For those who received their order - at what point did you apply for dealer financing?

Bbybronco

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Hi guys! Little background - ordered my outer banks with outer banks package at the dealership on 4/2 and just got a scheduled for production date for 5/17.

I put a $1000 deposit and plan to use that off the total then plan to finance the rest thru the dealership. The amount of money I put down will depend on when they need the finance application/cash down.

This is my first time ordering a car like this so I’m wondering what the timeline is for applying for financing. Will the dealership contact me prior to the scheduled production date to finalize financing, or at a later point? I assume you have to take care of all that way before the car arrives in dealership, but I may be wrong. Honestly I just have no idea when I’m going to need that chunk of change ready and am trying to hear from folks who already have their bronco and did dealer financing. What point in the production process did you hand over your finance application/any cash down?

Thanks all!
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13MikeH

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Hi guys! Little background - ordered my outer banks with outer banks package at the dealership on 4/2 and just got a scheduled for production date for 5/17.

I put a $1000 deposit and plan to use that off the total then plan to finance the rest thru the dealership. The amount of money I put down will depend on when they need the finance application/cash down.

This is my first time ordering a car like this so I’m wondering what the timeline is for applying for financing. Will the dealership contact me prior to the scheduled production date to finalize financing, or at a later point? I assume you have to take care of all that way before the car arrives in dealership, but I may be wrong. Honestly I just have no idea when I’m going to need that chunk of change ready and am trying to hear from folks who already have their bronco and did dealer financing. What point in the production process did you hand over your finance application/any cash down?

Thanks all!
personally, I put $500 down at the request of the dealer, fully refundable/applicable to the purchase, whatever. I applied for Ford Credit that day. My dealer held off on paperwork (ordered March 26 with a build set for the same week as you). He thought rebates/offers might improve during second-quarter sales with a push toward 2021 instead of clearing 20's. Said he's going to make sure I get the best possible options by the time I sign. My Ford Credit app terminates on 4/27. I asked what I need to do, he mentioned it's not anything to worry about, he should have paperwork by then, if not I would just reapply, and start that process again. Took all of ten minutes to get approved etc, so it's not a big deal. As he put it, I was approved once, it won't be any more difficult the second time if there are better deals available.
Considering restrictions ordering, I don't see better deals coming. But it isn't a big deal I knew that going in. He was pretty honest up front, he mentioned it was unlinkely but worth the wait, it didn't matter to him once the deposit was in, the build was going to happen. Paperwork was just semantics.
 
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Bbybronco

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I did the financing the day they called that my OB had been delivered.
Awesome! That would be ideal for me since it would give me more time to save additional money to put down. Just curious, what was your production date and what was your delivery date?
 

Ponyrider

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Awesome! That would be ideal for me since it would give me more time to save additional money to put down. Just curious, what was your production date and what was your delivery date?
You know, those two dates should be burned into my memory. I did the $100 deposit with Ford in August. Met with the dealer to finalize the order in September. I believe my build date was mid December. (14th?) Delivered late January. I put no money down except the original $100.
 


PTown_Bronco

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They had me wait until about a week before delivery to apply, the application expires after a bit and multiple inquiries on your credit can impact your score.
 
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I got my outerbanks ob package area 51 yesterday did the financing the day before order in January. But I did get a $500 rebate so it might pay to inquire about looking up the financing again.
J
 

Beav1

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Have your financing in place before going to the dealer. Beware that dealer financing can be a scam. Don't assume they will finance you with Ford Credit.

I recommended preapply with a credit union. They will preappove you for a certain amount. They give you blank check to go to the dealer with. Make the dealer beat their rate if they can.

The worst part of the buying experience is the meeting with "finance guy/gal" He or she will try to sell you extended warranties, appearance protection, GAP coverage if you finance with dealer, etc. Most of this stuff is a waste of money and profit for the dealership. They lay it on thick sometimes.

I had my check from my credit union and asked how much to make the check out BEFORE meeting the finance guy. Told finance guy this is the amount that my check is written for. It was a quick meeting. Signed title and registrations paper and was out of there.


Learned my lessons over the years of buying vehicles.
 
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DonBennett69

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I haven't financed a vehicle since the 1970's so can't comment on the that aspect (I pay cash). But the interesting thing about when I ordered my Big Bend was the dealer didn't need a cash deposit for the order, unlike when I ordered my F250 SuperDuty. He said, "Oh, I don't need that. I can sell this vehicle easy." Yeah, Bronco Sports are hot commodities.
 


Ksnau

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Yeah especially with a badlands they can sell them so fast they didn't ask me for deposit I just did the financing when my order came in but I couldn't go in that day I had to wait 2 days and it took about about 2 hours mostly just sitting around while they got their stuff done and I had forgotten about $1,000 rebate and he actually put it on there thank goodness but yeah I did the financing all the last minute but I've really good credit that I've worked really hard for and I think they did actually run my credit at the beginning when I ordered it in February cuz I was thinking about buying a bronco sport that they had in stock but it had more options that I wanted so I think they already knew I had good credit anyways. But yeah it's always a good idea to get pre-approved with your credit union or bank first I had one done but my order took so long that it canceled and I lost it I think I was going to get like 1.9 interest and by the time my order finally came in I had to get 3.9 for 66 months it sucks. And because I didn't trade in my car my tax was like $3,300 because they wanted to give me like almost half of what it's worth mostly cuz it's an older car they said. I'm like it's a 2009 and it doesn't even have 100,000 miles on it but whatever I always thought that your down payment also took down the tax but they said it was only the trade in. But I'm still happy with my broncosport I love it I just took it off-roading in the mud cuz it finally rained here in Phoenix tonight and it did awesome and I've got a guy coming to buy my old mustang for what I paid for it so hopefully it'll all work out and then I'll probably refinance it and hopefully get a lower rate cuz I won't be financing as much and for as long of a period. I think they said I could have gotten 2.9 but that's only if I finance for 48 months and the payments were just a little too high for my paycheck right now.
 

Winds of Change

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Why apply for financing before the vehicle is at the dealership? Alot could happen between order and delivery. Luckily I am in a position now that I am not desperate for financing. I will no longer ever give my social security number to a car dealer. I don't need them whoring out my credit application to banks. Car dealer is not a wise financial advisor.
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