Financing an F450?
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Senior User
Joined: Sep 2017
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Financing an F450?
Was talking to a sales guy on the lot yesterday about purchasing an F450 and he mentioned that there are a limited number of banks that will loan on a 450 vs. a 350. I had a deal fall through on a used f350 where I had 2.49% for 60 months and was hoping to get the same-ish rate on a new 450.. but don't want another credit pull just to find out.
Has anyone experienced this limited financing options on a 450 or higher interest rates?
Thanks!
Has anyone experienced this limited financing options on a 450 or higher interest rates?
Thanks!
Junior User
Joined: Dec 2017
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Hi, I don't think 350/450 will alter your financing options. Only problem with a 450 some insurance companies consider it a commercial vehicle and will not cover.
The best bet would be to get financing directly with your local credit union or bank. I do this for all my purchases & also recommend my clients to do the same... I sell cars for a living.
The best bet would be to get financing directly with your local credit union or bank. I do this for all my purchases & also recommend my clients to do the same... I sell cars for a living.
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Senior User
Joined: Sep 2017
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Thanks!
I have financing arranged via my credit union but the dealer surprised me last weekend in their ability to get a better rate and a longer term than my credit union offers (gives me payment flexibility). Was hoping for another surprise here as well
. Just want to limit my credit pulls!
I have financing arranged via my credit union but the dealer surprised me last weekend in their ability to get a better rate and a longer term than my credit union offers (gives me payment flexibility). Was hoping for another surprise here as well
. Just want to limit my credit pulls!
Senior User
Joined: Feb 2017
Posts: 377
Likes: 5
Hi, I don't think 350/450 will alter your financing options. Only problem with a 450 some insurance companies consider it a commercial vehicle and will not cover.
The best bet would be to get financing directly with your local credit union or bank. I do this for all my purchases & also recommend my clients to do the same... I sell cars for a living.
The best bet would be to get financing directly with your local credit union or bank. I do this for all my purchases & also recommend my clients to do the same... I sell cars for a living.
I shopped a number of dealerships and was told multiple times by different salesmen that 'you won't be able to get a bank or credit union loan for a F-450 without it being a commercial loan so you should look at the F-350s we have outside', or 'your insurance won't insure a F-450 because it is treated as a commercial vehicle, you'll have to buy this F-350 dual rear wheel on our lot'. So I checked with my credit union and insurer and none of it was true (here at least).
I also was told, 'The F-450 weighs this amount, and the state requires a CDL if your gross weight is 26000 pounds or over, so you won't be able to tow that backhoe. You will have to get F-350 single rear wheel to be legal.' I checked, our state has an exception as most states do for non-commercial.
Senior User
Joined: Oct 2004
Posts: 317
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From: Lititz, PA
This is why I always pay cash for vehicles...
OK - I'm totally kidding; I just wanted to be "that guy".
Anyway, in this situation, doesn't Ford Credit have decent offers? One would think they compete with most of the banks out there.
OK - I'm totally kidding; I just wanted to be "that guy".
Anyway, in this situation, doesn't Ford Credit have decent offers? One would think they compete with most of the banks out there.
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Senior User
Joined: Feb 2017
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Ford credit had an outstanding rate, at the time I was shopping, yet my credit union had a deal that made them .5% better. Though if I didn't have squeaky clean credit I'm sure Ford credit would have beat my credit union.
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FTE Community Team
Joined: Mar 2017
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From: Florida
I’m a loan officers dream. 830 credit score with Very Low debt to income ratio.
Every time I financed Ford Credit had the worst offer. Several times I’ve financed with FMC with 6-7% rate just to get finance cash incentive. Then I either pay it off or refinane with PenFed or USAA credit union as soon as FMC issues a loan number.
My current F350 loan is financed with PenFed at 1.49%.
Just my experience.
Senior User
Joined: Oct 2004
Posts: 317
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From: Lititz, PA
FMC in my experience doesn’t have the best rate offers.
I’m a loan officers dream. 830 credit score with Very Low debt to income ratio.
Every time I financed Ford Credit had the worst offer. Several times I’ve financed with FMC with 6-7% rate just to get finance cash incentive. Then I either pay it off or refinane with PenFed or USAA credit union as soon as FMC issues a loan number.
My current F350 loan is financed with PenFed at 1.49%.
Just my experience.
I’m a loan officers dream. 830 credit score with Very Low debt to income ratio.
Every time I financed Ford Credit had the worst offer. Several times I’ve financed with FMC with 6-7% rate just to get finance cash incentive. Then I either pay it off or refinane with PenFed or USAA credit union as soon as FMC issues a loan number.
My current F350 loan is financed with PenFed at 1.49%.
Just my experience.
Well, to the OP, good luck with the hunt. I guess before I'd be having actual credit checks done, I'd just google around your banks that you like to deal with and see what their rates are. Whatever they are advertising will probably be their best offer....with the good credit required on your side, of course. Once you find it, maybe a phone call can square away any questions as to whether they would even finance an F450.
Sure don't see many 450's on the road unless they're for business of some sort... whatcha towin' ?
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Senior User
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Towing a 16k 41' 5th wheel. Two 3-4k mile or so round trips a year, and a handful of long "weekends" to explore the west. Also plan to get a big slide in truck camper for shorter weekend trips into the mountians. I live in Denver.
Really a 350 with wide track would be ideal... but that ship sailed last in 2016. Finally found a nice relaxed dealer who didn't insist on a ride along for a test drive and got to test the 350 and 450 back to back in parking lots and doing u-turns. Fell in love with the f450, it was the difference between completing the turn smoothly and a 3 point turn.
The truck in question is a 2018 limited 450 in Stone Grey. It all goes together so well! Yum.
Have a ready-loan check from my credit union for 2.69%/60months. Can't use Penfed unfortunately, they really have good rates. I'll see what the dealer can do. I am fortunate to also have a >800 credit score with a very low debt to income ratio.
Really a 350 with wide track would be ideal... but that ship sailed last in 2016. Finally found a nice relaxed dealer who didn't insist on a ride along for a test drive and got to test the 350 and 450 back to back in parking lots and doing u-turns. Fell in love with the f450, it was the difference between completing the turn smoothly and a 3 point turn.
The truck in question is a 2018 limited 450 in Stone Grey. It all goes together so well! Yum.
Have a ready-loan check from my credit union for 2.69%/60months. Can't use Penfed unfortunately, they really have good rates. I'll see what the dealer can do. I am fortunate to also have a >800 credit score with a very low debt to income ratio.
Freshman User
Joined: Nov 2017
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From: Central Fl
My new 2018 F 250 in coming in soon. My credit union had me for 2.25 Dealer wanted my loan and gave me 2.19
My credit is > 800 Dealer makes money on loans and should give you better with good credit
My credit is > 800 Dealer makes money on loans and should give you better with good credit
New User
Joined: Nov 2017
Posts: 6
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Ford motor can show you any rate for your loan that they want. It is called buying the rate. Money comes out of the deal to buy down the rates all the time- if that is what triggers the deal. prime rate is what money cost is. Credit score is what the finance guy uses to beat you up. Over 800 is no big deal even I am there for 22 years.
Elder User
Joined: Aug 2017
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Lightstream financing will give you an UNSECURED automobile loan at a great rate so long as you have great credit.
https://www.lightstream.com/used-car...180110070919:s
https://www.lightstream.com/used-car...180110070919:s