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Honda Financial Approved me!

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Honda Financial Approved me!

Hey Everyone, Just wanted to post here and say thanks for all the great info everyone here has provided. Recently Ive been trying to repair my credit and have made some small strides. My scores are currently TU 661 EX 652 EQ 580. I saw somewhere here that honda financial uses Transunion's score and decided to give it a shot. Lo and behold I was pre approved online. I was still hesitant but when I went to the dealer I was informed that I was approved for 30k @ 8% APR! I thought it was going to be a much higher APR so I was pleasantly surprised. So thanks again everyone for all the knowledge. And to anyone who is trying to repair their credit keep plugging away. I once thought Id never get approved for a car again.
Message 1 of 12
11 REPLIES 11
Schoolbuskid
Valued Contributor

Re: Honda Financial Approved me!

Awesome, you will definitely like that car! Did you have any baddies on TU?
Rebuilding and Reducing Debt, is my game plan.
Message 2 of 12

Re: Honda Financial Approved me!

Actually I had 3 collections 2 unpaid/1 paid and a public judgement from 4 years ago, which is why I was really surprised about my approval.
Message 3 of 12
Ashley1980
New Contributor

Re: Honda Financial Approved me!

DId you, or do you have to put any money down?
Message 4 of 12

Re: Honda Financial Approved me!

No money down Smiley Happy. If you do go this route though I would definitely recommend gap insurance.
Message 5 of 12
Red1Blue
Super Contributor

Re: Honda Financial Approved me!

I was also approved by Honda Financial couple of months ago.  I bought a 2006 Accord EX-L with 8200 miles. I have paid off 45% of the loan. But they are slow to update the balance on CRA's. Waiting every day to see if the CRA's would update the loan balance.
Message 6 of 12
Anonymous
Not applicable

Re: Honda Financial Approved me!

Most auto insurance companies offer gap coverage.... so you wouldn't be paying interest on the cost of the gap coverage.
Message 7 of 12
Ashley1980
New Contributor

Re: Honda Financial Approved me!

Is the main drawback of a 100% financing just the fact that your loan will always be more than what the car is worth?
 
With that being said, as long as you have gap insurance, its really not a big deal... especially if you're keeping the car forever (10+) years and not planning on trading it within the life of the loan.
Message 8 of 12
Anonymous
Not applicable

Re: Honda Financial Approved me!

Hello- just wanted to add my 2 cents- I have , too, been loking into a new Honda- (2009 Pilot). I have already talked to finance- I have a friend that works in that department- and he told me they are financing 5.5 % with scores of low 600's- pulling TU.  Also- a friend of mine bought a new Accord with a score of 553 but with job stability and stable income( with numerous baddies). I am just wondering if 8% is a little high???????
Message 9 of 12

Re: Honda Financial Approved me!

Well considering road loans approved me for 13% and my last loan was for 10% I didnt think 8% was too terrible.
Message 10 of 12
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