I decided to finance through ford to get the $1000 rebate they were offering. However the interest rate for 48 months for me is 8% through Ford. I checked at my bank and I can get 48 months there for 6%. I was wondering if I can refinance through my bank for the lower interest rate? Would I have to make 1 payment first to Ford to secure the $1000 rebate or can I do it right away?

 

I financed through Ford as well for the $1000 rebate and my interest rate was 8%. Crazy considering I have a very high credit score.

Yes, you can refinance. I have read that other people have refinanced before making the first payment to Ford but I just waited until after I made the first payment to be sure. I refinanced for 4.99% at my credit union.

 

I just bought a new F150 yesterday. I financed through Ford to get the $1000.00 also. The dealer called Ford Credit and was advised you can refinance with no prepayment penalty after making 3 payments.

 

You don't even have to make the three payments, you can do it the first month if you want.

The dealership's tell you that because they get a small amount of $$ out of the deal and if you pay it off before the three months they don't see the $$

 

the dealer will try to b.s. you i took there $ 1000.00 and refied in 2 weeks i called fmc got acct number and pay off ask them for the address to send pay off and 6% is a little high if you have good credit i got 3.5% for 60 months again there is nothing you signed thats says you have to wait 3 months i think the dealer gets a kick back good luck.

 

i bought my truck through Ford Credit Canada in December and received 1.5% and $1000 cash back.i think bu jan-feb rates were back to 7-8%

if you want to go to your bank a borrow the money to pay off Ford credit and get a lower rate that's your choice i believe.

 

Not true. I refied before I ever made my first paymet.

 

My dealer had a $4000.00 rebate on top of the CARS. I had to sign their loan for 5.69% but was pre-approved for 4.07%. I'm in the process of refinancing right now. My first payment with the Ford lender isn't until 09/22.

 

So, I guess the 0% interest through Ford ended in July? I bought mine the middle of July, went through Ford, got several rebates, and got 0% for 36 months. Could've been up to 60 months...but I just don't like to go past 3 years. Great deal, and one reason I jumped on it was because I'd read in several places, back in July, that we may not see the 0% interest from anybody again in the near future. And, 0% is HUGE...especially if you take it out to 60 months, and look at how much interest you're paying at 8% over that period.

And, F150Pilot is correct...you can refinance the next day if you want.

 

I financed through Ford for the rebate and then one week later refinanced through my bank at a better rate. There is no waiting period or pre-payment penalty...