Has anyone locked in financing rates yet?

[gkrane]

Have any of you who received a VIN# locked in your financing rates yet? I am thinking about it with the possible rate hikes coming up.

 

[BalorGrayJax]

Short term rates are not tied to the fed rate.

That said, it looks like many people here who finance are getting in the low to high 2s with their credit unions with likely >760 FICOs. Probs will be under 3.5% no matter where you go, if you need to finance. This also assumes you're looking at a 48 month or less term as well.. I have no idea where long 84 month rates are trending although because short term rates don't generally differ on cost of funds its likely not too terribly different.

 

[TXAG]

Mine just came in, penfed has a 2.14% rate for 72 months. My dealer was able to match that, they had me apply through Ford Credit online and sent a link. I learned about penfeds awesome rate from this kickass forum. Since my dealer has done me right I gave them the chance to finance it if they could make a little money doing it. Never heard of locking an auto rate though, think they need to take delivery first.

 

[gkrane]

Mine just came in, penfed has a 2.14% rate for 72 months. My dealer was able to match that, they had me apply through Ford Credit online and sent a link. I learned about penfeds awesome rate from this kickass forum. Since my dealer has done me right I gave them the chance to finance it if they could make a little money doing it. Never heard of locking an auto rate though, think they need to take delivery first.

My credit union (Navy Federal) said they can get the loan approved with just a VIN#.

 

[TXAG]

Sure, it can be approved. Not sure about a lock. I think there are people who have had a vin for months with no truck. Will they keep the rate and approval for 6 months before funding? Honest question you will have to ask

 

[gkrane]

Sure, it can be approved. Not sure about a lock. I think there are people who have had a vin for months with no truck. Will they keep the rate and approval for 6 months before funding? Honest question you will have to ask

They told me usually for 60 days but because of covid they said it was extended to 90 days.

 

[TXAG]

They told me usually for 60 days but because of covid they said it was extended to 90 days.

Sweet! Can’t help you with figuring out when to lock. In a normal world 3 months is plenty of time to get a truck built. What stage is your truck in? Being built? In transit? Also, is it a 37 package?

 

[gkrane]

I currently have a build week of 2/15. It is a 35 package.

 

[AxelR]

Approval for 60 or 90 days. Not the same as a locked rate. Make sure they’re locking the rate for you - which is not a thing in the car financing industry.

 

[LuckyKnuckle36]

I currently have a build week of 2/15. It is a 35 package.

My 35 package has been built (Dec 9) and been sitting at the shipper awaiting a truck out of Michigan for ~45 days so factor some shipping delays as well...