Financing New Super Duty - Ford Powerstroke Diesel Forum
General 6.7 Discussion (2017-2019) General 6.7 Discussion

 1Likes
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 14 Old 04-02-2018, 02:15 PM Thread Starter
Powerstroke.org Rookie
 
Join Date: Apr 2018
Posts: 2
Thanks: 11
Thanked 0 Times in 0 Posts
Mentioned: 0 Post(s)
Quoted: 4 Post(s)
Feedback Score: 0 reviews
Financing New Super Duty

Hello all,

I am looking to buy a new 2017+ Super Duty before the end of this year. I recently joined a handful of credit unions with the intention of using them to secure financing for a new truck.

My question is:

How does the pre-approval process work at a credit union? Do i need to know exactly what vehicle i want to buy? Do i need to know how much of a down payment i intend to make? Once i am pre-approved, will i know exactly what my interest rate will be? What if i decide to go with a pre-owned truck?

Any input is helpful. Thanks.
zth25 is offline  
Sponsored Links
Advertisement
 
post #2 of 14 Old 04-02-2018, 05:33 PM
Compression Ignition Addict
 
cletusjermal's Avatar
 
Join Date: Jun 2011
Location: Utah
Posts: 2,012
Thanks: 15
Thanked 152 Times in 148 Posts
Mentioned: 7 Post(s)
Quoted: 406 Post(s)
Feedback Score: 0 reviews
I would narrow it down to 2 or 3 credit unions and then call them. They could tell you better then we can

2017 F350 6.7L 4x4 FX4 SRW CCSB Lariat Ultimate

Sold—2002 F350 7.3 4x4 SRW CCLB. GTP38R, PIS 175/80 injectors, Sam Wyse Stage 2 Trans, 6.0 cooler, Banks Intercooler, 4" Turbo back Exhaust, PHP tuned TS 6 position chip, CNC 4 Line feed, HPOP and HPX Lines. International bellowed up pipes. AFE Stage 2 Intake w/ Dry filter. Banks exhaust brake and smart lock. Hutch/Harpoon mod, 910 Valve springs, Billet intake plenums. Firestone airbags. Trailready full guard front bumper. PIAA Driving and Fog lights. Micky Thompson Wheels.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
cletusjermal is offline  
The Following 2 Users Say Thank You to cletusjermal For This Useful Post:
zth25 (04-03-2018)
post #3 of 14 Old 04-02-2018, 05:40 PM
Compression Ignition Addict
 
cletusjermal's Avatar
 
Join Date: Jun 2011
Location: Utah
Posts: 2,012
Thanks: 15
Thanked 152 Times in 148 Posts
Mentioned: 7 Post(s)
Quoted: 406 Post(s)
Feedback Score: 0 reviews
Quote:
Originally Posted by zth25 View Post
Hello all,


My question is:

How does the pre-approval process work at a credit union? Do i need to know exactly what vehicle i want to buy? Do i need to know how much of a down payment i intend to make? Once i am pre-approved, will i know exactly what my interest rate will be? What if i decide to go with a pre-owned truck?

Any input is helpful. Thanks.
But to answer you question to the best of my ability.



How does the pre-approval process work at a credit union?
You tell them an idea of what your looking for. Give them your financial info and they will give you an amount you qualify for.

Do i need to know exactly what vehicle i want to buy?
No

Do i need to know how much of a down payment i intend to make?
No you need to know roughly how much you want to borrow.

Once i am pre-approved, will i know exactly what my interest rate will be?
It depends on when you sign the papers I think.

What if i decide to go with a pre-owned truck. It will change the interest rate.
Boudah likes this.

2017 F350 6.7L 4x4 FX4 SRW CCSB Lariat Ultimate

Sold—2002 F350 7.3 4x4 SRW CCLB. GTP38R, PIS 175/80 injectors, Sam Wyse Stage 2 Trans, 6.0 cooler, Banks Intercooler, 4" Turbo back Exhaust, PHP tuned TS 6 position chip, CNC 4 Line feed, HPOP and HPX Lines. International bellowed up pipes. AFE Stage 2 Intake w/ Dry filter. Banks exhaust brake and smart lock. Hutch/Harpoon mod, 910 Valve springs, Billet intake plenums. Firestone airbags. Trailready full guard front bumper. PIAA Driving and Fog lights. Micky Thompson Wheels.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
cletusjermal is offline  
The Following 2 Users Say Thank You to cletusjermal For This Useful Post:
zth25 (04-03-2018)
Sponsored Links
Advertisement
 
post #4 of 14 Old 04-02-2018, 05:44 PM
Member
 
pger555's Avatar
 
Join Date: Jul 2017
Posts: 47
Thanks: 0
Thanked 8 Times in 8 Posts
Mentioned: 0 Post(s)
Quoted: 20 Post(s)
Feedback Score: 0 reviews
Quote:
Originally Posted by zth25 View Post
Hello all,

I am looking to buy a new 2017+ Super Duty before the end of this year. I recently joined a handful of credit unions with the intention of using them to secure financing for a new truck.

My question is:

How does the pre-approval process work at a credit union? Do i need to know exactly what vehicle i want to buy? Do i need to know how much of a down payment i intend to make? Once i am pre-approved, will i know exactly what my interest rate will be? What if i decide to go with a pre-owned truck?

Any input is helpful. Thanks.
I'm sure every one is different but close to the same process. They should be able to tell you their best rate based on how long you plan to finance (60 months I would imagine). It should be available online for that matter. Credit union advantage is they want your business vs. a big name bank will deny you if your credit is mediocre.

Once you figure out that best rate I would compare to what the dealer can offer. Ford credit is really high, around 4.9% but the dealers work with banks. If they can't match the rate you bring in, go with the credit union.

Once you're approved the down payment shouldn't really matter. Usually you're approved for a certain amount, but if you're trading something in I think you'll be fine.

Sent from my SM-G960U using Tapatalk
pger555 is offline  
The Following User Says Thank You to pger555 For This Useful Post:
zth25 (04-03-2018)
post #5 of 14 Old 04-02-2018, 07:37 PM
Compression Ignition Addict
 
cletusjermal's Avatar
 
Join Date: Jun 2011
Location: Utah
Posts: 2,012
Thanks: 15
Thanked 152 Times in 148 Posts
Mentioned: 7 Post(s)
Quoted: 406 Post(s)
Feedback Score: 0 reviews
Just a quick look at rates it looks like 3.0 - 3.5 would be a decent rate. You could get under 3.0 if you meet certain conditions

2017 F350 6.7L 4x4 FX4 SRW CCSB Lariat Ultimate

Sold—2002 F350 7.3 4x4 SRW CCLB. GTP38R, PIS 175/80 injectors, Sam Wyse Stage 2 Trans, 6.0 cooler, Banks Intercooler, 4" Turbo back Exhaust, PHP tuned TS 6 position chip, CNC 4 Line feed, HPOP and HPX Lines. International bellowed up pipes. AFE Stage 2 Intake w/ Dry filter. Banks exhaust brake and smart lock. Hutch/Harpoon mod, 910 Valve springs, Billet intake plenums. Firestone airbags. Trailready full guard front bumper. PIAA Driving and Fog lights. Micky Thompson Wheels.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
cletusjermal is offline  
post #6 of 14 Old 04-02-2018, 07:58 PM
Premium Member

 
RJC2's Avatar
 
Join Date: Mar 2014
Location: Keyser, WV.
Posts: 3,908
Thanks: 99
Thanked 255 Times in 232 Posts
Mentioned: 26 Post(s)
Quoted: 706 Post(s)
Feedback Score: 0 reviews
I would call each of them and ask their interest rates for new and used vehicles. That should take all of 15 minutes. You may want to check with any other Credit Unions in your area as some are better than others to work with and have specials from time to time to strum up new accounts and members.
Once you find a CR with a good rate walk in and ask to speak to a loan officer. Tell him/her what you're planning on doing. They like customers who plan ahead, it shows financial responsibility. If your FICO score is decent (don't get me started about FICO scores, what a sham that is) you should be ready to deal. Be smart, and don't fall in love with the first pretty truck that you see. Dealers love it when that happens, so be ready to walk away and shop around. A good rough rule of thumb that I use, is to knock 10% off the sticker price. Now, with the 2017's you may actually do better as they are left overs now.
There are many threads on here about what guys are paying for their trucks. You may want to read them over to get an idea of current deals.
Lastly, the dealership will try to sell you a Ford Factory Extended Warranty. They're expensive but for a Diesel as complicated as these are, you may want to consider it so you won't have any repair bills while making the big payments that come with a purchase this large. At the top of the main page there is a Sticky titled "Ford ESP at dealer cost". Read that post. I bought a warranty through that guy (Joel Hawley) and it WILL save you a bunch of money and Ford will finance it at 0% interest.
Good luck Buddy, let us know how things shake out for you. Bob

2019 Raptor
2001 F250 Platinum Edition, 7.3, Automatic, Superchips tuner.
RJC2 is offline  
post #7 of 14 Old 04-02-2018, 09:17 PM
Compression Ignition Addict

 
-Falcon-'s Avatar
 
Join Date: Dec 2017
Posts: 1,098
Thanks: 1
Thanked 49 Times in 50 Posts
Mentioned: 16 Post(s)
Quoted: 397 Post(s)
Garage
Feedback Score: 0 reviews
When I bought my truck (used), The Credit Union gave me a piece of paper I had to take to the dealer. They filled it out, with it had the VIN number and stuff on it and the company name and other stuff. This was just for the per-approval. They almost denied me, because the company's name had 'Auction' in the title. They said that they don't loan on vehicles at auctions. I had to explain to them that this person purchases vehicle from auctions that have been seized or repossessed and is not actually an auction and that he fixes the vehicles up and sells them. Lucky, one of the other loan officers in the bank overheard us talking and heard the name and said to the other loan officer that they do alot of business with this particular company and that they were okay.

So, don't be surprised if they give you a form that needs to be filled out by the dealer, before you can even get per-approval.
-Falcon- is offline  
post #8 of 14 Old 04-02-2018, 09:37 PM
Compression Ignition Addict
 
ZCherry27's Avatar
 
Join Date: May 2014
Posts: 187
Thanks: 0
Thanked 21 Times in 21 Posts
Mentioned: 0 Post(s)
Quoted: 51 Post(s)
Feedback Score: 0 reviews
Quote:
Originally Posted by cletusjermal View Post
But to answer you question to the best of my ability.



How does the pre-approval process work at a credit union?
You tell them an idea of what your looking for. Give them your financial info and they will give you an amount you qualify for.

Do i need to know exactly what vehicle i want to buy?
No

Do i need to know how much of a down payment i intend to make?
No you need to know roughly how much you want to borrow.

Once i am pre-approved, will i know exactly what my interest rate will be?
It depends on when you sign the papers I think.

What if i decide to go with a pre-owned truck. It will change the interest rate.
Quote:
Originally Posted by zth25 View Post
Hello all,

I am looking to buy a new 2017+ Super Duty before the end of this year. I recently joined a handful of credit unions with the intention of using them to secure financing for a new truck.

My question is:

How does the pre-approval process work at a credit union? Do i need to know exactly what vehicle i want to buy? Do i need to know how much of a down payment i intend to make? Once i am pre-approved, will i know exactly what my interest rate will be? What if i decide to go with a pre-owned truck?

Any input is helpful. Thanks.
That is almost to a t on how my pre-approval process went. Told them was looking at a new to me truck did a loan request was approved for $XXX which was good for 30 days(I believe) found a truck a few weeks later updated all information on loan and when CU checked out the truck on NADA/KBB they were even willing to bump up the $$ amount. But I preferred to put a larger amount down instead of financing more money. For someone with a limited credit history and an average score, only had student loans and a 2 yr loan on a 6.0 they had best interest rates for me.

2003 CC SB 6.0 with a MBRP 4inch straight pipe,
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
with QT Tunes, PowerMax turbo, BPD 58v FICM, lifted 4inches with BDS, 20in Fuel hostages wrapped with 35in Nitto Trails -Sold

2014 CC SB 6.7 weight reduction kit installed
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
with GH tunes 20x12 Gear Big Blocks 305/50 nitto 420s
ZCherry27 is offline  
The Following 2 Users Say Thank You to ZCherry27 For This Useful Post:
zth25 (04-03-2018)
post #9 of 14 Old 04-03-2018, 01:23 PM
Powerstroke.org Rookie
 
Join Date: Feb 2018
Posts: 4
Thanks: 4
Thanked 4 Times in 4 Posts
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Feedback Score: 0 reviews
Probably dont need to post, but my process was almost the exact same as most in here. My truck is financed with a CU that I have been a member of for about 5 years now. I just called, told my banker that I was going to purchase a new truck, and I wanted him to finance it. (I wasn't too adamant about letting some monkey at a dealership play with my credit lol) Told him what I was looking for roughly. He asked for a couple things to prove my income (the last thing they had on file was about 3 years old from my boat loan) and told me to pick a truck and send him the deal sheet from the dealer.

This worked out better for me in the long run because I kept everything separate until I was ready. Meaning that the dealer thought I was paying cash, so I had more push in the negotiations. Once I squeezed the dealer for everything I thought he would offer, I took my proposal to my banker and walked out the same day with a cashiers check for $59,xxx. Walked into the dealer, they called my banker to verify the check was good, signed papers, and drove away happy (for the most part) Sitting in the finance office always seems to piss me off somehow. I walked in there with "cash" told them I wanted that truck and nothing else, but the finance guy just kept on pushing the extended warranty, wheels and tires, aftermarket accessories, etc... I finally got up and said "when you're ready to sign papers call me" and started walking out. He printed those papers rather quickly and there wasn't much talking after that. I'm young, and this would be my first new purchase auto loan, so I didn't get my banks most favorable 3.09% interest, but I'm happy with my 4.9% at 21y/o with a $70k platinum lol.

Congrats on the new truck in the future, and good luck loan shopping, just remember every pre-approval could be an inquiry on your credit report, make sure you know if and when they will pull your credit.

---------------------------------------------------------
2018 F-250 Platinum Ultimate 6.7 PSD
BoostedPlatinum is offline  
The Following 2 Users Say Thank You to BoostedPlatinum For This Useful Post:
zth25 (04-03-2018)
post #10 of 14 Old 04-03-2018, 03:15 PM Thread Starter
Powerstroke.org Rookie
 
Join Date: Apr 2018
Posts: 2
Thanks: 11
Thanked 0 Times in 0 Posts
Mentioned: 0 Post(s)
Quoted: 4 Post(s)
Feedback Score: 0 reviews
Quote:
Originally Posted by BoostedPlatinum View Post
Probably dont need to post, but my process was almost the exact same as most in here. My truck is financed with a CU that I have been a member of for about 5 years now. I just called, told my banker that I was going to purchase a new truck, and I wanted him to finance it. (I wasn't too adamant about letting some monkey at a dealership play with my credit lol) Told him what I was looking for roughly. He asked for a couple things to prove my income (the last thing they had on file was about 3 years old from my boat loan) and told me to pick a truck and send him the deal sheet from the dealer.

This worked out better for me in the long run because I kept everything separate until I was ready. Meaning that the dealer thought I was paying cash, so I had more push in the negotiations. Once I squeezed the dealer for everything I thought he would offer, I took my proposal to my banker and walked out the same day with a cashiers check for $59,xxx. Walked into the dealer, they called my banker to verify the check was good, signed papers, and drove away happy (for the most part) Sitting in the finance office always seems to piss me off somehow. I walked in there with "cash" told them I wanted that truck and nothing else, but the finance guy just kept on pushing the extended warranty, wheels and tires, aftermarket accessories, etc... I finally got up and said "when you're ready to sign papers call me" and started walking out. He printed those papers rather quickly and there wasn't much talking after that. I'm young, and this would be my first new purchase auto loan, so I didn't get my banks most favorable 3.09% interest, but I'm happy with my 4.9% at 21y/o with a $70k platinum lol.

Congrats on the new truck in the future, and good luck loan shopping, just remember every pre-approval could be an inquiry on your credit report, make sure you know if and when they will pull your credit.
What is the length of your loan term? I am also 21 years old, i have pretty good credit (high 700's), and i was just promoted in my career which came with a substantial salary increase.
zth25 is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Ford Powerstroke Diesel Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome