Current estimate interest rates?

[Sevokevo]

You’re better off going with a shorter loan and putting lots of money down to avoid having to pay monthly GAP insurance and interest over time. Who wants to pay 1k a month for 6 years?

Most loan providers require monthly GAP insurance if you’re not putting down 20%.

If now isn’t the right time to get the truck for your situation you may want to walk away from it and avoid potential a repo.

so yeah my goal is to also pay off as fast as possible… NFCU gives me the option for gap coverage and I always take it.. because God knows if you ever in a wreck and your vehicle gets totaled.. that Gap coverage is there to clear the rest of the loan after what the insurance company pays if they total it out…… and it’s not a month to month cost for GAP with NFCU…

I can afford the $800-$900 a month note I am estimating.. but I just want to get the minimum payment lower and then put more in savings and then pay it all off at once the amount I save up can pay it off.. its also the better way to build up the savings in case of emergencies or when the family plans vacations next year.. this is why I want to poor a heavy amount into the loan and do the said reset so I can start saving to pay off instead of pouring all my extra income each week onto the truck. (I have all my payments on weekly payments where they go out on the day I get paid using my banks bill pay system)

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[Sevokevo]

I applied online for pre-qualification. I kept getting an emsil from them saying they couldn't verify it was me and I needed to call them. I had no such issues with anyone but them, so moved on from them.

I'm sure I just inputted something wrong on my end, but I all ready have accounts with bofa so it just made it easier anyways. Truck I was paying off was with them too.

I can see that.. that’s a good deal… I am just contemplating if I should just rub my credit and go with NFCU or just let my dealer run my credit (which might post 2-3 hard inquires) and see what they can get.. most the time my dealer gets rates from Ford Credit, Wells Fargo, and Capital One.

 

[Bt_okst]

I can see that.. that’s a good deal… I am just contemplating if I should just rub my credit and go with NFCU or just let my dealer run my credit (which might post 2-3 hard inquires) and see what they can get.. most the time my dealer gets rates from Ford Credit, Wells Fargo, and Capital One.

Doubt dealer can or will match what you can get on your own. No need to have them blast you out to many banks and have the hits on your credit report.

I only use dealer if there are manufacturer backed incentives on rates., like 0, .9, 1.9, 2.9, etc.

Otherwise you can usually get as good or better on your own and not deal with a finance manager trying to make money off of you too.

 

[Sevokevo]

Doubt dealer can or will match what you can get on your own. No need to have them blast you out to many banks and have the hits on your credit report.

I only use dealer if there are manufacturer backed incentives on rates., like .9, 1.9 etc.

Which is why I am trying to think on what I want to do... I am thinking of just asking them to run it only with Ford Credit.. run with them for awhile and pour money in on the loan for awhile (closer to the end of the year or something) and then just refinance it with NFCU for a lower interest rates and hopefully rates will be lower by the end of the year depending on the economy and if the Federal Reserves starts lowering overall interest rates which is the primary reason why interest rates are so high right now.....

Because as long as my truck is a 2024 or 2025 (which it will be) and is under 30,000 miles (it takes me one year to get this amount of miles) , I can still refinance my trucks loan with NFCU as a new car loan and get a better interest rates... which in terms reset the loan for a lower monthly payment and then start pouring more money into savings to keep that built up for emergencies and to pay the truck off all at once when I get my savings up there to pay it off here in the next 2 years

 

[Bt_okst]

Which is why I am trying to think on what I want to do... I am thinking of just asking them to run it only with Ford Credit.. run with them for awhile and pour money in on the loan for awhile (closer to the end of the year or something) and then just refinance it with NFCU for a lower interest rates and hopefully rates will be lower by the end of the year depending on the economy and if the Federal Reserves starts lowering overall interest rates which is the primary reason why interest rates are so high right now.....

Because as long as my truck is a 2024 or 2025 (which it will be) and is under 30,000 miles (it takes me one year to get this amount of miles) , I can still refinance my trucks loan with NFCU as a new car loan and get a better interest rates... which in terms reset the loan for a lower monthly payment and then start pouring more money into savings to keep that built up for emergencies and to pay the truck off all at once when I get my savings up there to pay it off here in the next 2 years

Ford rates are over 7% even with a 800+ fico. Right now on rangers, they are noncompetitve.

 

[Sevokevo]

Ford rates are over 7% even with a 800+ fico. Right now on rangers, they are noncompetitve.

oh brother. That’s lame..

 

[Zackattack2846]

On a side note: what’s y’all’s term you have/are planning on using? Super curious

 

[Sevokevo]

On a side note: what’s y’all’s term you have/are planning on using? Super curious

hard to say I know I be doing the 72 months base on where I am sitting at financially.. but the ultimate plan is to get it and pay it off ASAP

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