As everyone knows Ford has the $500 rebate if you finance through Ford. I'm going to the dealer to take delivery today and he is giving me 2 options (I haven't tried to go any other routes, yet) 1. Finance through Ford or 2. Finance through him with a credit union.

I want to finance for 72 months. He says he can get me 2.19 through a credit union which is definitely a good rate.

My question is do I utilize Ford at 4.99% to get the rebate and immediately switch to a credit union? Of course the dealer is asking if I do that to wait 3 months bc it helps him. What do you guys do?

 

I'm doing this in a week or so when I take delivery, same thing I did when I bought my current truck.

Finance with Ford, get the rebate. Call their 800 number a week later to get your account number, just enter your SSN at the prompt and it'll give it to you. Go to the credit union and refi - done deal.

 

It's going to be hard to beat the 2.19% for 72. I wouldn't go with the 4.99% with intentions of switching as it is too easy to forget about that and let it slip for a few months.

 

Option 3 is secure your own financing before going to the dealer and possibly get a better rate.

 

It will get you the best of both worlds, the $500 rebate and then the cheaper financing. If you refinance before making 3 payments then the dealer loses some money. If they are helping you out, help them out.

 

I financed through ford to get the extra $500. my rate was terrible though at 4.39. Since the finance guy made things difficult on me by losing the receipt that showed my down payment and then trying to put it on me and say I never made the payment, I refinanced through my local credit union at 1.8 as soon as I got my registration and plates. Screw him I did not even make one payment before I refied.

 

Go to your bank and get a pre approval in writing with the interest rate. If that's not competitive enough, go to your local credit union and do the same thing. Once you have financing you're comfortable with, take the Ford financing, get your $500 rebate, and refinance as soon as the truck is yours. Don't say a word about it to the sales rep. Waiting 3 months to refinance can cost you hundreds of dollars in interest. You don't owe the dealer anything. They're still going to turn a profit either way.

 

Secure your own, there is no markup! Another caution, DO NOT TAKE THE TRUCK UNTIL YOU KNOW YOUR FINANCING IS IN PLACE!

 

Yes take the money and financing and immediately refi! They are making big bucks back on you! Don't listen to the wait 90 days bs!

 

Perfect advice, exactly how we did it on 2 cars!