Some advice for a first time financing?

[Winchester30]

I’ll bet the finance mangler gives you an even better deal when you mention that you are an FRF.com member, just make sure to request that he addresses you only by your member name throughout the transaction.

 

[PandaBoi]

Thanks y’all for all the info, definitely learned some things here. Before I get into anything though, just wanted to let everyone know my ADM was only $5,000. I also actively invest the majority of my money and rarely blow my paycheck.

For the ESP I think I’ll definitely go with Flood Ford or at least tell my dealer that and see if they can match. For extended warranty I’ll give it a think and only budge if I can really get a good offer on it. Seems like Ford gives a good factory warranty and by the time it fails, my money today could have doubled by then (invest).

I think I’ll also check out some of the credit unions mentioned here and try getting pre approved once it’s clear the truck will be at the dealer soon and negotiate the dealer with those rates. 1.75 from BofA sounds pretty nice.

Lastly i just wanted to say that financing a vehicle, even if you can purchase it outright, makes sense to me because the sh**ty credit bureaus actually cap your credit score in the 700s due to “lack of recent reinstallment/loan information”. In my case I’ve never gone into the 800s because of this (never have had outstanding balances, went and actually spoke with credit bureau people from all three). When i asked how to bring it up they said the only way was by getting a loan, even though I don’t really need it (what a wonderful thing!!). So a smaller loan that i pay off overtime will bring that up and help me with mortgage rates when i go to buy a house. I actually have enough money to purchase the vehicle outright and my salary would certainly help me there too. Not trying to be rude but for all those suggesting to “not finance ADM” sure I get that if I’m financing the whole truck but I’m already paying the, 78,985 - 30,000 = 48,985, up front.

Sorry that last chunk was not so nice but thanks again everyone for the advice!

 

[gkrane]

If you're a young guy your credit age may not be long enough to get into the 800's, has nothing to do with the credit system. Anyone could have guessed you were a young guy by the way you talk about yourself anyway.

 

[David1986]

I wouldn't spend $.01 over MSRP. Let them sell it to someone else. ADM just adds to the depreciation.

Best wishes with your purchase and I hope you Enjoy it!

 

[PandaBoi]

If you're a young guy your credit age may not be long enough to get into the 800's, has nothing to do with the credit system. Anyone could have guessed you were a young guy by the way you talk about yourself anyway.

That could be the case, although my technical credit age is 16 years since my mother opened a card in my name under her account when I was quite young. Before I even got my own credit card I already had a credit score. Also I really don’t mean to come across as boorish. I’ve looked at the situation and all factors involved, asked others around me (young and old), and believe it’s an on purchase to make.

I was going to get a lariat before but in the current market it was only about $20k cheaper. Plus I plan to keep this car for a while and it is my dream truck!

 

[1BAD454SSv2]

Flood ford is good deal . I plan on purchasing next year before my 3 years are up bought truck at invoice Dec of 19 before covid hit . Only reason I have not pulled trigger on esp is waiting on raptor r. Esp is total mileage it does not add to the 3 year 36000 . Miles it is in addition to. I like it because I can choose more time vs. Mileage. My 2019 I'm at 16,000 miles now. Unless they match flood I wouldn't buy from dealer . Buy it a year later or so.

 

[1BAD454SSv2]

About ADM I hate it, never paid it. But as I get older and time is finite on this earth .I may reconsider. But if you can swing it and are keeping the truck a long time. Go for it.

 

[AxelR]

If you're a young guy your credit age may not be long enough to get into the 800's, has nothing to do with the credit system. Anyone could have guessed you were a young guy by the way you talk about yourself anyway.

Not sure where you got that from.
Length of credit, yes. Age, no.
I was over 800 when I got my SS# and I was young.
If you want good/great credit: borrow what you want/need and manage your debt/ cash-flow wisely

I’m no finance manager, do as you please.

 

[Winchester30]

Flood ford is good deal . I plan on purchasing next year before my 3 years are up bought truck at invoice Dec of 19 before covid hit . Only reason I have not pulled trigger on esp is waiting on raptor r. Esp is total mileage it does not add to the 3 year 36000 . Miles it is in addition to. I like it because I can choose more time vs. Mileage. My 2019 I'm at 16,000 miles now. Unless they match flood I wouldn't buy from dealer . Buy it a year later or so.

Might want to buy ESP this year before rate goes up.

 

[gkrane]

Not sure where you got that from.
Length of credit, yes. Age, no.
I was over 800 when I got my SS# and I was young.
If you want good/great credit: borrow what you want/need and manage your debt/ cash-flow wisely

I’m no finance manager, do as you please.

Credit age is the term used for length of credit.