So I've never bought a truck from a dealership before and am thinking about trading in my 2009 F250 Diesel I'm for a new F150.

I can pay cash or finance, any suggestions? I know it will depend on rate. Some ppl are telling me that they often finance vehicles for nothing (0%). This sounds crazy to me and seeing as how I'm 25 with no real credit history other than apartments and a little bit on a credit card I'm pretty skeptical

I'm fairly business and finance savy but really don't know much about what I'm about to get into so any tips will be appreciated

TIA

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Posted by LNCHBOX

70448

Member since Jun 2009

84053 posts

Posted on 7/20/16 at 9:05 am to Wishnitwas1998

quote:
This sounds crazy to me and seeing as how I'm 25 with no real credit history other than apartments and a little bit on a credit card I'm pretty skeptical

If you have above a 650 I believe, you qualify for the low rate. You'll give up rebates to get it though. Depending on how much you're financing, it may or may not be the better decision.

I'd go talk to a credit union and get preapproved with a <2% rate, in case you decide to take the rebate in lieu of low finance rate from Ford. Their non promo rates aren't very good usually.

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Posted by Tiger4life306

Member since Apr 2016

420 posts

Posted on 7/20/16 at 9:34 am to Wishnitwas1998

quote:
a new F150.

quote:
I can pay cash or finance

subtle brag...

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Posted by lsufan1971

Zachary

Member since Nov 2003

18111 posts

Posted on 7/20/16 at 10:42 am to Wishnitwas1998

quote:
I can pay cash

Negotiate the price of the truck first then work on the trade. I wouldn't pay cash. Sounds like you will qualify for the low rate. Hold onto your cash and use their money.

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Posted by WPBTiger

Parts Unknown

Member since Nov 2011

30865 posts

Posted on 7/20/16 at 6:25 pm to Wishnitwas1998

Scroll down to section on cars.

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Posted by gobuxgo5

Member since Nov 2012

10024 posts

Posted on 7/20/16 at 7:23 pm to WPBTiger

If take it to Carmax to get an actual cash offer. Dealers really can mess with this number and pretend to give you more but are just working numbers. If you get that offer from Carmax (good for 7 days) you can take it and they will write you a check or use it as a tool to make sure you get the proper value from the dealer you buy from. Then you can negotiate your best price on your new car.

For a beginner I think this is a safe way to do it because it pulls some trickery away from the dealer you are buying from.

I'm not an expert though

This post was edited on 7/20/16 at 7:25 pm

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Posted by LSUChamp06

Kansas City

Member since Nov 2007

2859 posts

Posted on 7/21/16 at 9:06 am to Wishnitwas1998

I went to my bank where I've been a customer for 10 years and have several accounts to get a interest rate. They gave me 2.5% for 60 months. I told the guy at the dealership that, he went speak to his boss, and he said, how does 2% sound? Sounds great, I'll have that.

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Posted by gamatt53

Member since Nov 2010

4934 posts

Posted on 7/21/16 at 9:46 am to gobuxgo5

quote:
If take it to Carmax to get an actual cash offer. Dealers really can mess with this number and pretend to give you more but are just working numbers. If you get that offer from Carmax (good for 7 days) you can take it and they will write you a check or use it as a tool to make sure you get the proper value from the dealer you buy from. Then you can negotiate your best price on your new car.

This. The price Carmax offered and the price the dealership offered me was THOUSANDS off. As soon as I pulled out that Carmax offer they came up and matched it. Even better - sell it private party and remove that piece from the negotiation all together.

Same for the interest rate - come preapproved. They will beat it.

Negotiate only on the price you are willing to pay then DON'T buy a extended warranty and DON'T pay for BS fees/extras. Done walk out

This post was edited on 7/21/16 at 9:49 am

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