What kind of interest rates would be expected from Ford credit on a super duty? Obviously credit score is a major factor any idea what the lowest rate they have is assuming excellent credit. Or just the average rate they have going right now.

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The reason I'm asking is my dealer is trying to pull some last second BS and tried telling me they are not accepting outside financing even though ive already been approved with a Great rate 1.89 elsewhere. When I ordered I was told I could get outside financing. My truck is arriving within next week or so and I'm pretty furious they are trying to play games with me at the last minute when they have been pretty good to deal with so far.

 

My experience has been Ford credit is higher than what you can get from your local credit union. I would suggest to be pre approved by your bank prior to going to finance a vehicle at the dealership. at one time ford credit was 7% and my credit union was 4.39% when it cam down to financing at the dealership the credit manager found a bank at 3.99 for me. The dealer benefits and i got a lower rate.

 

We got 1.9% on a 24 month loan.

 

The only time I used Ford was when I bought my current truck as they offered 0% for 72 months. Otherwise, I find their rates high and will go with either my credit Union or bank depending on available terms.

 

I don't know if it's the actual rate currently, but by building a couple of trucks online yesterday it's automatically showing 5% for all terms in the Estimate Your Payment window with Ford Credit.
But Lending Tree shows as one of the "cons" against Ford Credit that rates aren't publicly disclosed and you won't know until you visit a dealer.

 

That 5% online is not the actual rate. I don't know current rates, but as you mentioned, there are a few factors, one being credit rating, but also the length of the loan. I got 1.9% a couple years ago on a 48 month loan, and interest rates are in the same ballpark. I think they are just a tad higher. My local credit union is 1.89% on new cars for up to 60 months.

 

When I ordered my 2017 KR, I got a $500 purchase discount by financing through FMC. I don't think that discount is available in today's market. Two days after the purchase, I refinanced through my credit union at a much lower rate, and got 1-1/2% cash back on the amount financed. Got tired of making payments and paid it off after 18 months. I did not finance my 2022 KR.

 

Ford credit runs special rates from time to time for those with excellent credit, but same as current truck pricing, discounts are scarce right now.

If you have real good credit then just like truck pricing, it pays to shop around.

My credit wasn't great when I bought my truck, hadn't used ANY credit for a couple of years, and that is a big hit on your credit rating, so Ford credit ended up being the best rate for me, and I think some of that was having used them 3 or 4 times in the past.
I've only paid one payment so far on my new truck, and Ford credit is very convenient to pay online, which was something I hadn't had on my RAM loan that I had at a small bank.

 

You could try calling a dealership or Ford motor credit directly. The dealer I worked with had a sheet showing the rate/terms for Ford motor credit standard financing, and promo financing. Promo financing at the time being those that included cash back. I have not seen a cash back credit offer in some time though. Like others have said, Ford financing is typically high compared to what you can get from a credit union. Unless you only want a short term loan, like 2 or 3 year. Ford does sometimes offer low rates on those. Also, the dealers can sometimes offer you outside financing at competitive rates.

 

The reason I'm asking is my dealer is trying to pull some last second BS and tried telling me they are not accepting outside financing even though ive already been approved with a Great rate 1.89 elsewhere. When I ordered I was told I could get outside financing. My truck is arriving within next week or so and I'm pretty furious they are trying to play games with me at the last minute when they have been pretty good to deal with so far.

 

That is some bs right there. I wonder if they had figured in some profit from financing when they negotiated the purchase price. I still don't see how that crap can be OK. It depends on who you are financing with, but some will give you the same "new car" rate even if you have previous financing. So you might be able to take the dealers bs financing, and then go refi into that 1.89% loan.

 

That does sound like BS to me. Maybe a call to the General Manager at the dealership?

They could be trying these shennanigans because they have other buyers standing around wanting to buy trucks, so they figure, either they squeeze more out of you on your sale, or if you "walk" they then sell the truck you ordered to another buyer and squeeze them instead.

 

I would be furious too. That’s bull crap. You are just bringing them a check.

My dealer tried the we will give you $500 off if you finance with us and then you can switch after 6 months. Once a vehicle is titled it becomes a used vehicle and used car rates apply. It ends up costing you more than the $500 when it is all said and done.

From what I have seen lately the shadier dealers are pulling all kinds of crap to net a few extra dollars as they know that it’s a win win situation for them. After waiting a couple of months, or more, the buyer is reluctant to walk away. If you do walk they will just sell it on their lot for a premium.

Bob

 

The wait period that some dealers will tell buyers they have to keep the loan for, usually 3 months, is a lie. They need you to carry for x number of months to get their kickback. Refinancing before that time has zero effect on the buyer though. I, like many others, got a $1k credit rebate for financing with Ford credit (2019). Refinanced before the first payment with a credit union at half the Ford interest rate.
As for used car rates vs. new car, that is dependent on who the lender is. I shopped around with several credit unions and banks before buying, the credit unions gave the same "new car" rate regardless of whether or not the loan was the original loan or refi. As long as the vehicle is less than 2 years old they offered the same "new car" rate. State Farm also qouted me the same way. Bank of America however, did have an increased rate if not used at time of purchase.

 

The dealer is trying to squeeze more money out of the deal as they get a kickback when handling the financing whether through Ford or a third party.

You can fight back but unless you have the sales price and any financing conditions in writing you may have an uphill battle. The dealer knows they can sell the truck to someone else in an instant.

One path, as mentioned by others, is to go through the dealer financing and then refinance immediately after the sale. But do your homework first. Talk with the lender who approved you and discuss refinancing. Make sure they can do it and do it seamlessly. Some will handle the whole thing including getting the payoff amount and sending the check. Find out from the dealer who the financing will be done through. Do not assume Ford Credit unless they already told you this. If it is Ford Credit, I wouldn't worry too much as many on this forum, including me, have easily paid off the Ford Credit financing immediately after the sale. If it is not Ford Credit, ask for a copy of the finance contract so you can review the terms to make sure there are no early payoff penalties and the name and contact information for the lender are clear and complete.

This a money grab by the dealer but if you can easily refinance after the sale, don't worry about it. A quick refinance will likely mean the dealer will get less or maybe even no money from the transaction. Good luck.