I have ordered my truck and expect it will arrive sometime in the next 3-4 weeks.

I would like to compare financing offers between a local bank or credit union and Ford, and perhaps take the Ford financing offer to gain the additional rebate, and then refinance with an offer from another lender.

I have what I consider to be a great credit score ~780, and we are currently debt free with the exception of our house. The last "hard" inquiry on my credit was performed when we purchased our house 1.5 years ago, and I have been told that multiple inquires can negatively effect your score.

What is the best way to find a bank/credit union that will offer the best rate without letting everyone and their brother run my credit?

What happens if I secure a loan from my bank/credit union, and then find out that the dealership can beat that rate?

If I do use Ford Credit to secure additional rebates, how do I go about refinancing that debt with the other bank/credit union?

Thanks for all the help!

 

I went to the dealer pre-approved for 2.25% @ 60 months thru my CU. Dealer wouldn't offer anything lower than 5.5%. I took the 5.99% with FMC for the rebate, refinanced with CU the next week.

As far as the hard inquiries, it depends on the dealer. Dealer I went to pulled one report and sent the info to a bunch of lenders. Not all dealers will do that, they send your SSN to a dozen or more lenders and you end up with that many inquiries. When my sister bought her car she was pre-approved from her bank and froze all 3 reports so the dealer couldn't pull any shenanigans.

 

I did the 3.9% thru Ford Credit to get the rebates then refinanced thru a credit union for 0.9% for 48 months. Just depends on your credit score etc

 

Given that you have weeks before delivery, do some reading on the forum. Refinancing after getting Ford's loan can be done the next day, you simply call Ford for the loan number and payoff balance.

Getting approved for a car loan is NOT the same as getting a loan. You can find rates online for your chosen bank/credit union, and see what's the best. Apply, get approved, then come in to refinance.

In reading, you'd find that PenFed is a credit union with consistently low rates.

You can apply for Ford Credit ONLINE and know your answer. With that score, you should get the best rate they have, but easily beat it with your credit union. So the rate is irrelevant, you are refinancing it.

 

Ford has 0% right now. Does not get better than that.

 

The way I understand it, multiple hard checks within a short time frame does not reflect negatively on your credit score. It means you are shopping around.

 

Yep it's ford truck month. 0% financing.

 

This is correct for most applications where my clients use credit scoring. I don't recall he details bc that's proprietary algorithms

 

Be careful when you see the 0% from Ford Motor Credit. I also have approval for 60 months at 1.99% from my credit union. That may sound like more, but when you take the cash rebate from Ford, which in this case would be $3500 in incentives, I save over $1000 by taking the credit union loan over 60 months (lower total amount of loan). The CU has no penalty for early payback. So go over all of the offers. 0% may look and sound good, but you could be leaving money on the table.


Using $4300 as a loan as an example


0% for 60 months approx. $743/month


1.99% after $3500 rebate means $39500 loan approx. $660/month


A savings of $83/month


So check out the possibilities and do the math. You might find yourself saving a bunch of money. And Ford offers a 0% separate on their extended warranties according to their extended warranty site. This is not tied to a car loan, as my dealer explained it.
The money you save on researching your truck loan could more than pay for the extended factory warranty.

 

Sorry the example is $43000. Dropped a 0 and not able to edit it.