Best Loan Rates?

[bordner42]

Will hopefully be taking delivery within a month and am wondering what rates others have gotten recently and from where? Thanks!

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[BigRedMax]

Placed my order yesterday and the dealership said that Ford has a 60 month rate at 6.9 percent that is locked in at the time you place your order. With rates probably going up with the next Fed hike I am using that as my baseline in checking out other options.

 

[Texas Dan]

There is a thread all about loan rates already. Parsons FCU has a 84 month rate of 3.99%. Chase has a 72 month rate of 3.39%.

 

[bordner42]

There is a thread all about loan rates already. Parsons FCU has a 84 month rate of 3.99%. Chase has a 72 month rate of 3.39%.

Would you mind linking it?

 

[Monkey]

Best thing to do is just shop around. Parsons has good rates and that's who I went through (for 3.9%). I thought the process was simple, but it seems like they make some people jump through some real hoops at times. Parsons did need a few days to get it all put together ahead of time. If you just show up at the dealership and let them run it, you probably won't do that well. I had the dealership run it for me anyway and the best they could come back with for 72 or 84 months was Ford and a couple Credit Unions at 6.9... The 3.3x% for 72 thru Chase doesn't seem to be real or at least I couldn't find any way to get it for the Lightning. I think it was a promo a couple months back and is gone now. Ford's best current rate on the Lightning is 6.9% for 72-84 months and a bit less for shorter terms. Ford Credit has a 3.9% for 60 month promo, but it does not work on the Lightning or Mach-e. I've done enough loans thru Ford Credit over the years, I always qualify for their promo rates and 0% and all that when they offer it. But their rates this time around were just not good.

I figure that Ford will be running another 0% special here in the next 30 days or so as they always like to run one early in the year. But they will probably restrict certain vehicles like the Lightning.

Credit unions seem to have the best rates at the moment if you can meet their membership or qualifying terms.

The other thread on this topic is here: https://www.f150lightningforum.com/...22-lightning-purchase-add-your-options.10349/

 

[jimfigler]

Would you mind linking it?

I used Parsons just a couple weeks ago , 3.79% for 60 months. I was setup and approved with Parsons but They are a little slow so I used the dealer financing at 5.14% but refinanced with parsons 2 weeks later at the same rate. It actually worked out nice. It was not a huge savings at $25 a month but over the term that’s $1500

 

[OrangeCrush]

I went with Parsons FCU as well. 3.79% for 60. They are not the fastest, but if you start the process a week before delivery, you should be good. The process is not smooth. They will need the purchase order copy, which you will get at delivery and then they will overnight the check to the dealer. My dealer let me drive out the truck with a personal check that they held until Parson's check came a couple of days later. Other option (suggested by Parsons) is what jimfigler said above i.e. finance with the dealer and they will refinance in a week or two.

 

[BigRedMax]

I went with Parsons FCU as well. 3.79% for 60. They are not the fastest, but if you start the process a week before delivery, you should be good. The process is not smooth. They will need the purchase order copy, which you will get at delivery and then they will overnight the check to the dealer. My dealer let me drive out the truck with a personal check that they held until Parson's check came a couple of days later. Other option (suggested by Parsons) is what jimfigler said above i.e. finance with the dealer and they will refinance in a week or two.

Can anybody join? It looks like it is a limited membership?

https://www.parsonsfcu.org/who-can-join

 

[boggle]

Got a local credit union locked in at 2.74%/48mo in early December. Shop around.

 

[OrangeCrush]

Can anybody join? It looks like it is a limited membership?

https://www.parsonsfcu.org/who-can-join

Yes. They will join you to some American Consumer Council for free and then you are eligible.

 

[bordner42]

Got a local credit union locked in at 2.74%/48mo in early December. Shop around.

Which credit union?

 

[boggle]

Which credit union?

Achieve Financial here in CT, but you need to be a CT resident. Your state should have a list of licensed local credit unions, call down that. That's how I found mine. Beat everybody else by a full point.

Or search near you on the NCUA website.

 

[3rdgenfan]

https://www.towerfcu.org/borrow/loan-rates/#1481818323110-6112493a-d3be

Tower FCU is 2.99 for 60 still. If you're in some group they are a partner with you can join for free, otherwise I donated $25 or so to one of their foundations to gain access, plus the $5 fee to create the savings acct.

They do a hard pull when you sign up for membership, but will use that pull for the loan application. To save time I'd recommend signing up for a membership before doing the loan app...that added about a week to my waiting time since they didn't get back to me initially.

They didn't have any requirements regarding cash down like Parsons gave me, but I filled out their form with the purchase agreement and then uploaded that and my insurance cards with it on the account and they overnighted the check.

 

[BigRedMax]

Yes. They will join you to some American Consumer Council for free and then you are eligible.

Thanks. I joined in about 10 minutes online.

 

[Minh]

https://www.towerfcu.org/borrow/loan-rates/#1481818323110-6112493a-d3be

Tower FCU is 2.99 for 60 still. If you're in some group they are a partner with you can join for free, otherwise I donated $25 or so to one of their foundations to gain access, plus the $5 fee to create the savings acct.

They do a hard pull when you sign up for membership, but will use that pull for the loan application. To save time I'd recommend signing up for a membership before doing the loan app...that added about a week to my waiting time since they didn't get back to me initially.

They didn't have any requirements regarding cash down like Parsons gave me, but I filled out their form with the purchase agreement and then uploaded that and my insurance cards with it on the account and they overnighted the check.

Do you need open bank account with them too or simply just donate to become a member and done? How long does the process take to become a member? Do they mail a check to the dealer for purchase also like parsons or is it all done electronically?

Thank you

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