Rates with Ford Credit for the Lightning right now?

[bellyer]

I am giving some serious concern to buying a Lightning off the lot from a dealer in the Chicago area, but am trying to find a way to keep the payments under $1,000 a month. I am curious if anyone with excellent credit could share the rates and terms they've been offered recently by Ford Credit. I'm happy to pull together a down payment, but will not have a trade, as our Mach-E is our other car and we are just looking to add a second. I am doubting there are any super appealing rates right now, given where rates are for everything else, but would love to know what others have been offered if you wouldn't mind sharing.

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[RickLightning]

If you do the math, it's hard to imagine payments under $1,000 a month without Ford Options, unless you get an 84 month loan, which is not a great idea.

 

[bellyer]

If you do the math, it's hard to imagine payments under $1,000 a month without Ford Options, unless you get an 84 month loan, which is not a great idea.

Right. I get that. I'm happy to.pull together a substantial down payment to bring payments down. Just trying to get a sense for the rates folks are seeing right now.

 

[mr.Magoo]

5-6% with Ford Credit, 2.74% with the local credit union, closed 1 week ago.

 

[MillieChliette]

Not great.

I plan to refi so I didn't ask much about getting lower, but I was given 7.49 for 84 months on my new purchase on Thursday. IIRC, 32 and 48 months were 6.49, 60 and 72 were 6.99 or thereabouts. They told me Ford credit was the lowest rate they saw out of several options. The report I was sent in the mail after applying for a loan through my credit union about 10 days ago said I have a credit score of 832. Credit Karma says 811 for both.

 

[bmwhitetx]

I bought mine 10/13. They asked what I wanted and I said lowest rate, my credit is considered excellent. They came back that Ford Credit was the best at 7.4%. I took it to mean "best for them" kickback wise. Got a letter from Ford credit a week later said the contract was written incorrectly by the dealer, my rate is really 5.4% so they rewrote the contract. Was for 60 months.

 

[metroshot]

Credit Unions have the best rates nowadays with good credit.

I had a CU financing at 3.49% for 84 months - 110% LTV in my pocket.
Rate locked in for 90 days.
Purchased July.

Dealer offered standard Ford financing at 6.99% for 84 months.

Pulled out my pre-approval and saved a lot money - dealer could not do better!

Loan + $1600 deposit + $750 CA Clean Fuel POS + $5000 Ford VISA card.

Loan was electronically connected to the dealer so I got to drive off without having to get a check...

 

[wighty]

$5000 Ford VISA card.

What was that for?

I ended up going with a local credit union, 1.99% for 60 months in July and August (bought 2 vehicles... didn't even get a second credit pull on the second loan from what I saw on my credit report).

 

[metroshot]

What was that for?

I ended up going with a local credit union, 1.99% for 60 months in July and August (bought 2 vehicles... didn't even get a second credit pull on the second loan from what I saw on my credit report).

I wanted the points and $300 statement credit for opening a Ford VISA credit card with FNBO.

Added with the 22K points for the purchase, I now have $500 in points to be applied towards a MME incoming.

 

[wighty]

You said $5000 in your post $500 makes more sense!

 

[metroshot]

You said $5000 in your post $500 makes more sense!

I charged $5,000 on the Ford VISA to get the $500 value in points + $300 statement credits.

FNBO gave a credit line of $12,000 but my Ford dealer could not charge more than $5,000.

 

[ericjtsang]

Does Ford financing have any time locks to refinancing through Credit Union? I am getting mine at MSRP, but it was hinted that I need to use Ford credit.

 

[Jer]

Does Ford financing have any time locks to refinancing through Credit Union? I am getting mine at MSRP, but it was hinted that I need to use Ford credit.

I have never seen a prepayment penalty. I have financed the minimum with FC to get a rebate a couple times, then a few weeks later refinanced with a better rate, or payed the note off. I read the finance agreements before hand and it was specified that there was no prepayment penalties. Just had to wait long enough to get the account number.

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