Fall? I'm in Canada...in case it differs vs. the US. Are financing rates ever negotiable?

First, I was already told that you can't negotiate financing rates.

Second, I would guess that the best rates would come in the winter, as that is usually the slowest sales time of the year.

The only thing that can move your financing rate is your credit. Your monthly income may also be able help, but I'm not sure. Originally, I was going to get the standard 4.99% for 60 months as advertized by Ford. But after they ran my credit, I was offered 3.99% for 60 months, essentially saving me $700.00. Credit Unions are also known to hand out the best finance rates.

-B

The only thing that can move your financing rate is your credit. Your monthly income may also be able help, but I'm not sure. Originally, I was going to get the standard 4.99% for 60 months as advertized by Ford. But after they ran my credit, I was offered 3.99% for 60 months, essentially saving me $700.00. Credit Unions are also known to hand out the best finance rates.

-B

Credit Unions are the way to go in the States. Local Credits Unions where I'm from are now offering 1.99 to 2.99 for 60 months with excellent credit. Car companys are offering as low as 0% on some models, but they are models thay are trying to move and you're not going to see that on the 2012 Focus because they are being sold as fast as they put them out on the lots.

Are credit unions in Canada offering low rates as well? Anyone know?

Are credit unions in Canada offering low rates as well? Anyone know?

They should be reasonably lower than traditional banks. Couldn't find any rates for cars, but they had low mortgage rates (comparable to the ones offered in NH), so I'd guess they're decent.

Just call a credit union and ask. I applied and got 2.74%... MUCH better than Ford's offer, even with the 500 bucks they throw at the car.

i have fantastic credit...so i'm probably better off trying the credit union route first.

As others have mentioned, car companies start to provide incentives on cars shortly before a new model year comes out, and that is when you start seeing those 60 month for 0.0% offerings. Here in the USA, we generally see deals that hit on Memorial Day, Labor Day, and sometimes 4th of July as well. Much of this depends on how well cars are selling, since the longer a car sits on a lot instead of sells just means that it is taking up space.

I don't know about when the best deals hit for Canada, but that rule of trying to clear inventory is critical.

There is also the effect that hits from all the stupid managers out there who order cars that most people would never want to buy. If you are going for a manual transmission, then a Focus SE with all the options makes very little sense since you are at or above the price of a SEL. Add the MyFord Touch to a SEL, and with a couple of minor options, you are hitting the price range of a Titanium. So, they count on people not being willing to travel or look around at other dealers to find a car that makes more sense. If dealers end up with cars on the lot going to the end of the model year, prices start to drop, and Ford helps them by offering better financing on the outgoing models.

Ford Canada generally flip flops between cash incentives and interest rates. So, you rarely ever get both the best interest rate and best discount incentive. The Ford Employee Pricing promotion is normally one of the best promotional periods of the year.

they just offered me 1.99% for 60 and 2.99% for 72 on a fiesta. I thought that was decent enough

they just offered me 1.99% for 60 and 2.99% for 72 on a fiesta. I thought that was decent enough

Wow that is great. Doubt I'll see those kinds of rates for a 12 Focus...

Financing rates are negotiable to a degree, but it depends on your credit. Those with excellent AUTO (not just FICO score) credit, will almost always automatically be offered the best rate. However, those with fair to excellent regular credit will usually be offered a poor to 'just ok' rate initially, but you definitely have some wiggle room, as the dealer is making a profit from the financing as well.

Have you have ever had the finance guy at the end try to upsell all the crap that you don't need, just to tell you that he can give it to you for only a few dollars more a month? It's because he lowers your interest rate to help compensate for the added junk. It's been a few decades, but the last time that happened, I told him give me that rate w/o the junk or I'm walking. I haven't sat down with a finance guy for a long time, but I can't imagine it's changed all that much.

Most credit unions used to have a pass/fail rate, like BMWFS does today. It seems with the credit crisis though, a number have gone to variable rates based on credit worthiness, but are still almost always better than traditional banks. With the exception of BofA, who has lately been offering excellent rates to those with excellent credit.