[Steve Goodspeed]

What are my options if interest rates have priced the Lightning beyond my budget? I'd hate to just walk away and let the dealer take advantage of the high demand but I also am not interested in paying 4+% interest for transportation.

My Lariat ER is scheduled to be built this week (10/10/22) and my dealer is Metro Ford in Schenectady NY.

 

[Leaf to Lightning : )]

none, or you could hit the lottery... but you already knew that

 

[3rdgenfan]

Credit unions are the best bet at this point vs OEM or other bank financing options.

 

[R.I.P.]

What are my options if interest rates have priced the Lightning beyond my budget? I'd hate to just walk away and let the dealer take advantage of the high demand but I also am not interested in paying 4+% interest for transportation.

My Lariat ER is scheduled to be built this week (10/10/22) and my dealer is Metro Ford in Schenectady NY.

Vote for candidates that will stop spending our economy into oblivion.... about all I can think of....

Even that will take a while to right this ship tho.

 

[Avalanche 3.0]

Pay cash and avoid interest payments altogether.

 

[R.I.P.]

Pay cash and avoid interest payments altogether.

If you have $100k sitting around and you are not earning more interest on it than a good secured loan, then you may need to change financial managers...

 

[Flash]

Second the advice to go to a local credit union. They offer the best rates. However, in all honesty (and not to judge) if the interest rate is the thing pushing you over the edge of your budget, then maybe a $87k vehicle purchase isnt the best idea right now. The difference between 3% and 4% on a 72 mo loan is $40/mo…on an over $1,300/mo payment.
Would hate to see you overextend yourself if you don’t have to.

 

[Spiffster]

Vote for candidates that will stop spending our economy into oblivion.... about all I can think of....

Even that will take a while to right this ship tho.

LOL! Third party? Good luck with that.

Would have been nice if Ford had allowed reservation holders to at least lock in an interest rate like they did with my Maverick order from last October (1.9%). And yes, I realize reservations are not orders, but Ford was nice enough to let me know I was "prequalified" to spend a mind numbing amount of money on a Lightning (~110k). Which, by the time I get to order my Pro (5/20/21 res) will probably be about right. In any case, at 4-5% thats still close enough to free money IMO. Paying cash on such a large purchase is foolish... again IMO. That money should be invested, especially now that everyone thinks the sky is falling. (Not investment advice)

 

[Steve Goodspeed]

LOL! Third party? Good luck with that.

Would have been nice if Ford had allowed reservation holders to at least lock in an interest rate like they did with my Maverick order from last October (1.9%). And yes, I realize reservations are not orders, but Ford was nice enough to let me know I was "prequalified" to spend a mind numbing amount of money on a Lightning (~110k). Which, by the time I get to order my Pro (5/20/21 res) will probably be about right. In any case, at 4-5% thats still close enough to free money IMO. Paying cash on such a large purchase is foolish... again IMO. That money should be invested, especially now that everyone thinks the sky is falling. (Not investment advice)

Yeah, that would have been great if they did that. I guess my bigger issue is that I'm buying an $80k truck, plus $6k in sales tax, plus $9k in interest in order to save $3k per year on gasoline. I'm having a hard time convincing myself that the Lightning is worth it.

 

[THEsocalledfan]

Yeah, that would have been great if they did that. I guess my bigger issue is that I'm buying an $80k truck, plus $6k in sales tax, plus $9k in interest in order to save $3k per year on gasoline. I'm having a hard time convincing myself that the Lightning is worth it.

Don't forget home wiring costs unless you already have it in.....

 

[Flash]

I just priced out a lariat that is similarly equipped (premium high package, pro power onboard, assist 2.0, 4x4) with the hybrid engine and it came out to ~$75k.

So yes, it is cheaper, but there Is something to be said about instantaneous torque, acceleration on par with a Shelby GT350, handling that bests any F150 that came before it, nearly eliminated maintenance costs (still have tires), a serenely quiet cabin, never having to go to a gas station again, and should you choose to, being able to power your home with the power capacity of nearly 10 Tesla PowerWall batteries ($115k equivalent).

if you aren’t going to use or don’t care about any of that, then you should save a little cash stick to the ICE version.

 

[Txxthie]

Why not wait to buy a lightning? I personally couldn’t stomach paying 3-4x the financing rates compared to 9 months ago. Financing an $80k EV when the government is working against the economy isn’t wise. The next 6 months could see many Americans lose jobs.

 

[Weapon X]

Why not wait to buy a lightning? I personally couldn’t stomach paying 3-4x the financing rates compared to 9 months ago. Financing an $80k EV when the government is working against the economy isn’t wise. The next 6 months could see many Americans lose jobs.

There's no indication that the interest rate will be coming down anytime soon. In fact, with inflation still going up, the Fed is apparently planning on increasing the rate further.

 

[Pja3668]

Following up on this conversation. Interest rates have only gone up since this threads last comment. Trade values seem to have come down. My dealer has (and I regrettably agreed to) a $3000 protection package (not an ADM but still a way for them to make a buck). Combine all those together and I may be looking at a payment I’m not comfortable with. My truck is built and on chip hold. I was all-in on the Lightning. A day 2 reservationist. My XLT SR would fit just fine for my driving habits. I can even charge at work. I’m thinking in a year, maybe two there could be more affordable used Lightnings on the market. If I’d been able to reserve a Pro this wouldn’t have been as big an issue. Of course adding to my hesitation is that I have a fully loaded/every option 2020 Lariat F150. And I love it. I’m torn. Time will tell. Guess I won’t know for sure what I’m going to do until they go to hand me the pen.

 

[THEsocalledfan]

Folks, go to a credit union. I just got a 4 yr 2.61% rate.

 

[Spiffster]

I got a 5 year @ 3.5% back in November. Not the greatest rate I have ever gotten, but certainly not the worst.

 

[Pja3668]

I got a 5 year @ 3.5% back in November. Not the greatest rate I have ever gotten, but certainly not the worst.

That’s great. I got a 5.5% pre approval from my credit union. I have to submit some paperwork to my other credit union to see what they offer. The second credit union doesn’t usually offer very competitive rates. So I think I might be stuck at 5.5. Unless the dealership can come through with something better.

 

[Spiffster]

I got a 5 year @ 3.5% back in November. Not the greatest rate I have ever gotten, but certainly not the worst.

That’s great. I got a 5.5% pre approval from my credit union. I have to submit some paperwork to my other credit union to see what they offer. The second credit union doesn’t usually offer very competitive rates. So I think I might be stuck at 5.5. Unless the dealership can come through with something better.

I found this credit union (Interior Federal CU) on Leasehackr, check out this (long) thread: The Best Finance Rates & Hacks! Submit your CU recommendations!

I put 15% down and ~800 credit score, but I think 750+ and probably 0% down could have gotten that rate anyway, IDK. Hope that helps.