Honda Financing with these scores?

[Anonymous]

I guess I should add that I have been employeed with same company for 23 years.  My DTI is a little high but that is my DTI not including my husband's who has no credit debt at all.  I just was trying to do this on my own because he has no debt and therefore not much of a credit file.

Just trying to get an idea about financing....pref through Honda as I would love to get a new Accord or CRV.

My scores as of today (from MyFico.com) are:

TU - 689

Eq - 677 / Auto enhanced at 697

Ex - 708 / Auto enhanced at 727

I have two paid off derogs on my report that are supposed to be in the process of being removed...medical bills from 2011.

I have been current with paymens on credit cards for 14-16 months.

Current on mortgage for 14 months.

I have one capitalone acct that is restricted but current payments for over a year.

I have two other CCs - both current and one was just received in Dec.

I have a Sam's club account that I just got 3 weeks ago - with a$2200.00 limit.

I would probably put around $5000.00 down. 

My 2000 honda civic was financed through Honda and was paid off about 6 months early.  I did have some late payments but they do not show on my credit report.  The only that shows is that I had a loan thru Honda it is paid.

Any shot at getting a approx 25,000 loan thru Honda.

Any insight is helpful.

Thanks.

[EddieK]

You shouldn't have a problem.

[SamsungHDTV]

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@Anonymous wrote:

I guess I should add that I have been employeed with same company for 23 years.  My DTI is a little high but that is my DTI not including my husband's who has no credit debt at all.  I just was trying to do this on my own because he has no debt and therefore not much of a credit file.

Just trying to get an idea about financing....pref through Honda as I would love to get a new Accord or CRV.

My scores as of today (from MyFico.com) are:

TU - 689

Eq - 677 / Auto enhanced at 697

Ex - 708 / Auto enhanced at 727

I have two paid off derogs on my report that are supposed to be in the process of being removed...medical bills from 2011.

I have been current with paymens on credit cards for 14-16 months.

Current on mortgage for 14 months.

I have one capitalone acct that is restricted but current payments for over a year.

I have two other CCs - both current and one was just received in Dec.

I have a Sam's club account that I just got 3 weeks ago - with a$2200.00 limit.

I would probably put around $5000.00 down. 

My 2000 honda civic was financed through Honda and was paid off about 6 months early.  I did have some late payments but they do not show on my credit report.  The only that shows is that I had a loan thru Honda it is paid.

Any shot at getting a approx 25,000 loan thru Honda.

Any insight is helpful.

Thanks.

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I agree you shouldn't have a problem. You might be nervous because its been awhile since that auto loan and you have imperfect credit. But I'll share my similar experience in 2013.

I also had a auto loan through Honda that was paid on time. I had more than two derogs and they were not paid off. Also a small medical one not paid. The only thing that I'm not sure of was my DTI but I don't believe it was high as I didn't have a mortgage. My scores were 660-670 ish. Honda Financing offered 3.9% which wasn't bad for my credit profile I think. Although I had also applied at a credit union and they lowered their rate to beat the dealer rate and offered me 3.8% and then offered an extra discount if I opened an account with auto pay. I ended up with 3.35%.

Go and apply with 2-3 credit unions first. You should have no problem getting financing, but you should always rate shop. Then have honda finance beat your best offer. You could also have the CUs try to compete, some will lower, some may not.

Bottom line, you have a similar profile with me at that time except you have a higher DTI and a higher score. Overall, you should be fine.

[SamsungHDTV]

I forgot to add that I bought a new Honda Accord 2013 for $25,700 with $0 down. I love accords, this is my third one.

[Anonymous]

Thank you for your input.....I love Hondas!  My 2000 civic has been a great car and it now only has 106,000 miles on it but I am ready for a new car.  I keep my cars forever.

[SamsungHDTV]

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@Anonymous wrote:

Thank you for your input.....I love Hondas!  My 2000 civic has been a great car and it now only has 106,000 miles on it but I am ready for a new car.  I keep my cars forever.

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Wow, that's low mileage for a 2000. I keep my cars forever too, but my last 2006 accord was totaled. I plan to drive this one until the wheels fall off. What will you do with your civic?

[Anonymous]

LOL - we will probably keep it as a backup car or sell it ourselves. 

I had an accord way back when in 1985....we couldn't kill that car.  It was hit twice and my ex and I were in the military and had no extra money so it was not maintenanced the way it should have been and it ran forever.  Best cars made. 

[SamsungHDTV]

If I were you I would keep it as a back up. Actually, I'd probably just continue to drive it and opt out of a new car payment. But if you plan to let it go, PM me. I'd be interested. My kid brother is graduating high school and needs a well taken care of, used first car just like your civic.

[Anonymous]

Im not sure about your location. In california Hondas uses Experian, 660 plus for their best rates..