12-08-2013 07:30 PM
My GTI is old and breaks all the time. VW parts are expensive. Although I have been driving used cars for about 17 years now, I have decided to finance my first new car.
Specifically, I want another hot-hatch. It needs to be small, easy to park in the city, and really fun to drive. So I have nearly settled on a 2014 Ford Fiesta ST. I belong to about 6 credit unions and so it is possible that I could get a better rate, but the dealer (AAFES) pulled a 707 TU score (this is lower than the last update I received from Barclays) and told me that I qualified for 2.99%. I could have got 1.99% if my score was 13 points higher. Nevertheless, this seems like a good rate to me. I am thinking about just taking the offered rate and not even bother having 6 credit unions HP my reports for other offers. But I did notice a 0% offer on Ford's website for financing. I assume that this only applies to the best possible credit scores? So, I guess I am asking if the car buyers here think it would be worth it for me to continue rate shopping or should I save the inqs and take the pretty decent rate that I was offered the first time?
12-08-2013 08:20 PM
If your score(s) are at or above 700, you could give Ford Credit a try. I'd say you could qualify for the 0%.
Don't be too concerned about HPs. As you know, all inquiries within a certain time-frame for an auto-loan count as a single inquiry.
12-08-2013 11:19 PM
Ford should have NO issue giving you 0% and if that dealer says no, go to another I don't believe that ford won't give you 0!!
12-09-2013 11:37 AM
A Ford dealer with a good finance department can get 0% on 650+. If they can't get it with 707 they're trying to make too much money on you.
12-09-2013 03:01 PM
12-09-2013 03:20 PM
Thanks for the replies. I don't really have access to a US Ford dealer. I am buying a US-spec car in England. The original offer was from Keesler Credit Union and it now has 3.74% on it, higher than the 2.99 that I should have qualified for. I am going to try to get this lowered. I might call some other credit unions too.
The train just fell off the tracks... What? Where are you that you have access to a car in England but not a car in the states?
Ford is offering 1.9% for 72 Months + $500 Cash on a Ford Fiesta ST with every option possible it is about $25k by the looks of the one I found here in CA and with just under $3k down it estimates about a $350/month payment.
12-09-2013 04:14 PM - edited 12-09-2013 04:16 PM
AAFES (army and air force exchange service) is getting the custom ordered US-spec car for me and delivering it to me in England. $350 is about what my monthly payment is with 60 month financing. I did just call NFCU though, and they have offered me 2.09%. They are mailing me a check tomorrow.... only issue is that it will probably take a couple weeks to get here. I think this is a good rate, though. I am going back to the AAFES dealer and if he can beat 2.09%, I will finance with him. Otherwise, it looks like I am waiting for the NFCU check to arrive.
This Fiesta ST is gonna be sweet! It is just under $25k with the Recaro seats and painted wheels, but I want that stuff! Since I plan on around 5k downpayment, I got the loan for $20k. I told them I would think about the GAP insurance that they tried to sell me. Should I add that on?
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