ST finance

[Clairegreenstock]

Has anyone got credit/finance through ford for a new ST? If so how easy was it? My credit rating isn't amazing but it's around the 640 mark what's the chances of me getting accepted?

 

[Noodles]

You should be good. Are you putting anything down? Trade in? This sort of thing affects approval as well.

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[Clairegreenstock]

Yes putting down ?2000, part ex my vehicle in but it's got existing finance so they're going to pay that off - just worried my credit rating won't be high enough!

 

[Noodles]

Don't think it will be a problem. The dealer wants you to be financed as much as you do so they will work hard with the bank to get it done. Now having a desireable rate is another story. If things are still on the edge just go for the lease and buy it at the end for an additional 2-3 year loan. Should work out about the same, if not better. If you are rolling in a significant amount of negative equity, then the lease might be the better choice anyway. Most leases don't have very high "interest" so you will pay off that negative equity in a short term low interest situation. For a loan you would be paying interest on the negative equity for the entire term at whatever APR they give you.

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[OffTheWall503]

Hit up DCU (Digital Federal Credit Union) for financing.

Ford originally gave me a deal of 5% interest, but I re-financed with DCU to get it dropped down to 3% interest rate. It will save me roughly $2,000 over the time of financing.

https://www.dcu.org/

 

[Sil3nt611]

First time new car buyer here. I tried to get approved through my credit union but with less than 6 months of credit card history and only paying on my student loans for about 9 months at the time other than that I really had no credit history, but nothing bad on my credit at least. My credit union declined. Couldn't even get a credit card with them. I had $10k down on a $25,400 sticker price and with $2k in rebates after tax it came out to about $25,100ish I believe. I actually got approved through Ford for a $26k car because I wanted to make sure I was approved before I ordered and my car obviously had no VIN at the time. I got 3.65% for my $15,100 loan. Caught me by surprise. I was fully expecting a much higher rate as a first time buyer. After the first payment I immediately started getting all kinds of credit card and loan offers. I recently refinanced through my credit union for 1.8%. Went with 48 months instead of 60 and my payments are the same.

My friend who recently bought a Dodge Charger and had his credit card longer than I had with about the same time of student loan payments initially got 12% interest... They somehow got it down to 6% so he says, but even that is a lot. I was definitely surprised at that one. Curious what he would have got through Ford. He also put $10k down, but his car ended up being about $30k with tax and such.

 

[boombots]

I know things have changed in the markets in a year, but my friend, with basically no credit history at got 0% from Ford. I've also managed 1.79 from a bank and a credit union, even for my first "new" and this was before the age of 25, so limited credit history (buy good).

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[Scooter_FiST]

My credit was 620 and I got 0% for 5 years. That was the second ford dealer that I went to. The first dealer didn't even want to deal with me. Just make sure you put a decent amount of money down. It increases the chance of you getting the financing you want.


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[OffTheWall503]

My credit was 620 and I got 0% for 5 years. That was the second ford dealer that I went to. The first dealer didn't even want to deal with me. Just make sure you put a decent amount of money down. It increases the chance of you getting the financing you want.


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Wow, 0% is pretty remarkable.

 

[Scooter_FiST]

Wow, 0% is pretty remarkable.

Yes it came as quite a shock to myself as well!


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[Manta Ray]

I am financing mine through Ford Financial, 0% for 60 months. I have, according to the Ford finance guy... unbelievably good credit and if I was sure that I only wanted a fiesta and not something more expensive, or maybe pick up a second car on finance.

Moral of the story, build good credit, it pays in the long run. I have some intense numbers for my credit score lol.

 

[codeguruakshay]

Not to hijack the thread but I am probably going to looking for finance soon myself. Hoping my rating of 738 and no student loans help me get a decent rate. I have been checking out a few CUs around and a couple seem to be advertising under 2%.

 

[Noodles]

Ford is always doing 0% offers for tier 1 and 2 credit, so you might not be looking far.

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[Scooter_FiST]

M


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