13% APR on Mustang?

Ford Models Ford Mustang Club
1

This market is crazy. I’m 26, have a 780 credit score, and a 100% payment history. I got a used Mustang with a 13.29% APR. The Ford salesman even said, “Yeah bro, sorry, try and refinance this pronto because your credit is great.”

I went directly to my bank, and the lowest rate they can offer is 8.99%. My previous car, a used Altima, had only a 4% APR two years ago.

My bank told me that at the moment, these are probably the best rates at 8.99%, but I’m just like, what’s the point of good credit if you’re going to have a crazy high APR either way?

Should I keep shopping around for a lower APR, or is 8.99% actually the best right now as my bank says for a used car? Should I just wait for election outcomes to possibly drop the rates and then refinance?

Please, interest rates, go down! :skull::older_woman:t2::older_man:t2:

Any advice would be appreciated.

1 Like
2

Consider using a credit union.

3

These rates are straight-up highway robbery. While 8.99% might seem like the best option right now, it’s still a hefty chunk of change.

Your right - good credit should mean better deals. Keep shopping around, but don’t stress too much.

Rates fluctuate, and there’s always a chance for improvement. You could also consider waiting to see if the election shakes things up, but that’s a gamble.