Financing

Oceanbnd · Dec 1, 2016

Just throwing this out there...

Fed officials ready for interest rate hike 'soon' - LA Times

This raise would affect all loans including car loans. So those of us who are financing this truck. This rate hike makes me wary and it makes me want to get my loan asap BUT...and it's a big but, loans generally are only good for 60 days. So if I took out a loan today and the truck doesn't come until February, which is very possible, I would have to get another loan. BUT, if I wait and get one later, this rate hike would mean more money out of pocket.

oh the insanity.

---------- Post added at 09:44 AM ---------- Previous post was at 09:43 AM ----------

Doesn't seem like much but an extra 0.25 or 0.50 does make a big difference over 60-72 months.

poison123 · Dec 1, 2016

Oceanbnd said:
Just throwing this out there...

Fed officials ready for interest rate hike 'soon' - LA Times

This raise would affect all loans including car loans. So those of us who are financing this truck. This rate hike makes me wary and it makes me want to get my loan asap BUT...and it's a big but, loans generally are only good for 60 days. So if I took out a loan today and the truck doesn't come until February, which is very possible, I would have to get another loan. BUT, if I wait and get one later, this rate hike would mean more money out of pocket.

oh the insanity.

---------- Post added at 09:44 AM ---------- Previous post was at 09:43 AM ----------

Doesn't seem like much but an extra 0.25 or 0.50 does make a big difference over 60-72 months.

But I've been assured by members on here it doesn't matter if I get it the day before........

17Jake · Dec 1, 2016

poison123 said:
I bin assured it don't matter if I git it the day before.

hey, same here bro :sleepy:

Oceanbnd · Dec 1, 2016

poison123 said:
But I've been assured by members on here it doesn't matter if I get it the day before........

I'm assuming that's sarcasm

I doubt anybody managed 0% as Ford doesn't grant that kind of apr on their Ford Performance line, no incentives given unlike a '16 model

Decent apr is around 2-3%, but this rate hike could jump that figure to 3-4 or higher

acg90 · Dec 1, 2016

Oceanbnd said:
Just throwing this out there...

Fed officials ready for interest rate hike 'soon' - LA Times

This raise would affect all loans including car loans. So those of us who are financing this truck. This rate hike makes me wary and it makes me want to get my loan asap BUT...and it's a big but, loans generally are only good for 60 days. So if I took out a loan today and the truck doesn't come until February, which is very possible, I would have to get another loan. BUT, if I wait and get one later, this rate hike would mean more money out of pocket.

oh the insanity.

---------- Post added at 09:44 AM ---------- Previous post was at 09:43 AM ----------

Doesn't seem like much but an extra 0.25 or 0.50 does make a big difference over 60-72 months.

That's been rumored for a while but it's been a bit since i've heard about it. I was curious as to how long it would be valid for so I called my bank and asked them. Coincidentally, Navy Federal actually lowered their auto loan rates today. She also said that if the loan is linked to a VIN there is no time limit because the loan will begin once it is approved. Only Pre-approval loans for 'car shopping' have a time restriction.

Oceanbnd · Dec 1, 2016

acg90 said:
That's been rumored for a while but it's been a bit since i've heard about it. I was curious as to how long it would be valid for so I called my bank and asked them. Coincidentally, Navy Federal actually lowered their auto loan rates today. She also said that if the loan is linked to a VIN there is no time limit because the loan will begin once it is approved. Only Pre-approval loans for 'car shopping' have a time restriction.

Nice to know since I was going to go through Navy Federal. Granted I have the VIN, but I don't plan to take out the loan until I see the vehicle and have a chance to inspect it. So I might have to get the 'car shopping' loan to lock in a rate. Everything I'm reading says they're hinting raising rates this month.

acg90 · Dec 1, 2016

Oceanbnd said:
Nice to know since I was going to go through Navy Federal. Granted I have the VIN, but I don't plan to take out the loan until I see the vehicle and have a chance to inspect it. So I might have to get the 'car shopping' loan to lock in a rate. Everything I'm reading says they're hinting raising rates this month.

That brings up another question. If you refuse to purchase for whatever reason, I would guess the only thing you would lose out on is the interest already paid towards the loan?

Oceanbnd · Dec 1, 2016

acg90 said:
That brings up another question. If you refuse to purchase for whatever reason, I would guess the only thing you would lose out on is the interest already paid towards the loan?

I have no idea. I've never purchased a car sight unseen using only a VIN. Not sure how that process works if you go to the dealer and things are amiss or something that was promised is not there. That's probably why the dealers make giving early purchasers the Window Sticker a thing, that way they can verify all of the options they'd wanted were installed. At least on paper.

poison123 · Dec 1, 2016

acg90 said:
That's been rumored for a while but it's been a bit since i've heard about it. I was curious as to how long it would be valid for so I called my bank and asked them. Coincidentally, Navy Federal actually lowered their auto loan rates today. She also said that if the loan is linked to a VIN there is no time limit because the loan will begin once it is approved. Only Pre-approval loans for 'car shopping' have a time restriction.

Was just setting up the loan with them and they want the first payment by Mid Jan......sigh.

ThugHunter · Dec 1, 2016

I'm not a bank loan officer or anything even remotely close, but I would think there would be a problem securing a loan on a vehicle that hasn't been delivered in the sense that the bank doesn't have their collateral very easily accessible to reposses if someone is in default on said loan. I don't see that as an option for that reason alone.

Financing

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