Just curious, I'm going to head to a dealer this weekend to spec out a 2011. I'm wondering what I should hear as far as financing that is available on the GT?

I see 0% on some models, but I doubt it on the Stang.

 

I think if you go with Ford financing, you are looking at their "normal" rates which means something like 6%.

However, if you have excellent credit score, you can get under 3% from Bank of America -- check out their web site. (be prepared, their web site can be very annoying to find anything, but it is in there . . . if you type in the address www.bankofamerica.com it might work better than finding it with google, when I used google it put me into a new account application which took forever to get out of)

 

6%? Ouch. Suprised they aren't at least running a 2.9 across the board, given the 0.0 on some models.

Thanks for the tip on Bank of America, shows as 2.84 right now. Thats pretty good. TDBank and my local bank are in the 6's now too.

 

If your credit is in good shape you can probably negotiate a good rate with Ford Credit. If you are a current or previous Ford Credit customer I think you can even talk to them before you go to the dealer.

If it wasn't for my previous relationship with Ford Credit I wouldn't have been able to buy my current Mustang.

 

I went to www.fordvehicles.com to look at the interest rates for a number of vehicles. Ford obviously won't be offering the same rates as they are on the 2010 Mustangs since they are trying to get rid of them before the 2011's come out. I looked up the rates for the Taurus, Flex, Edge, and F-150 FX4. The Edge was the best, the F-150 the worst. Ford is not going to have to incentivize the 2011 Mustang so let's assume the worst, the same rates as the F-150 FX4.

36 months 0.0%
48 months 3.9%
60 months 4.9%
72 months 6.9%

Every Ford I looked up had 0.0% for 36 months, but even if it's not that low right away maybe it will be 0.9 or 1.9. My wife and I have been saving up a nice down payment so the 36 month rate is the only one I care about. 0.0 would make them my hero but 1.9 would be just fine.

 

Low financing is often (always?) in lieu of a rebate so you should do the math to see which works better for your situation.

 

The loan officer at my dealership (good friend of mine) was guessing he'd be able to get me somewhere between 3-4% on a 60 month loan ... he got me 3.14% on my '04 which was a pretty unbeatable rate at that time. I've got close to perfect credit and actually have had BoA as my primary CC for many years so I'll have to check that out.

Thanks for the tip !!

Doug

 

I have no previous relationship with Ford Credit, but my credit score is high 700s.

I guess I'll just have to go see what they say.

 

I have 0% now on my '10. Is there any chance they would roll a 2011 into the same account and honor the 0%?

 

Nah, new car, new loan.

 

Just to let you guys know... I spoke with the dealer... it doesn't matter what incentives are available right now, it matters what incentives are available at time of delivery. So either lock-in a rate with a local bank, or be at the mercy of Ford Financing 2 months from now.

 

Well, since there are no incentives available now it may be better when the car arrives.

 

Well I read in Bloomberg last night that Ford will be offering new incentives starting April 12th. They didn't say what, except that implied that they would be similar to what they have now.

I think the most we can hope for is a good interest rate on the car loan from Ford credit. I got 5.9% on my 08 GT and I was hoping that Ford would offer a lot better then that since the rates are down.

A couple of months ago I got a letter from Ford saying that I could trade in my current car and with the low interest rates that they were offering have a payment that was actually lower then my current payment. I built a 2010 GT on the Ford website and put in some options to make up for the higher cost of the 2011 GT that I ordered. I then entered the money from my trade in and the payment only went up by $50/month!

I'm hoping that I can do something like that with the 2011 GT when it comes in. Or at least have a payment that isn't too much higher then what I have now. It will be worth it to me for the 2011 GT! lol

 

"similar to what they have now" probably means on all the other cars, I doubt we will see anything anytime soon on the 2011 Mustangs . . . but I do hope they improve the incentives on the 2010's quite a bit

 

4.95% 30k, 5 yr loan

 

you might want to reconsider that . . . do you really want to put your house on the line for a car?

 

You guys need to establish a relationship with a loan officer at the bank or credit union of your choice. They can answer a lot of the questions that have been asked here, a lot better than the advice that's been given in this thread. If I had the time, I would explain in depth, but I don't. For those of you who don't know, I have worked previously in the car biz as a finance manager as well as sales.

 

No kidding, I've never understood that.

 

But heck, if for some reason he defaults on the loan at least he can live in the car...

 

home equity line almost always has better rate then a car loan..plus its there is a tax deductible end of the year on interest paid...your right on the house on the line..only if you default on payments.. I dont plan on it.