Financing at Canadian Banks vs Ford Credit

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RottenRonny

New Member

Nov 15, 2004

23

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0

Regina, SK

Nov 18, 2004

#1

• Nov 18, 2004

• #1

My lease is up in a few months on my 02, and I am looking at getting an 05. I went to percival the other day, and they are doing 7.9% through ford credit for 5 years. I haven't talked to any of the banks yet. Has anyone here checked this out? What does the going rate seem to be (approx) on a 5 year loan through a bank or credit union?

 

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WOT

Founding Member

Nov 26, 2000

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46

Regina, Canada

Nov 18, 2004

#2

• Nov 18, 2004

• #2

That is about what I got when I bought mine out.

 

CanadaStang

New Member

Sep 7, 2003

2,093

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Mb

Nov 18, 2004

#3

• Nov 18, 2004

• #3

Have you ever checked out ING direct? I think loan rates are 5.95% .
I've been dealing with them for years and am very Happy.

 

ARBOC

Founding Member

Oct 8, 2000

145

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16

Canada

Nov 18, 2004

#4

• Nov 18, 2004

• #4

Is your bank giving you a fixed or floating intrest rate?
Fixed is about 7.9 to 8.0 % ? Floating intrest you could pay less or more, depending on how well it does that month. it could be real low, example 2.9 or almost as high as 10 to 11 %. Again depending on the market for the month. Also your payments on a floating intrest rate would go up and down, depending on the market.

 

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SPEED FREAK

Founding Member

Aug 7, 2000

1,448

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Regina, SK.

Nov 19, 2004

#5

• Nov 19, 2004

• #5

Just get a revolving line of credit. You can get them as low as 4.25% interest right now.... Especially if your a student .

 

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Silvr04GT

Founding Member

Feb 4, 2002

1,131

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37

San Jose, CA

Nov 19, 2004

#6

• Nov 19, 2004

• #6

I have a savings account with ING and they rock! And two other members of my family have their mortgages through ING! Really good customer service! Worth a look for sure!

I've heard rumors about Ford offering like 8 year financing on the 05 Mustangs. Anyone else heard this, maybe it's US thing, I'm not sure!

 

cobrastang85

New Member

Oct 16, 2004

32

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0

Regina, Sask

Nov 20, 2004

#7

• Nov 20, 2004

• #7

I can't see why they would go with 8 year (or anyone looking at an 05 would seriously consider it. The people that are gonna go with 8 year, are generally going to be higher credit risks, therefor they would be charged a higher interest rate. Higher interest rate=higher payments. After the dust settles (even with no interest rate increase) there would not be that much of a payment reduction.
Just my 2 cents