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Interest Rates ?

Viporpa

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Sorry if this has come up before and i just missed it. Anyone have interest rates that will be available for 48 , 60 , and 72 month loans from ford financing on the 2024 ranger yet ? I have looked hard and long but ford seems to keep this info under wraps. It says on the website to contact your dealer for that info so i did. He told me that info wont be available until my truck arrives. I find that hard to believe , but i guess its possible they will wait until then to decide. I understand it may depend on credit score , but there should be some general numbers out there by now in my opinion.
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Rda2w

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The loan is one the last chances for the dealer to make money (by marking up the interest rate) when you buy a vehicle. Look at your local banks and credit unions to know what the competitive rates are. The dealer should be able to match them or maybe beat them by a small amount. It may not be through Ford though. I doubt Ford will be offering discounted incentive rates on the Ranger any time soon.
 

olefordguy

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For a close guess, just do a build and price on a F-150, currently it shows between 3.9% to 9.9% depending upon the finance period. I'm sure your credit rating will also have an effect.
 

1986YellowRanger

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5 year is around 7% at credit unions in the Midwest. USAA is usually the cheapest option if you have the ability to use them (military or previous military family member). They are around 6.25% for 60 months… Basic message is save all you can and try not to take a loan out for a car. At these rates, you are paying ~$230 per month in interest on a $40k loan. That’s a good way to stay broke.
 
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Viporpa

Viporpa

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Thanks guys. I guess i was getting a little excited by recently seeing rates for 2023 models being extremely low for the F150 , Bronco , and Ranger. Most likely just a incentive to move these off the lot to make room for the 2024 models. I have saved a good bit and have a fairly nice trade-in , but when these trucks are $50k+ , im still gonna have to take a loan out for some of it.
 

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Rda2w

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These are the current rates from my credit union's website. They usually beat the local banks by a small amount. My dealer has never had an issue when I've asked to use my credit union instead of their preferred lender. Just be sure you are armed with your local rates before sitting down with the finance guy to get your best deal. Of course this assumes the deal was not negotiated on a payment amount to start with :frown:
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Zackattack2846

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My rule of thumb is never take a loan past 36 months for a car. After that, the banks are just winning from the interest they collect.

A loan of 20k at 3 years ain’t a big deal.
 

Wayfaring Ranger

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You still want a loan for a car, it's a depreciating asset. Paying cash for something that will depreciate is never, ever a good financial decision. No financial advisor will ever tell you paying cash for a new car is smart.

Inflation guarantees that borrowing money benefits you in the long run (assuming you can pay the loan without problems). However there's a balance of loan term and knowing what you're comfortable with paying per month. Stretching your loan to 8 or 10 years isn't smart, either because you get hosed on interest.

The last poster's advice is good. Keep the loan at 4 years, put a down payment to get the monthly where you feel comfortable.
 
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olefordguy

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Hum, there will be opinions from A to Z on the subject. IMO there's a lot of factors as to what is the best solution for each individual.
 

fordtrks4ever

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The real question should be if my loan lets say is 5.9% and my money in savings is getting 1% to 3% interest. Which way am I saving more and will I be making monthly payments back to savings.
As stated above there are lots of ways to look at this.
What way works best for you.
 

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Scotty piffin

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If buying a car during the current rate situation is a given the the best thing you can do with your money is to put it down on the car loan to offset financing money at 7%. Your money will not make you more in any investment account then it will by offsetting 7% on the money you will be borrowing. I sell Mercedes; I’ve done more cash deals in the past twelve months then I have in the 9 years prior and I’m dealing with financially savvy people general speaking. If you have the cash to put down it’s the best thing to do with your money if you’ve made a decision to buy a car.
 

nappy

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5 year is around 7% at credit unions in the Midwest. USAA is usually the cheapest option if you have the ability to use them (military or previous military family member). They are around 6.25% for 60 months… Basic message is save all you can and try not to take a loan out for a car. At these rates, you are paying ~$230 per month in interest on a $40k loan. That’s a good way to stay broke.
When most seem to accept ADM markups, I don't think an extra $200/month bothers them. I earn a very good living, and I refuse to pay any ADM fees. I just won't do it out of principle. I guess I'm not part of the YOLO sheeple crowd.
 

Wayfaring Ranger

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The real question should be if my loan lets say is 5.9% and my money in savings is getting 1% to 3% interest. Which way am I saving more and will I be making monthly payments back to savings.
As stated above there are lots of ways to look at this.
What way works best for you.
You need to factor in inflation, you're still saving more by not paying cash.

You also shouldn't be storing money in a low yield savings. You should be investing that money.
 

Wayfaring Ranger

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If buying a car during the current rate situation is a given the the best thing you can do with your money is to put it down on the car loan to offset financing money at 7%. Your money will not make you more in any investment account then it will by offsetting 7% on the money you will be borrowing. I sell Mercedes; I’ve done more cash deals in the past twelve months then I have in the 9 years prior and I’m dealing with financially savvy people general speaking. If you have the cash to put down it’s the best thing to do with your money if you’ve made a decision to buy a car.
You can always refinance when rates go down. Still better to keep investing that extra money and then refinance when rates are in a better place, rather than paying cash now.

I'd imagine the majority of Mercedes drivers either 1) have enough money that they wipe their tears with it and don't mind cash or 2) aren't financially literate.

The average middle-class person should not be paying cash for a depreciating asset and that's not even a controversial statement. This is advice every financial advisor will give you.
 
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Wags

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Navy Federal rates are the cheapest I’ve seen but not everyone can get it

Ford Ranger Interest Rates ? IMG_1825
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