4WD
$50 site donor 2024
Then complain about MPG and cost of fuel
Ford offering 2.9% for 36 months or 8.9% for 84 months
- Thread starter PWMDMD
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GON
$100 Site Donor 2024
My guess is there was some sort of "professional courtesy" with the transaction. He spoke very well about the selling dealer, close to a promotional video. advertisement/ endorsement. I doubt Dave Ramsey did that out of kindness.
OVERKILL
$100 Site Donor 2021
Yup, my FCA dealer was offering 0% on 72 months and 0.84% on 84 months back around the time I bought SRT #4 (my current one). Current rates have gone up, on something used it's 3.49% for up to 84 months (that's the rate Ford had posted on the Mach-E I was looking at). Tesla was also 3.49% (regardless of term) when I was looking at the Model Y. No idea what my dealer rates are at the moment but I suspect they are similar.
Of course not qualifying for the best rates speaks to a credit score that means you should be shopping for something you don't need to pay that kind of interest on and work on improving it IMHO, which you are driving at here.
Nick1994
$100 site donor 2024
I'm not sure I can blame the dealer or Ford for this one. The guy probably doesn't have good credit.
If you need 7 years to finance a depreciating asset than you can’t afford it and are credit risk. They are targeting sub prime buyer who don’t care/comprehend math and making some coin on those people.
The only way I would buy a new vehicle in this market is if my current ride blew up. I am in the market for a new truck. But I don't see supply/demand normalizing until at least the end of the year-perhaps longer. Why pay MSRP when in 18 months you could possibly get $10,000 to $12,000 off sticker?
Be patient.
Be patient.
Soooooo... let's see. A $50,000 loan for 84 months at 8.9% will only add.... $17,361 to the cost of the loan.
$17,361 is the price of a NEW 2020 Fusion SE... out the door. https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=546787611
Good job, Ford.
$17,361 is the price of a NEW 2020 Fusion SE... out the door. https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=546787611
Good job, Ford.
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Why don’t you just use a car loan calculator?
Anything higher than 4% is a ripoff IMO
Compare it to 1.8% for 65 months
In case anyone’s interested in a low APR, I’m on my 2nd loan with DCU and it’s been great both times
www.dcu.org
Anything higher than 4% is a ripoff IMO
Compare it to 1.8% for 65 months
In case anyone’s interested in a low APR, I’m on my 2nd loan with DCU and it’s been great both times
Auto Refinance Loans | DCU
Learn how moving an existing auto loan to DCU can reduce your payment, save you interest, or both.
www.dcu.org
Yes, Janet Yellin dropped a broad hint the other day that interest rates might rise in future, then she had to walk it back when the administration got wind of it.
I don't know how old you are but the low interest rates of the past few years are not the historical norm. Folks that expect them to remain this low are in for a shock. Those of us old enough remember interest rates and inflation of 16-20% back in the 1970's during Jimmy Carter's administration. Look it up.Why don’t you just use a car loan calculator?
Anything higher than 4% is a ripoff IMOView attachment 56589
Compare it to 1.8% for 65 months
View attachment 56590
In case anyone’s interested in a low APR, I’m on my 2nd loan with DCU and it’s been great both times
Auto Refinance Loans | DCU
Learn how moving an existing auto loan to DCU can reduce your payment, save you interest, or both.
Buckle up. Inflation time is here, and its now the lead edge of the wave. On top of that, Ford (as well as many other manufacturers) knows that they have limited supply in the pipeline right now and demand is high. Pricing and loans will start to (and in many cases is) reflecting lack of supply and high demand. The automotive lending arms already know this -its the other banks that are going to play catchup when it all becomes reality...
That dealer moves a huge number of F-series trucks. They are getting a total of 18 units delivered to them between a week ago and the end of March. They typically move 30+ vehicles a Saturday, and being a Ford dealer, guess how many are normally F-series trucks. The order book on 21 Superduties closed in March. Anything ordered now is a 2022 with an indeterminate delivery date...
We just bought a new explorer yesterday. Drove over 400 miles to get it at a dealer in Illinois. (Throw out the exterior color, and there wasn't one with the equipment we wanted within over 200 miles as the crow flies. Once we were going that far (and no dealer is trading cars with another right now it seems), then the next closest one was over 400 miles away. Took the Ford financing to grab the ford incentive cash (5 years at 6.9%) and the dealer is flipping the loan to another bank at less than 2% for 5 years in a few days. That was as cheap as my two credit unions were at as well. If they will take care of the legwork, that's easier for me... Paid over 2/3rds down, and we will pay the loan off in 2 years or so... took five years for payment flexibility.
Low rates aren't going to last forever... And the signs are all there.
That dealer moves a huge number of F-series trucks. They are getting a total of 18 units delivered to them between a week ago and the end of March. They typically move 30+ vehicles a Saturday, and being a Ford dealer, guess how many are normally F-series trucks. The order book on 21 Superduties closed in March. Anything ordered now is a 2022 with an indeterminate delivery date...
We just bought a new explorer yesterday. Drove over 400 miles to get it at a dealer in Illinois. (Throw out the exterior color, and there wasn't one with the equipment we wanted within over 200 miles as the crow flies. Once we were going that far (and no dealer is trading cars with another right now it seems), then the next closest one was over 400 miles away. Took the Ford financing to grab the ford incentive cash (5 years at 6.9%) and the dealer is flipping the loan to another bank at less than 2% for 5 years in a few days. That was as cheap as my two credit unions were at as well. If they will take care of the legwork, that's easier for me... Paid over 2/3rds down, and we will pay the loan off in 2 years or so... took five years for payment flexibility.
Low rates aren't going to last forever... And the signs are all there.
It's been a while since I financed a new vehicle, but 2.9% for 36 months would be a no thanks.
Can't stand Dave Ramsey, far to condescending to everyone. Not everybody can pay cash for everything and have zero debt. I'll stick to my method of buying cars with small loans, and paying them off in 12-18 months total.
I was under the impression that the automaker's own finance companies only worked with people with good or better credit. They didn't touch people that are credit risks.
I'm pretty confident that no one will get a lower interest rate than that unless it's financed through the automaker. Does any bank or credit union offer anything (much) lower ?
yes. both credit unions I use are under 2.9, and one is under 1.9 for new auto loans. The big bank on my new loan is under 2 as well.
Welcome to what the rates will rates may very well be by the end of this year. If you think this is bad, wait until you see the new credit card rates. It’s going to take quite a while for production to get anywhere near normal- so expect to see this stuff for a while. Bottom line-with all the risks going on out there (econo my, housing, etc) expect to get rates to cover that risks....Wall Street has no plans to lose their rear end here.......
No, this is the published “offer” for top-tier credit.
A cookie-cutter approach to a lifestyle he no longer endures. There is a happy medium of using credit/debt to live your life and achieve goals while simultaneously not tanking your life or your ability to retire later. It is true if you live like a peasant for your entire working life you will save money and likely have more for retirement but ****, you can't take it with you, and what's the point of your time here if you can't enjoy some of life's pleasures?
I have incurred and paid off well over a million dollars in debt and it was from day one a strategic choice. At 42 I own a business that makes me a hell of a living and the only debt I have is the house and cars which relative to income isn't much. I could have never done this without debt. I get it, lots of people suck at using debt and making it work for them, but there are people who use it well. I don't know I'd trust someone who declared bankruptcy ever - debt is not hard to figure out and it certainly doesn't require Dave's extreme approaches in many cases.
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