I just got 60 months at 4.19% yesterday at the credit union.

 

www.myfico.com

 

Have your dealer run all 3 and find a 760+ score then go thru BofA they have the best program

 

Also FMCC ask for 4.9 and stick to it the 5.9 is standard rate offer by Ford Motor Co not Credit

 

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.

 

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

 

Wow! I've never run into that before....learn something new everyday!

 

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.

 

I believe they do. My dealer told me I will be financed at a low rate because I had a previosu loan with FMC.

 

What bank is that and who is the loan officer?

 

Whats a site draft?

 

It's basically a check that you write to the dealership that is routed back to the loan that you set up with your bank, the dealerships cashes it.

 

What bank is that and who is the loan officer? [/b][/quote]
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.

 

I got 5% through my credit union and I felt that was a bit high. But I haven't checked my credit so it may not be the best FICO score.

 

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.

 

I would have to know the entire senario in detail. With no automotive history or home ownership, you will probably have a slightly lower tier rate, but a good beacon keeps it in check. IF you have no auto history, this is not too bad a rate. After at least 9 payments, you can try to go back to your bank and refinance the car.

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.

 

I believe they do. My dealer told me I will be financed at a low rate because I had a previosu loan with FMC. [/b][/quote]
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!

 

I had a 4.9% rate thru my credit union. Went to the dealer and he beat it with a 3.94% x 60 thru a local bank.