Financing the 2022 Lightning Purchase - Add Your Options

[MapleMan650]

I just locked in last week for 84 months a 2.99%. The San Francisco Credit Union has a 1% EV discount

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[Firestop]

Well, whatever financial institution you choose, lock in your rate before the Feds next meeting on July 27th!

Bloomberg - Fed’s Williams sees 50- or 75-basis point hike debated in July

 

[metroshot]

Well, whatever financial institution you choose, lock in your rate before the Feds next meeting on July 27th!

Bloomberg - Fed’s Williams sees 50- or 75-basis point hike debated in July

Thanks for the tip!

Since my built status was received over the weekend and my expected delivery is in a couple of weeks, I am going to apply and see if I can lock the rate for 60 days.

Looking like a CU is my best option since Ford financing is a joke and major banks have increased rates significantly.

 

[Sam James]

I just locked in last week for 84 months a 2.99%. The San Francisco Credit Union has a 1% EV discount

Congrats! Looks like the rates bumped up and don't see mention about EVs, but assuming that is still applicable. With an open membership path this CU still looks to be a good option.

 

[metroshot]

Just got loan approval thru my CU.

3.49% for 84 months.

This is the MOST expensive vehicle I have ever purchased!

Usually I lease expensive vehicles and if at the end of lease it makes sense to buy it out, I do so - have done so the past 2 leases, but not now - leases are crazy.

 

[Viet658]

TechCU has 2.99% for 66 months.

 

[gorwell]

My purchase is coming up.

I'm running w/ Logix credit union @ 2.615% for 48 months on my XLT (w/ $33K down).

 

[metroshot]

My purchase is coming up.

I'm running w/ Logix credit union @ 2.615% for 48 months on my XLT (w/ $33K down).

Great CU !
I have my Honda auto loan from them too.

 

[SmoothJ]

Even though I have enough income, I need to sell/trade-in my 2021 F150 Lariat PowerBoost. The dealership has my information, just waiting for him/them to process it. Any word on the Ford Options? My dealership said they have the information (ie residual), but no rates.

 

[Firestop]

Yeah, I hope they don’t! I was luck, no hit on the application renewal other than the Fed-driven rate increase….2.49%/48-60 mos. Tracking is looking like I may beat, or at least meet, my 8/2-8/8 ETA

 

[Sdgolfer]

First republic bank has a personal line of credit for approximately 3% fixed rate on a 7 year term. Low 3s on a 10yr term and you can lock it today and use it when your truck comes in.

I opened one in March and locked 2.75% for 10yrs to use on my truck.

 

[metroshot]

First republic bank has a personal line of credit for approximately 3% fixed rate on a 7 year term. Low 3s on a 10yr term and you can lock it today and use it when your truck comes in.

I opened one in March and locked 2.75% for 10yrs to use on my truck.

That's a very good rate for an unsecured loan !

 

[Sdgolfer]

That's a very good rate for an unsecured loan !

There’s some relationship discount and autopay discount in there but it’s a great option imo

 

[RidetheLightning]

First republic bank has a personal line of credit for approximately 3% fixed rate on a 7 year term. Low 3s on a 10yr term and you can lock it today and use it when your truck comes in.

I opened one in March and locked 2.75% for 10yrs to use on my truck.

That 10 years is tempting. Having all that time would give you options to pay it down or pay it off when stocks and/or bonds are doing well, too - basically pay more when you want to instead of paying more when you have to on a shorter loan. Couple questions if you don't mind:

• Do you have a sense of how much less they gave you as a total loan amount compared to how much you would have gotten with a secured auto loan?

• Are personal loans or auto loans looked on more favorably by lenders down the road? I thought auto loans would look better on a credit profile because they're easier to explain and secured, but can't find a good discussion on it with a quick search.

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