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In 2005 I purchased a Jeep Wrangler and financed it through the dealer. Years later when my income had increased I went to pay it off early and found that the contract stated all interest had to be paid in full for the full contract of the loan.
I just recently purchased a 2013 F150 Ecoboost and dug deep into the details about financing with Ford. Turns out they have a simple interest loan which works best for consumers. The interest is accumulated daily on the loan amount. Payments made to the account first pay for any accumulated interest then the rest goes to the principal.
Here is the PDF I found from their website after digging pretty hard.
https://credit.ford.com/fg/coverflowImages/simpleInterestFC-17077.pdf
I don't know why non of the deals I talked to had any information on this or proof to back it. They all said "Trust me!" which we all know is the last thing we should be doing.
Happy Shopping!
I just recently purchased a 2013 F150 Ecoboost and dug deep into the details about financing with Ford. Turns out they have a simple interest loan which works best for consumers. The interest is accumulated daily on the loan amount. Payments made to the account first pay for any accumulated interest then the rest goes to the principal.
Here is the PDF I found from their website after digging pretty hard.
https://credit.ford.com/fg/coverflowImages/simpleInterestFC-17077.pdf
I don't know why non of the deals I talked to had any information on this or proof to back it. They all said "Trust me!" which we all know is the last thing we should be doing.
Happy Shopping!