Question on Ford Motor or NFCU

armywifelong03 · ‎01-06-2015

Hi all! I just have some questions. I am wondering what our approximate APR would happen to be with our current scores going through FMC or NFCU. We are members of NFCU and have two CCs with them, with limits of $25k and $7k. We have a current loan with Ford with perfect payment history for almost 4 years. We are looking to get a new car, which would put us with two auto loans. Our avg score right now is 650 across the board and that is just because of utilization. We have had no lates in the last 5-6 years, but I was finishing college in the beginning of the year, so our utilization is high because we lived off of cards. My husband just retired after 25 years in the Army and we are now both teachers. We make about $135k a year. Our debt is a mortgage, credit cards, one auto and my student loans. Anyone have any experience or advice they could offer? Thanks.

Dj4Money · ‎01-06-2015

I think it will hard to beat Ford Credit if you have a perfect payment history and 650 scores. I don't know about 0% interest, but maybe around 4.9%. You might be able to beat that with the NFCU, but you'll never know until you apply.

You'll be approved by Ford, no problem.

armywifelong03 · ‎01-06-2015

Thank you! We have 1.9% on our truck, but we were at 690 ish then. That was a while ago, before mortgages, retirements and moves. Now we are just trying to decide if we apply and obtain before we go to the dealer, or just let them do their jobs. Thanks!!

guydiver · ‎01-07-2015

@armywifelong03 wrote:
Hi all! I just have some questions. I am wondering what our approximate APR would happen to be with our current scores going through FMC or NFCU. We are members of NFCU and have two CCs with them, with limits of $25k and $7k. We have a current loan with Ford with perfect payment history for almost 4 years. We are looking to get a new car, which would put us with two auto loans. Our avg score right now is 650 across the board and that is just because of utilization. We have had no lates in the last 5-6 years, but I was finishing college in the beginning of the year, so our utilization is high because we lived off of cards. My husband just retired after 25 years in the Army and we are now both teachers. We make about $135k a year. Our debt is a mortgage, credit cards, one auto and my student loans. Anyone have any experience or advice they could offer? Thanks.

I think you are good to go with Ford based upon your history with them. Depending upon which model you are looking at and the factory incentives available, you might squeak by with their best rate based on your history alone. Your scores and income should not be a problem, and at worst I would expect a modest rate increase. Do some research and find out what the manufacturer incentives are on the year/model you are interested in and go from there. You might consider getting NFCU approval in your pocket, and letting Ford try to beat it. Good luck!

sccredit · ‎01-07-2015

Ford Credit very heavily weighs your history with them. I think between income and your history with Ford you are likely to get their promotional rates.

armywifelong03 · ‎01-07-2015

Thanks, guys! I bit the bullet and went in today. I got a 2015 Ford Explorer XLT (with everything I wanted!) at 1.9% for 60 months. It was painless, thanks for the encouragement.

sccredit · ‎01-08-2015

Enjoy your new ride

guydiver · ‎01-09-2015

@armywifelong03 wrote:
Thanks, guys! I bit the bullet and went in today. I got a 2015 Ford Explorer XLT (with everything I wanted!) at 1.9% for 60 months. It was painless, thanks for the encouragement.

That's a nice vehicle. Congrats on that and the low rate!

armywifelong03 · ‎01-11-2015

Thanks, guys! I LOVE It! I have wanted one for about a year now, but waited until I was in a position to get EVERYTHING I wanted on it. Now, I just have to be smart enough to use it.