Before I begin the process...I would appreciate any advice. Trying to do all my homework beforehand
would like to get as few hard pulls, and the lowest interest rate I can get. I've always bought used cars with cash, so never a loan...till now. I am saving towards qualifying for a mortgage as well... so while I may take the hit now, I'm hoping my fico scores will bump up. One of my questions is...should I wait, or should I take the leap now?
Me: Self employed. Income 60k-72k, single mom, currently @ 1% DTI (not counting student loans, no lates) my highest fico is trans @ 692, lowest Equifax @ 640, scores should bump up next month as I paid all my CCd's down from 25% to 1% this month (March)
Credit union...should I go over to my UCLA credit union and get pre approval/rate first? Or, go to my bank Wells Fargo, before I go to dealerships?
I can put as much as 4k down...
Cars I'm looking at (all HB's):
Ford Focus Titanium (already spoke to someone who said he can get me tier 1 financing)
Honda Fit sport (have been reading horrible thngs about Honda financing)
Mazda 3
Toyota Prius 2 or 3 new, or used (certified)
Looking @ 60 months, paying no more than 350 month
I will start the test drives to narrow the field...
Any and all advice greatly appreciated!
Southwest Premier & Plus 25.8k I Alaska Air 21k I Discover It 16k I United Explorer 15k I Chase Business Ink Cash 12k I Wells Fargo 2.5k I Bill Me Later 7k I Amazon 3.5k
In addition to putting cash down, will you be trading in a vehicle?
I don't know what you've heard about Honda financing, but they offered me the best rate 2.95%. I was declined by one bank and the other offered a rate above 4%. My scores are all above 730, but I have a 2007 BK7 that is, obviously, still reporting. So I was pleased to receive a rate that was near the lowest offered. FYI, I purchased my vehicle, and Accord, in late February, so this info is current.
I know it's anecdotal info, but I hope it helps you. Good luck!
No trade in, the DP, 4k, will come, in part, from the used car I'm selling, a Saturn. I'll get a much better price selling to a private party since it is an older model at that price point. I could wait, and put down more?
Good to know your experience was a good one, and current!
I was basing my impressions of Honda financing (local dealerships in So Cal, reviews on Yelp) some were saying beyond getting a good rate, that making payments had been a nightmare for some. My hope is I'll pay in advance always one month ahead to avoid any problems
Thanks for letting me know!
Not sure how much it matters (if at all) but I'm in the northeast. Setting up my account online was pretty easy. Hoping there aren't any problems with payments posting in a timely fashion.
Good luck with your search!
