Found a dealership offering a massive discount on a $94,000 Lightning Platinum:
$20,000 off MSRP
$7,500 Ford incentive for the lost IRS reduction
$7,000 rebate for X plan
$2,000 off for charger credit
Total is $36,500 off, bringing it down to $57,500 before taxes and fees.
Here’s the issue… I have an 800 credit score, but they want me to finance it at 9% interest with $10k down. My plan was to pay it off as soon as possible or refinance. Do you think this is a good strategy, or should I push for a lower rate?
Kim said:
You could take the 9% and just refinance immediately afterward.
Exactly. Dealerships might say it’s not a good idea because they don’t get their cut until you make several payments, often 6 months’ worth. But there’s no rule stopping you from refinancing sooner. I refinanced my car the week after I bought it, before the first bill even arrived. The dealer agreed to waive a bunch of fees if I financed through them, so I did, and then refinanced right away.
Kim said:
You could take the 9% and just refinance immediately afterward.
As long as there’s no prepayment penalty, this is the way to go. But I don’t get why they’re pushing for 9% with your score. With an 800 credit score, another bank should offer a better rate, especially considering the loan amount.
Davi said:
Ford offers 1.9% for 72 months or 0% for 60 months. Don’t agree to 9%.
The $20k discount might be because they’re not using the 0% rate, which is a special promotion. I did something similar—got a $40k discount in Canada but ended up with an 8% rate. If you go for long financing or have no down payment, it can be worth it to skip the special rate.
That’s a crazy good deal, close to what I paid for an XLT. But 9% interest is way too high. Check with a credit union for a better rate, sign the deal, and pay it off fast.
Linden said:
With an 800 credit score, you should be eligible for the best rates Ford offers with zero down. Are they making you use a particular bank?
@Teal
Ford’s got a 0% option for 60 months. Are you financing in your personal name or under a business? I just got 0% for 60 months, plus the rebates. Threw in an extra $10k down, and the finance guy thought I was nuts, but it worked for me. No idea why they’d offer 9% with your credit score unless there was a typo in the rate or score.