@Anonymous wrote:
@ezdriver wrote:
@Anonymous wrote:
So my fiancee and I have been working on our credit for abouyt 8 months and have both gone from about 500 on all 3 to 590-620 now on all 3.
We applied thru capitol one and recieved a rate of 8.9% and today we recieved news from the ford dealer that we have been approved for tier 2 at 0% for 60 months!!! Feels great to be this much closer to financial freedom!! thanks everyone on here for positing so much usefull information!!
Congratulations. I recommend that you consider trying to negotiate a deal with that Ford dealer to be financed by your own source and see how it goes.
I'm new here, but I don't understand this comment.... why would you not recommend taking the 0%? are you thinking they will gouge on the car cost?
Exactly. I've done it. Gone to one dealer and priced the identically configured vehicle with and without my own financing. The 0% financing is a great marketing device for the car manufactures. It is not always great for the buyers. Also, most auto buyers make purchases based on payments rather than price of the vehicle. The dealers cater to that mindset. Watch the salesperson's reaction when you tell them that no, you do not need to meet with their finance person.
Also, there are tremendous tools avaiable to consumers that allow them to predetermine a price they will pay for a vehicle sans dealer financing. For example, I'm tossing around the idea of buying a Jeep Wrangler Sahara [I know what combination of options I'd be willing to accept in an inventory vehicle] so I've been researching it for a while. I went out to three dealers and played super dumb [my wife would argue that I was not playing!] and test drove the vehicles. I then did my research and found that the same dealers [via internet sales rep] are willing to sell me the vehicle for $36k while none of the salepersons would give me a number less than $39k and the highest was $42k. The higher numbers included dealer financing.
