rules as to what CU's can do with their surplus income and I can guarantee you it is more likely to help its members.

OP was mistaken too, CUs DO in fact pay taxes, but it's limited to real and personal property. I love my local CU, they are practically family.