Refinancing after vehicle purchase

[hooligan]

A lot of rebates, especially through Ford, require financing with Ford in order to get...

This is what I had to do when I bought my ranger. I think I had to wait 31 days or something and refinanced through my cu

[Bigfootwolff]

When we bought the wife’s Suburban, GM was offering a $1,000.00 incentive to finance through them. Our salesman told us the interest rate would be higher, but then ncouraged us to take advantage of the offer and immediately refinance through my credit union. I didn’t trust him so I called my credit union and was told it is done all of the time, and told me to bring in my payment coupon book as soon as we got it I the mail, and they would pay it off and we would do a new car loan through them. I was told if the car was under 1 year old and had less than a certain amount of miles they would give us new car finanacing rates. It was easy and painless. I would take advantage of the rebate offer and then immediately refinance. Wouldn’t hurt to check out some of the interest rate offers available at credit unions near you. We once opened up a savings account at a local credit union that only required a $25.00 minimum account balance, because of an auto finanace special rate
promotion that was better than any other bank, even our own credit union. When you consider financing a truck at today’s crazy prices, an interest rate of a half a point can make a difference and is definitely worth the little bit of extra work on the front end.

[mww982]

We have done that with every vehicle we have bought. Easy, painless, and our credit union rates are the same whether it is new or used.


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[Sleepy]

I always buy used, but I also always refinance. I can usually get a good rate at the dealer, and then talk my bank into beating that rate if I finance with them. I’ll wait about a week till my first payment from the dealers bank, refinance, and get another 45 days before my first payment is due.

To me, it is also always less hassle to just get it done there, then go to your bank and refi when you have the time.

[LuBowhunter]

Just took the rebates financed with ford and then went straight to my CU the next day and refinanced. Easy Breezy.


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[txpitdog]

Thanks for the help! I am going to take every cash rebate they offer and compare against their financing offer and pick the best total price paid over the course of the loan.

[clintb]

I have found that in most cases whatever rebate value any of them offer can be deducted anyway without financing through them. If you haggle correctly.

[stickbowcoop]

I refinanced my last truck and my wife's current Highlander with my credit union as others have suggested. I had 1.49% on my Silverado and we have 1.74% on my wife's SUV. As mentioned we were able to take the higher interest initially but get cash incentives. Then I refinanced with the credit union and saved more money. Every little bit helps.

[M16]

I have found that in most cases whatever rebate value any of them offer can be deducted anyway without financing through them. If you haggle correctly.

This. I’m not playing stupid games. Play stupid games and I’m out.

[txpitdog]

We took all the incentives and got the truck down to over 13k off sticker, or about 26% off MSRP. Took the crappy Ford financing, and the finance guy actually said we should refinance with no penalty at a lower rate as soon as Ford processed our account. Got a couple rates already approved and waiting but I’m going to try and get as close to the 2.9 we would’ve gotten at the higher out the door price.

[brokeno]

Usually ford makes you finance for 6 months to get the rebates.

[Bowtech32]

Usually ford makes you finance for 6 months to get the rebates.

They say that but not true,I just refi mine a couple of weeks ago. You can do it anytime after purch

[Bowtech32]

Credit union of Tx gave me 3,19% all the way to 72 month if I wanted. No payment or interest for the first 3 months

[Thumper]

Why wouldn’t you take the $2500 rebate and get your own financing? No reason to finance thru them.

This^^^^^

Thanks for the help! I am going to take every cash rebate they offer and compare against their financing offer and pick the best total price paid over the course of the loan.

Just remember, if you take the factory low interest rate your payoff on the loan is more if its totaled or you trade it in early.

Factory rebates are given to the buyer by the factory, they are yours, do not confuse this as a dealer discount. If the dealer takes your factory rebates off the window sticker price, you're still paying full window sticker for the unit. Don't forget to ask for the dealer discount and any extra dealer cash offered to the dealer for that unit by the factory,(like old stock or over stocked money).