Question about FINANCING the Bronco Sport...

kyle_conrad

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local credit unions and USAA are awesome.
I'll note that USAA has a bad rep with dealerships because they're suppppper slow to send payment to the dealership and slow to respond to inquiries from them. I found their rates not as competitive, but just something else to keep in mind.
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Petroph

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youā€˜d think. Iā€™ve financed my last 8 Fords with Ford creditā€¦ including my BS BL. 48mo @ 2.9. But when I picked up my new Expedition last month FC was awfulā€¦something like 7.9
Dealer had a local bank that they are close with.. got 60mo @2.79.

local credit unions and USAA are awesome.

I donā€™t believe Ford Credit cares about credit scores. They have never done a hard inquiry on me. All theyā€™ve ever asked was employment and looked at MY previous personal standing with Ford Credit. Whether you have an 850 or a 500 FICO, the current offer is the offer for all
That's actually concerning to me, as I was pretty much sold on Ford Financing this time around as I'm almost 6% financing on my current F150 with traditional bank financing.

Build is next month for me, I hope. So I still got a little time to look into financing options before that day arrives.
 

13MikeH

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I'm going to embarrass myself with this ignorant question about financing the Bronco Sport I just ordered to purchase but haven't received yet because it's not being built until July.

Am I FORCED to use the dealer's lender in order to finance the purchase of the vehicle? I want to put 5k down using credit card that has 0%APR for next 15 months. Dealership I ordered the Broncos Sport with said they don't allow down payments using credit card more than 5K max. This is a bummer because I wanted to put at LEAST 15k down using my credit card which has 0% interest for 15 months but dealer won't allow it.

I just read on Google that some car dealerships have "pre-computed interest"... NOT good!! This means even if I pay off the car being financed financed very early I will NOT pay LESS interest... I will still be screwed!

So now I have to ask the car dealership I ordered the Bronco Sport with though Ford's website whether their car loan is a "simple-interest loan" or the EVIL "precomputed interest"?

Since I have to have a very ridiculously SUPER expensive medical procedure (my life depends on) later this year that's not covered by insurance... I really desperately need to get this monthly car payment to be as LOW as possible so I was going to select 84 month finance term and then pay it off super early. But not if I'm going to be screwed out of thousands of dollars in interest because of the way the lender structures this loan with "precomputed interest" FIXED interest! šŸ„¶šŸ˜°šŸ˜ØšŸ˜±
Speaking on my experience (Michigan) my local branch/bank provided the best rates and all my financing was done through that lender. The finance manager SHOULD offer options for financing including bringing your own bank/credit union, etc. They get the money regardless...shouldn't matter where the check or credit comes from.
And God forbid...say you can't make payments on the card...they eventually Repo it. Not an ideal situation...but where you secure financing is none of their business.
 

Stustang05

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I've gotten good rates from Navy Federal Credit Union and Pentagon Federal, but I know other folks have recommended Lightstream. Worth looking into local credit unions to see if there are any around you with good rates that you can join too.
I got 60 months at 2.29% from Navy Federal. I had Navy Federalā€™s check with me when I went to pick up my BS. My dealer, Prince Frederick Ford in Southern Maryland, realized they couldnā€™t beat that rate (especially now), didnā€™t waste my time and I was out the door. I got a good deal and they got a customer for life.
 

thekingprawn

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Is there any benefit to talking financing if you're paying cash? Will dealerships come down in price if they think they can make it back from the financing?
 


MJE

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I'm going to embarrass myself with this ignorant question about financing the Bronco Sport I just ordered to purchase but haven't received yet because it's not being built until July.

Am I FORCED to use the dealer's lender in order to finance the purchase of the vehicle? I want to put 5k down using credit card that has 0%APR for next 15 months. Dealership I ordered the Broncos Sport with said they don't allow down payments using credit card more than 5K max. This is a bummer because I wanted to put at LEAST 15k down using my credit card which has 0% interest for 15 months but dealer won't allow it.

I just read on Google that some car dealerships have "pre-computed interest"... NOT good!! This means even if I pay off the car being financed financed very early I will NOT pay LESS interest... I will still be screwed!

So now I have to ask the car dealership I ordered the Bronco Sport with though Ford's website whether their car loan is a "simple-interest loan" or the EVIL "precomputed interest"?

Since I have to have a very ridiculously SUPER expensive medical procedure (my life depends on) later this year that's not covered by insurance... I really desperately need to get this monthly car payment to be as LOW as possible so I was going to select 84 month finance term and then pay it off super early. But not if I'm going to be screwed out of thousands of dollars in interest because of the way the lender structures this loan with "precomputed interest" FIXED interest! šŸ„¶šŸ˜°šŸ˜ØšŸ˜±
Not ignorant at all, so please donā€™t be embarrassed. Lots of good info in this thread for sure. I just wish you all the best on your medical procedure!
 

gman62

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No offense. Sounds like your buying something you cant afford. Get your health in order and buy a car later.
 

Moltenburn

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So most dealers will cap card transactions. 5k sounds right. But track you incentives from order to purchase. Ford price protection allows dealers to give you any of the deals floating during those times. In January 2022 when I ordered APR for 60 months was 1.9% and the $1000 off pre-order rebate.
 

Escape2Bronco

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Is there any benefit to talking financing if you're paying cash? Will dealerships come down in price if they think they can make it back from the financing?
Depends.

1. Giving the right market situations, you can make more than what you pay in interest. But, there is always a risk. Your mileage may vary.

2. In many cases they will try to incent you to take a loan. In my case, they offered me 1K to take out a loan and could pay it off in 2months. Cost me <50 to save 1K. Just need to do some research. Fortunately, itā€™s all math, so very easy to calculate.
 

Warpious

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Used my credit union which is a partner with the dealership so did 2.9% for 72mos but can pay it off sooner no penalty. You only pay interest up to how long you have it, the Pay off amount includes interest accrued to your next billing cycle but not after that. Also if you make your payments bi-weekly you'll pay it off before the term as you make an extra payment every year. Just make sure you specify any extra payments go toward principal and not just your next payment.
 


Osco

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I always went to my Credit Union first, set up a promissory note on a loan.
Then go pick out a vehicle.
And drive away, Itā€™s just paperwork.
One unnamed dealer tried to screw me by saying my CU wont answer the phone and his rate was the same.
It was not, I called my credit union, they answered and said no one called.
I told that dealer to stick the deal up their ass and left.
Found a better deal the next day.
Bought four cars from that dealer over the years.
 
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Elegance

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Bought mine with no trade in, 4k down, 1.9% for 60 months and I'm slated to make about 5k more than I paid on my Big Bend when my Badlands comes in (dealer already quoted my trade and I've been careful to keep it pristine while I wait for my build). It worked out in my favor.

I'd caution you to run your numbers several times before committing. Sounds like you have another large expense coming down the pipeline, and I would not want to be saddled with a credit card payment on top of a car payment plus any additional costs from your procedure. Debt-free is the way to be with credit cards if you can help it at all, regardless of APR. I've seen many folks overextend to get the shiny new vehicle and it winds up really straining their budget.
 

gman62

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no offense...you don't grasp the full circumstances...there's a story about opinions...read up on it.
No idea what your saying. Your comments add nothing to the conversation. Stay in your lane my friend.
 

bronco_Banks

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I would not be doing any sort of credit card down payment transaction if you have other things going on in your life that need to take precedence. If it isnā€™t cash as a down payment, it could easily ruin your credit in the long run and financially damage you. But thatā€™s my 2c.
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