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 08:06 PM
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 09:21 PM
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?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.