5.9% Interest Rate..... Good? Kevin?
#22
Tasca Super Boss 429 Member
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
Originally posted by Lord Chabelo@November 18, 2004, 2:43 PM
How does one find out their FICO score?
How does one find out their FICO score?
#25
I am 24, and never had a loan before and Ford gave me 3.89% on my GT which beat out the 4.2% a local credit union was going to give me. I would say keep shopping around b/c you sound like you are in basically the same boat as me, I am just a couple of years older.
#26
Does FMCC have any sort of return buyer program? I financed (and paid off) another vehicle through them a few years back and I'm wondering if that would make any difference on the rates offered.
-Mike
-Mike
#27
Originally posted by Karpro@November 18, 2004, 2:11 PM
Just make sure your dealer will accept a site draft. They are a pain for the dealer and quite afew won't accept them.
Just make sure your dealer will accept a site draft. They are a pain for the dealer and quite afew won't accept them.
#29
Shelby GT350 Member
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
Join Date: October 4, 2004
Location: San Clemente, CA
Posts: 2,121
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by mcomb@November 18, 2004, 2:47 PM
Does FMCC have any sort of return buyer program? I financed (and paid off) another vehicle through them a few years back and I'm wondering if that would make any difference on the rates offered.
-Mike
Does FMCC have any sort of return buyer program? I financed (and paid off) another vehicle through them a few years back and I'm wondering if that would make any difference on the rates offered.
-Mike
#30
Originally posted by donkey@November 18, 2004, 6:12 PM
Keep shopping...I found 3.49% from my bank. Best dealer could find was 4.99%. With interest rates on the rise, better move quick.
Keep shopping...I found 3.49% from my bank. Best dealer could find was 4.99%. With interest rates on the rise, better move quick.
#32
Tasca Super Boss 429 Member
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
Originally posted by BlueCar@November 18, 2004, 6:45 PM
Whats a site draft?
Whats a site draft?
![Dunno](https://themustangsource.com/forums/images/smilies/dunno.gif)
#33
Originally posted by HUGLE+November 18, 2004, 6:36 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (HUGLE @ November 18, 2004, 6:36 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-donkey@November 18, 2004, 6:12 PM
Keep shopping...I found 3.49% from my bank. Best dealer could find was 4.99%. With interest rates on the rise, better move quick.
Keep shopping...I found 3.49% from my bank. Best dealer could find was 4.99%. With interest rates on the rise, better move quick.
US Bank. One catch...you have to be a Dell employee to get that rate. The 4.99% the dealer found was through Citizens bank.
The dealer did not believe me until he saw the check/docs. It was over one point less than the prime rate...that's cheap money.
#35
when the dealer gets the finacing for you they are getting part of that percentage rate. the dealer can get you finaced at a very low rate if you have a good score but they will tack on extra % to get their cut. what they tack on may depend on what they think they can get away with ang still make the sale good. since you are a younger customer they are going to shoot high because they assume you don't know any better. dealers can commonly beat credit unions on percentage rate and still make out with a cut for themselves but if they don't just go to a credit union for the best deal. be carefull not to apply for cedit at too many diffrent places otherwise all the inquiries will start to lower your score.
#36
Originally posted by OBleedingMe@November 18, 2004, 2:43 PM
So I got a 5.9% interest rate for a 60 month loan. My credit score is 755, no delinquences, no problems with my credit at all, but I've never had a loan or car loan before. I'm 21, and I'm putting around $11,500 down.
Anyone who is knowledge (like Kevin) in this sector... is this a fair/good rate or should I try and get it lowered?
I'm okay with my payments, but hey, if I can get it lowered, I'll go for it!!
So I got a 5.9% interest rate for a 60 month loan. My credit score is 755, no delinquences, no problems with my credit at all, but I've never had a loan or car loan before. I'm 21, and I'm putting around $11,500 down.
Anyone who is knowledge (like Kevin) in this sector... is this a fair/good rate or should I try and get it lowered?
![Dunno](https://themustangsource.com/forums/images/smilies/dunno.gif)
I'm okay with my payments, but hey, if I can get it lowered, I'll go for it!!
The money down though perplexes me, it should of made up for the lack of history. If you JUST got the car, check with your bank ASAP and see what they offer, you may have time to have the dealer rewrite the loan. I would think your 'true' rate would be about 6.25, possibly 5.75. They may have stacked a couple points on the loan.
If it pans out(again I am missing many details here), most likely in 9 months with that low a principal payoff and a very good credit score(most likely even higher by then) you can probably pull a sub 5% on a refi.
#37
Queen Of Nascar
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
![](https://themustangsource.com/forums/images/rank.gif)
Join Date: April 15, 2004
Location: Spartanburg, SC
Posts: 3,615
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by SurfnSoCal+November 18, 2004, 7:16 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (SurfnSoCal @ November 18, 2004, 7:16 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-mcomb@November 18, 2004, 2:47 PM
Does FMCC have any sort of return buyer program? I financed (and paid off) another vehicle through them a few years back and I'm wondering if that would make any difference on the rates offered.
-Mike
Does FMCC have any sort of return buyer program? I financed (and paid off) another vehicle through them a few years back and I'm wondering if that would make any difference on the rates offered.
-Mike
Actually I was told just the opposite. I have had 4 other loans with Ford Credit and have paid them all off excellent. I was preapproved with them before my car came in, but they will not tell you what the interest rate will be until you get to the dealer. I also got preapproved through AAA financing for 4.54%. I ended up using Dealer financing with a local bank and got 4.0% for 60 months. My dealer never actually quoted me Ford Credits rate but did tell me he got me the best rate. I assumed Ford Credit would want me as a returning customer but it seems to me maybe alot of it has to do with the dealer. Good Luck!
Thread
Thread Starter
Forum
Replies
Last Post
ssjbuu
Repair and Service Help
6
8/28/15 08:55 AM