Prospective New Ford Truck Buyer Seeks Financial Advice

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Ford Super Duty

This new Ford customer appears to be doing everything right, but he still needs help sorting out financial details.

We’ve all been there. You finally get to the point where you’re financially able to purchase a brand new Ford truck, and you’re certainly excited. But you’re also weary about making such a major purchase. Throw in the fact that you’re getting ready to do battle with both the sales and finance guy, and buying a new vehicle is certainly an intimidating experience. So, Ford Truck Enthusiasts member MattyMax did the smart thing and sought out advice from fellow members before signing on the dotted line.

“I have never purchased a new vehicle and don’t have much experience with vehicle loans. I’ll be picking my truck up in about a week or two and trying to get this finance thing figured out. Originally I wanted to go through the business, but the rate is almost 10%. The dealer I am using ran the numbers and got it down to 5.44% if I put $10k-$25k down and finance the rest.

I originally wanted to put about 50k down and finance the balance, but the dealer told me if I put that much down the rate skyrockets. I contacted a local credit union who quoted me 3.44% regardless of the amount borrowed. My thought is go through Ford finance to save the $500 on the truck and put $25,000 down. Then make a payment of $20k-$25k towards the truck and refinance the rest through a credit union.”

Ford Super Duty

Quite honestly, it sounds like the OP is already approaching this thing the right way. And from the sounds of the advice he received from fellow members, his plan is one that many have already executed successfully.

“Your plan is just fine,” said flanneljunkie. “I’ve done it myself a couple times. Finance through Ford for the rebate, wait for the paperwork to finalize, account numbers to be assigned, etc. Then refinance with your credit union. I think it took about 7 to 9 days for my last loan to work its way through the process. Best not to mention it to your dealer, as many dealers lie about the process.”

But as Chrislorl6211 points out, you’ll always want to check out all the current incentives before making this kind of decision.

“I agree with everyone else. The dealer makes money on the back end when they run through Ford finance. Just let them go that way and then refinance through your bank. The only thing to watch is retail money. Right now Ford is offering $1,250 cash back on a 2019 and more on a 2018. But not if you finance through Ford. So you may end up better with that.”

Ford Super Duty

Fred Dollen also finds some of the dealer’s tactics questionable.
“I smell BS. The more you put down translates to less risk for the lender. Which should lead to lower interest rates, not higher ones. I suspect the dealer makes less money from small loans versus larger ones. And that’s why they’re feeding you this line of BS.”
So far, this thread is chock full of excellent advice for anyone looking to finance a new Ford truck. So be sure and head over here to check out all the great comments, and leave your own advice for the OP while you’re there!

Join the Ford Truck Enthusiasts forums now!

Brett Foote has been covering the automotive industry for over five years and is a longtime contributor to Internet Brands’ Auto Group sites, including Chevrolet Forum, Rennlist, and Ford Truck Enthusiasts, among other popular sites.

He has been an automotive enthusiast since the day he came into this world and rode home from the hospital in a first-gen Mustang, and he's been wrenching on them nearly as long.

In addition to his expertise writing about cars, trucks, motorcycles, and every other type of automobile, Brett had spent several years running parts for local auto dealerships.

You can follow along with his builds and various automotive shenanigans on Instagram: @bfoote.

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