Trucks & SUVs

Don’t Pay for Your 2021 Ford F-150 Until Next Year

If you are in the market for a brand-new pickup truck, chances are you’ve at least considered the 2021 Ford F-150. To entice you further, Ford has implemented a new financing deal. In short, you’ll be able to defer your F-150 payments for 90 days. This means that you can drive your brand-new truck for the rest of 2020 without worrying about payments. According to CarsDirect, Ford is also offering an additional financing credit, meaning you’ll not only pay later but less as well.

When do I start paying for my 2021 Ford F-150?

2021 Ford F-150 in the desert
2021 Ford F-150 | Ford

If you decide to put a 2021 Ford F-150 in your driveway toward the end of 2020, you won’t have to pay well into 2021. According to CarsDirect, this offer ends on January 4th, 2021. The deal defers your payments for 90 days, regardless of when you decide to take advantage of it. As a result, your first payment could be as late as April. It’s not like you’ll be stuck with a base-model if you want the new payment schedule since it applies to all trim levels.

Aside from letting you pay later, select trim models receive additional discounts. For example, Ford Credit offers an additional discount of $1,000 if you chose to finance through them. Opt for the XLT trim level, and you can get an additional $1,500. In the aforementioned XLT trim, the $35,050 base price could end up being as low as $32,550.

However, no offer is perfect, and this one does have some drawbacks. As it stands, financing for 36 months will get you an interest rate of 2.9 percent. If you decide to extend your loan to either 48 or 60 months, you’ll get interest rates between 3.9 percent and 4.9 percent. Given how low-interest rates have been in recent years, these are less than stellar. The result is that you’ll have to determine if a delayed payment schedule is worth the higher rate.

You can get a better deal on a 2020 model

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If you’re not entirely set on getting the latest and greatest Ford F-150, you can score some serious discounts. According to CarsDirect, in select states such as California, Ford offers a 0 percent interest rate for 60 months. Additionally, CarsDirect points out that the XLT Crew Cab has a discount of up to $4,000 for Black Friday.

If you trade in an eligible vehicle for an F-150, you can receive an extra $2,000 for a total discount of up to $6,000. If we consider the 2020 XLT SuperCrew’s $35,285 base, potential discounts could see you walking away paying as little as $29,285.

The financing deal isn’t just for the F-150 either

Ford Explorer Hybrid SUV on display at Brussels Expo
The 2020 Ford Explorer Hybrid | Sjoerd van der Wal/Getty Images

In case you’re not entirely sold on the 2021 Ford F-150, there’s still good news. While the F-150 is the center of attention given its all-new design for 2021, that’s not the only Ford eligible for deferred payments. According to CarsDirect, the 2020 Ford Explorer also qualifies for no payments in the first 90 days. However, unlike the pickup truck, the Explorer offers 0 percent interest for 60 months.

If you skip on the financing deal entirely, you can receive up to $3,000 in available rebates plus $2,000 in trade-in assistance. The result is up to $5,000 in savings. Since Cars Direct did not specify if this deal was for a particular trim level, the likelihood is that it applies evenly across the range. Regardless of whether you go for the F-150 or the Explorer, you’ll most likely get a great deal.