Financing the 2022 Lightning Purchase - Add Your Options

[Sdgolfer]

This seems too good to be true? Unsecured loans usually have much, much higher rates. Is there something generally different about a personal LoC vs. a personal loan? Is there a pre-payment penalty--I'll want to pay down principal, or just pay off early at some point.

I saw the fine print---must open a checking account with 20% of the loan value (and presumably maintain 20% of remaining principal?) and setup direct deposit. I'm happy to do both of those if this is for real, and I'll just use this cash to buy my truck.

I filled out the pre-application, and they're going to call me on Wednesday.

you

When something seems too good to be true…

it really is true. I’ve opened the LoC and used it for taxes and paid it off a few months later. Still have the LOC opened with a fixed 2.75% rate to use for the truck. No prepayment penalty either. Another great thing is you can pay for your truck, get your tax return next year and pay down your line. Once it terms out your payment will be based on the remaining term and outstanding balance.
They use the product as an acquisition tool. Doubt they are making money on it but they probably look at it similar to a credit card with a 100k bonus pt.

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[Ford4Life2319]

Just Purchased my Pro Yesterday. Was able to get 1.99% APR for 60 months through CAFCU. I do not know what their rates are now this was a 45 day lock (last month).

 

[Yellow Buddy]

Just Purchased my Pro Yesterday. Was able to get 1.99% APR for 60 months through CAFCU. I do not know what their rates are now this was a 45 day lock (last month).

2.99% now.
Clean Energy CU is also 2.99% for 60 mo.

Saw on a FB group parsons fcu. Vehicle Loans | Parsons FCU

I have no affiliation with this CU, have not done any business with them..just passing along info I saw somewhere else.

2.19% is hard to beat(if confirmed)....

Just applied with them. Membership process was painless. Loan process was painless and approval was automated.

As a bonus, when you apply for a membership you can fund your account via a credit card. I funded my account with $5000 on a credit card that earns 2% cash back ($100) I just need to make a payment now from my new savings account to my credit card...free $100!

 

[metroshot]

DCU raised their rate 0.75% a week ahead of the Fed meeting anticipating the rate increase, now 3.74% including the 0.25% EV credit. I was waiting until my date came closer before locking in now i’m considering a different CU. The rate was 1.74% when i originally considered locking in before all of the delays started happening. ?

OUCH from 1.74 to 3.74%.

My CU has a 60 day lock rate - I applied 2 weeks ago and got 3.49% for 84 months.
I think it's 2.99% for 72 months and even lower for 60 months.
All auto-debit payment required.

 

[VTbuckeye]

OUCH from 1.74 to 3.74%.

My CU has a 60 day lock rate - I applied 2 weeks ago and got 3.49% for 84 months.
I think it's 2.99% for 72 months and even lower for 60 months.
All auto-debit payment required.

Yes 4 months ago dcu was 1.74 plus 0.25 off for energy efficient vehicles. Now...not so great. My build week is 8/29 so I have no idea what it will be by October??? I've used dcu for many car loans over the years. I'll be checking with other credit unions as the time gets closer.

 

[LightningShow]

OUCH from 1.74 to 3.74%.

My CU has a 60 day lock rate - I applied 2 weeks ago and got 3.49% for 84 months.
I think it's 2.99% for 72 months and even lower for 60 months.
All auto-debit payment required.

This is one of those things that's been under my threshold to worry about. I would've done something like you did if I had been paying closer attention. Even so I had planned to put in my application last Friday but then I ended up leaving a day early for my weekend trip, then came down with COVID after I returned. By the time I caught my breath the rate had gone up.

In any case, I put in an application at Merrimack Valley Credit Union (mvcu.com). They actually have a branch right on the way to my office and my ex-wife had been a member there years ago. They happened to come up in my search and currently have 2.99 up to 60 months and 3.24 up to 84 months. I went with 84 months at 3.24. It's a pretty good rate for that duration, why not?

 

[metroshot]

This is one of those things that's been under my threshold to worry about. I would've done something like you did if I had been paying closer attention. Even so I had planned to put in my application last Friday but then I ended up leaving a day early for my weekend trip, then came down with COVID after I returned. By the time I caught my breath the rate had gone up.

In any case, I put in an application at Merrimack Valley Credit Union (mvcu.com). They actually have a branch right on the way to my office and my ex-wife had been a member there years ago. They happened to come up in my search and currently have 2.99 up to 60 months and 3.24 up to 84 months. I went with 84 months at 3.24. It's a pretty good rate for that duration, why not?

Yes, glad you got a good 84 month rate too!

Comparing: Ford Motor Credit, big / major banks, and PLOC choices - the CU is by far the best rate in town!

 

[LightningShow]

DCU is 6.49% at 84 months! Double MVCU! My last three loans have been through DCU, looks like this will be the first time in quite a while using someone else. I do all of my banking through them so it's kind of a pain, I was hoping they'd have a competitive rate when the time came.

 

[Aspesi4]

This is one of those things that's been under my threshold to worry about. I would've done something like you did if I had been paying closer attention. Even so I had planned to put in my application last Friday but then I ended up leaving a day early for my weekend trip, then came down with COVID after I returned. By the time I caught my breath the rate had gone up.

In any case, I put in an application at Merrimack Valley Credit Union (mvcu.com). They actually have a branch right on the way to my office and my ex-wife had been a member there years ago. They happened to come up in my search and currently have 2.99 up to 60 months and 3.24 up to 84 months. I went with 84 months at 3.24. It's a pretty good rate for that duration, why not?

Any idea how long they'll rate lock for? My truck is currently being built.

 

[beatle]

I was surprised when my dealer (Sheehy Ford Springfield) said they had a rate through Virginia Credit Union of 2.19% for 72 months.

 

[LightningShow]

Any idea how long they'll rate lock for? My truck is currently being built.

I’ll ask when i talk to them.

 

[LightningShow]

I was surprised when my dealer (Sheehy Ford Springfield) said they had a rate through Virginia Credit Union of 2.19% for 72 months.

Wow, darn good!

 

[Cape Breton Lightning]

Cape Breton Lightning

Can anyone provide Fords Current Residual values...and Canada finance rates ?

Thank you ALL in advance...much Appreciated !!!

 

[Aspesi4]

I’ll ask when i talk to them.

It's a 60 day rate lock. Got locked in for 3.24% at 84 months with a $200 kick back for opening the loan. I want to have this in my back pocket when I start discussing financing with my dealer. Thanks for the recommendation.

 

[LightningShow]

It's a 60 day rate lock. Got locked in for 3.24% at 84 months with a $200 kick back for opening the loan. I want to have this in my back pocket when I start discussing financing with my dealer. Thanks for the recommendation.

Nice! I was just in the branch a few minutes ago and the loan guy said they can “try” to lock up to 90 days. It might be worth seeing if they’ll agree to go to 90 days.

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