Financing the 2022 Lightning Purchase - Add Your Options

Sdctcher · May 9, 2022

Please use this thread to point the rest of us to the best place to pre-apply for credit when our ship comes in.

Information Needed:
Date Applied.
Region Where You Live - Rates will vary by State.
Minimum Percent Down Required.
Interest Rate Quoted for What Length of Time.
Credit Score Required for the Lowest Rate.
Name of Lender and Type (Credit Union/Bank/Other).
URL of Lender if Available.

REDHORSECA · May 9, 2022

I am probably going with one of my two credit unions for a vehicle loan.

Logix 1.74% APR.* (Logix is for these States only: AZ, CA, DC, MA, MD, ME, NH, NV, or VA)
USAA 3.19% APR.

Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

rlbussard · May 9, 2022

REDHORSECA said:
I am probably going with one of my two credit unions for a vehicle loan.

Logix 1.74% APR.*
USAA 3.19% APR.

Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

Don't go with USAA, Navy Federal is giving 2.49% new vehicle loans. USAA is going down hill. After 20 years with them, I finally moved all of my direct deposits over to NF. Everything is too high with USAA anymore. They are supposed to be for the soldier, but have become more of a profit company.

F150ROD · May 9, 2022

USAA
NAVY FED
DCU

Ford Senior Master · May 9, 2022

rlbussard said:
Don't go with USAA, Navy Federal is giving 2.49% new vehicle loans. USAA is going down hill. After 20 years with them, I finally moved all of my direct deposits over to NF. Everything is too high with USAA anymore. They are supposed to be for the soldier, but have become more of a profit company.

I also moved some of mine away from USAA. Their insurance rates went nuts.

13_F150 · May 9, 2022

I noticed AAA in SE is doing 2.84% for 72 months.. I have AAA just never knew they did loans

gorwell · May 9, 2022

REDHORSECA said:
Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

Will keep you in mind.

Have you used logix before? Looks like a good rate.

If the rate from ford options is too high, I may opt for the cheapest APR I can find.

Ford better be quick with my 6/6 build. It's getting more expensive each day to buy the truck between reduced trade in and higher interest rates.

Sdctcher · May 9, 2022

gorwell said:
Will keep you in mind.

Have you used logix before? Looks like a good rate.

If the rate from ford options is too high, I may opt for the cheapest APR I can find.

Ford better be quick with my 6/6 build. It's getting more expensive each day to buy the truck between reduced trade in and higher interest rates.

Most lenders will lock rate and pre-approval in for 30 days.

gorwell · May 9, 2022

Sdctcher said:
Most lenders will lock rate and pre-approval in for 30 days.

Thanks for the tip.

I usually buy cars outright and don't really consider what the financing terms are, so I'm a newbie on financing.

GDN · May 9, 2022

Sdctcher said:
Most lenders will lock rate and pre-approval in for 30 days.

I like this, but since Ford still isn't shipping (at least it appears that way) it will be hard to know how long these first deliveries are really going to take.

FordLightningMan · May 9, 2022

gorwell said:
Thanks for the tip.

I usually buy cars outright and don't really consider what the financing terms are, so I'm a newbie on financing.

U.S. Bank actually locked me in longer than 30 days when I bought my Tesla. The rate environment is a lot different now than a year ago, so I'm not sure they'd do the same still, but my shipment was delayed and my rate never changed. I'd definitely ask the question to any lender about how long the rate is honored, before getting a bunch of credit inquiries added to your credit report.

With the fed raising rates 50bps at every meeting, perfect timing of your financing could save you hundreds of dollars over the life of a loan. Problem is that will be tricky!

bg226 · May 9, 2022

F150ROD said:
USAA
NAVY FED
DCU

2.24% with DCU. They gave me a .25% on my last loan with them for direct depositing my paycheck in a checking account there, hopefully they do it again.

greenne · May 9, 2022

rlbussard said:
Don't go with USAA, Navy Federal is giving 2.49% new vehicle loans. USAA is going down hill. After 20 years with them, I finally moved all of my direct deposits over to NF. Everything is too high with USAA anymore. They are supposed to be for the soldier, but have become more of a profit company.

Agree. I was tied almost exclusively to USAA for many years, 25yr+ member here. However, I have been less impressed with their performance of late--it just seems like they are not competitive on price for anything anymore. Its a shame-- USAA used to have really good products/service really cheap. Totally went downhill last 5yrs or so.

Mortgage rates weren't even in the same ballpark last time I refinanced.
Auto loans are above NF and penfed
Insurance has steadily gone up, even though my vehicles are older...how does that happen?

**Check out Penfed also.,. last time I checked they were competitive with NF

REDHORSECA · May 10, 2022

gorwell said:
Will keep you in mind.

Have you used logix before? Looks like a good rate.

I just joined them a month or so ago.

I didn't read the friend referral fine print until it was too late. So I won't be able to do the referral deal with my father.

I joined too soon. 5/30 build.

bosox8 · May 10, 2022

greenne said:
Agree. I was tied almost exclusively to USAA for many years, 25yr+ member here. However, I have been less impressed with their performance of late--it just seems like they are not competitive on price for anything anymore. Its a shame-- USAA used to have really good products/service really cheap. Totally went downhill last 5yrs or so.

Mortgage rates weren't even in the same ballpark last time I refinanced.
Auto loans are above NF and penfed
Insurance has steadily gone up, even though my vehicles are older...how does that happen?

**Check out Penfed also.,. last time I checked they were competitive with NF

Same experience with USAA - used to be they were great on product and rates - had credit card, insurance, HELOC with them but have moved / discontinued all with them. Rates were easily two points above market pricing and no willingness on their part to even match to keep the business. They sold themselves as the friend of the Sailor / Soldier / Airman, built up a loyal following, and about 5-6 years ago decided to start gauging their clients - many of us have caught on.

Financing the 2022 Lightning Purchase - Add Your Options

Sdctcher

Well-known member

REDHORSECA

Well-known member

rlbussard

Well-known member

F150ROD

Well-known member

Ford Senior Master

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13_F150

Well-known member

gorwell

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Sdctcher

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gorwell

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GDN

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FordLightningMan

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bg226

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greenne

Well-known member

REDHORSECA

Well-known member

bosox8

Well-known member

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