Ford order vs Ford Credit how does it work?

[ELCouz]

Credit Unions generally offer the best available rates, so if the dealership's finance person offers you a lower rate after you mention a Credit Union it will likely be at or near the best rate they can offer.

Problem right here is in US you might have many credit unions here in Canada there is only one that deal in my province (state) but it's a monopoly (Desjardins, majority of banking market).

And this one gave me a rate of 6.70% ? ... even worse for a personal loan at 11.3%

Dealers know that they are unbeateable. Even some banks here stopped taking car loans because of inflation risk and depreciation value.

I wish we had a little bit more choices for financing.

Here it's all about incentives / rebate and dealer APR.

Front page of Mazda Canada for example... APR straight in your face

Sponsored

 

[Dude]

Here it's all about incentives / rebate and dealer APR.

Just remember a dealership wants to maximize its profit and does so on as many fronts that it can:

Price charged for the vehicle
Amount given for a trade in
Financing
Added warranties
Added products and servicea
Etc.

You don’t really care if you have to pay a higher APR but get an absolute smoking deal on the price of the vehicle (all else being equal)

All of the above are negotiable so you can work your offer against the dealer… for example, the rate is higher than you want to pay over the life of the loan so you negotiate a lower price for the vehicle or a higher trade in amount (as examples)

It’s all just basic math … your goal is to pay the lowest amount over the lifetime of the loan and you don’t really care what hoops the dealership has to go through to get you the lowest total amount for you

 

[ELCouz]

Just a follow-up ... I think Ford is scared of what is going on.

Got it at 0% / 5 years with Ford Credit.

Yesterday was 5.8% for 60 months. They are launching heavy discount to sell in April. At least in Canada.

Approbation took 1 hour, boy it is easy to financially dig your grave. ?

I tried to negotiate but I didn't have much leverage.

 

[Dude]

Got it at 0% / 5 years with Ford Credit.

Good deal!

Sponsored