Buying a Honda Fit in 2 weeks or less

Anonymous · ‎05-12-2008

I need advice about the financing with this vehicle. I know that I should start haggling from the invoice price, but how do I know what is fair for APR rate and how to a haggle with that? I will be joining my dad's credit union which is offering 3.5% (not sure if i can get that rate with my scores) so I will know going in what I can get with them. My scores are EQ 667, EX 639, TU 653 and I filed BK in 2000, but everything that I had listed on the BK is gone from report...including the Ford Focus that was on the BK. Not sure what the finance people will be seeing on the auto-enhanced score...if they will even see it?

Anonymous · ‎05-13-2008

not sure how to haggle your apr, the invoice price will not give you much room to haggle either.

cars like the fit are often already low priced and not stocked with tons of options leaves less room to haggle down, I just bought the nissan versa and leanrned all this. I got it for about 200 over dealer invoice. Often if you want dealer invoice go to the dealerships website it has the prices.

Anonymous · ‎05-13-2008

I do not think you can haggle APR, but make sure you know what your scores are before you go in. Sometimes they lie, just to get you on a higher APR. When they pull your report, ask to view it so they cannot lie to you.

Also haggle on the price, they might try to haggle on monthly payments. Asking, "how much do you want to pay a month?". Don't buy the car based on payments. Also do not mention how you plan to pay for it. Let them know to get you a price and then you will see. Or le tthem know, you will just get it financed there. You can use this as a bargaining tool to get the price you need. Then bam, bust out the cash or your CU's check

.

Anonymous · ‎05-13-2008

Absolutely you can haggle your APR. Go to websites like Bankrate.com and it will tell you what type of interest rate you can qualify for and that would be your starting point.

Most any dealership will come out and offer you an APR several points higher then what you were approved for. NEVER take their first offer. You shouldn't take anything higher than 5.99% or 6.99% with your scores.

Anonymous · ‎05-13-2008

So, when they ask "how much do you want to pay per month?". I don't answer the question?

Anonymous · ‎05-13-2008

@Anonymous wrote:
not sure how to haggle your apr, the invoice price will not give you much room to haggle either.
cars like the fit are often already low priced and not stocked with tons of options leaves less room to haggle down, I just bought the nissan versa and leanrned all this. I got it for about 200 over dealer invoice. Often if you want dealer invoice go to the dealerships website it has the prices.

How do you like the Versa? I was looking at that as well....I really don't know what car to buy!!

Anonymous · ‎05-13-2008

Know in your head what your max monthly payment is, but don't tell them. You can use the calculators on their website to have an idea of what loan terms you want. If you even begin to discuss monthly payments you will find yourself taken because they will trick you into overpaying for the vehicle.

It happened to me! Once upon a time (my first new car purchase) I only discussed monthly max payment. I walked out paying $2K over MSRP with a 72 month loan. But I did get my car payment at $250 a month. BIG MISTAKE!

Anonymous · ‎05-13-2008

I love it. I got a real bare bones edtion. I had no choice but top buy as my previous car was totalled and had about a week to decide on a car. The gas mileage is superb. I have put almost 1000 mile on it and have not even put 100 in the gas tank yet at 3.80 a gallon it works for me.

I have the hatchback edtion, I love the fold down seats for when I go grocery shopping. It is a lot roomier than it looks from outside. Go test drive both see which you like, the only downside is anti lock breaks are not standard they are an option so only some of the pricier models have them (around 16000-17000) Also I hardly see any versas I have only seen maybe 6 other ones since I bought mine.

Anonymous · ‎05-13-2008

I've seen a couple of Versa's and really liked the look. I really do like the hatchback versions and for obvious reasons I'm looking at the great gas mileage. Right now I drive a 97 Wrangler and it is not worth it for me to get it fixed and I'm probably averaging 12 mpg.....and living is Los Angeles....esh, it's getting way too expensive to drive it. How does it drive on the highway?? I do city driving, but was curious because I may finally take a few road trips.

I've looked on consumerreports.org....and it is on their list, but they recommend the Fit more than the Versa. But, to me, they hate everything

.

So, before going into the dealer, I need to go to bankrate.com and get the APR available or go to the dealer's website and see what they are offering and check with the credit union I am going to sign up with?

It's funny...I have this total fear of buying a car because I was sooooooo ripped off with my Jeep....I keep telling myself that I was only 23 and didn't know jack of how to buy a car. Anyway, I don't want to make the same mistake.

Message Edited by vesper on 05-13-2008 05:47 PM

Anonymous · ‎05-13-2008

it is a little slow to accelerate on the highway but once you get up some speed it is fine. I have taken mine a few times and it did pretty good. I really liked the room and it is roomy enough for me and 3 boys.

The dealership website list what they say the cars goes for and the aprs. also look at some cars sales websites like cars.com and yahoo cars.

some of these site have the typical you can expect. Go in fully armed know what the minimum they can take is. Also they have holding fees on vehicles that are more 30 days on the lot that they have to pay the bank, they are often willing to bargain those even more.

Like I said I had all the info, but I didn't know about the fico and auto enhanced scores so they got me there. I paid 200 over dealer invoice because I knew what the nissan website said the vehicle was supposed to be, also look in the back stock not what they have up front, the upfront cars have the bells and whistles and cost more also tend to be the test drive cars so higher starting mileage.

My car came form the "backstock" only 9 miles on it and very few extras that I didn't want.