I will be getting my mustang within a couple weeks (I am thinking), and will be financing about 80% of the cost. My question is directed towards Kevin and Bruce, and anyone else who works at a dealership.

What kind of financing will be offered on the new mustang? The other models of 2005 have between 0-2.9% financing. Do you think that with good credit and a 20% downpayment I can get a rate in this range?

Thanks!

 

I am no car salesperson, but I think average APR for most is 3.9% assuming decent credit history, on very new models. It drops to 1.9% (again, with good credit) once the vehicle is out a few months.

Remember, having multiple credit cards is bad, having multiple credit cards with balances on each is badder, and closing or opening too many just a month before your purchase is baddest. You get the picture. These will get you a higher APR, so wait until your credit is under control if you go above a ridiculous 6% APR.

 

usdclark,
I am waiting on financing info also. I would think Ford will announce the low introductory financing soon, if they decide to keep their promise made a few months ago. If they come out with good financing and I can test drive it (and like it), I think I'll pull the trigger sooner rather than later.

 

I too am hoping FMC will offer a rate around 3.9 for excellent credit. I have backup financing in place though through AAA for 4.54 just in case. If you are a member of AAA you may want to check into this. Just my .02 worth.

 

Donna - thats what i was thinking as well. I saw that AAA had that financing, and I would also use that as a backup, but since ford is offering low rates on most all of their other cars, i would have no reason to think differently for this one.

Thanks!

 

4.5 is as low as it gets right now through resources other than FMC.

Something to keep in mind about auto manufacturers below market rates, in many cases it is used to get full price on the car. So if you're not buying on a plan, you need to figure out which is better. Getting the car at say $500.00 over invoice and using your own financing, or let's say 0 percent at MSRP. If the financing is above zero but below market your chances are a little better at getting a deal.

Do the math ahead of time and figure out which works for you.

 

My credeit union NASA is offering 3.9. Not a bad deal there...

 

I am approved for 4.39% thru LendingTree.com

You know their commercials say "Where the banks compeat for you"
Four banks responded and the lowest interest rate was 4.39%

 

Keep posting rates! While I can get 4.5 from my bank right now, they also have a policy of beating other offers

 

My wife's credit union at Emory University is offering 3.95 for 48 months or 3.55 for 36 months (both with payroll deduction). Check your credit unions - some cities have them for their tax payers!

SixtySix - If they match Credit Union Rates their website is: www.emoryfcu.com

 

My credit union is offering 4.25% for 3, 4 or 5 years.

 

Credit Unions are great. I don't have that option. Every bank I have called has quoted around 6% and they don't even check your credit, just say that the lowest they offer on a new car. The AAA financing is thru Provident Bank.

I will be checking that Lending Tree option out also.

 

You have to love incentives!!

 

Here is what my credit union has as of today:
1-24 months 3.25%
25-36 months 3.45%
37-48 months 3.70%
49-60 months 3.95%
61-72 months 4.95%
73-84 months 8.20%

 

Call lending insitutions that you have or had done business with in the past.
I/E Capitol One and Chase i think are at 4.49% and since i have previous car loans and credit cards with them, they knock .5% off for me, so i'm at 3.99%.