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Old 10-14-2012, 02:50 AM   #1
paulgj
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ford 0% financing or bank loan & $2000 back?

Hi,

Would I typically be better off getting a non-Ford loan and claiming the current $2000 rebate for cash or taking Ford's offer of 60 month 0% financing and forgoing the cash rebate?

My credit is good so I don't think I should have a problem getting a loan and have already prequalified for Ford financing.

What have others done when faced with this option?

Thanks!


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Old 10-14-2012, 08:32 AM   #2
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Just got a '13 and the deal at the time was either $1500 cash back or 1.9% financing on 60 mos.
My dealer arraigned the $1500 from Ford and set up my financing through Bank of America for 1.84%, so best of both worlds.
Just make 'em think you're walking out & you might get good results.
Good luck with the new car! I love mine.
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Old 10-14-2012, 09:55 AM   #3
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Go here http://www.bankrate.com/calculators/...alculator.aspx and do the calculations.
You can even download a loan calculator for your smart phone to do calculations on the spot if they try and switch things up on you.
Also,I think walking in an hour or two before closing on the last day of the month makes a difference.
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Old 10-14-2012, 10:13 AM   #4
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I got 1.74% for 60 months through the dealer which used eastern bank.

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Old 10-14-2012, 12:21 PM   #5
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for the most part your payments will work out to be the same. What will matter however is how long are you planning on keeping the car? if your planning on trading the car in a few years take the cash. That way you wont be getting upside down in your loan as you an apply the 2k right to the prinicpal of the loan. if your planning on keeping the car past the loan term then 0% will work out just fine.

Youll have to crunch the numbers to figure out what is best.
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Old 10-16-2012, 09:15 PM   #6
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Almost everyone takes the $2,000. If you're buying a F series truck and financing $40,000 take the 0%.
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Old 10-17-2012, 08:34 AM   #7
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How much are you financing? If you will save money by using $2000 and interest - do that. If you can save money by getting 0% - do that
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Old 10-20-2012, 10:58 PM   #8
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I just took $2350 cash back and got 1.9% financing. You can probably get higher interest on a CD.
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Old 10-24-2012, 07:47 PM   #9
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Quote:
Originally Posted by paulgj View Post
Hi,

Would I typically be better off getting a non-Ford loan and claiming the current $2000 rebate for cash or taking Ford's offer of 60 month 0% financing and forgoing the cash rebate?

My credit is good so I don't think I should have a problem getting a loan and have already prequalified for Ford financing.

What have others done when faced with this option?

Thanks!
This will all depend on what kind of interest rate you can get through a bank. If you can get financed at a low rate through a bank and take the $2000 rebate (which is now $2500, at least in my neck of the woods) that would be your best option. If you are good with numbers, do the math. However, keep in mind that interest is compounded and you will need to compensate for that, meaning you cant simply take the price of the car multiplied by your APR to get the total price paid. There is a formula for it, but it is quite complicated. If you'd like to give it a go, let me know and I'll give you the formula.
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Old 10-25-2012, 01:15 AM   #10
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Do the math figure out which is better...But normally I find the cash rebate is the better offer.
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