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Honda financing

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kobe2012
Established Contributor

Honda financing

who do they pull??? I am a first time buyer and wanna buy a 2013 honda accord ex or ex-l in may or june of this year.... scores are 670-680 on all three... have 2 charge offs on each report that are 5-6 yrs old.... 20% utility and will try to make it less than 15% when I apply... a lot of inquiries from last year... maybe 10 or 11 on each... am trying to garden til then... I don't know my if honda is very hard to get approved but am also considering capital one since they have been sending me preapps  up to $30k and honda was one of the dealerships that was listed on my last preapp.... i also wanna just put down $2000 .. any thoughts would be appreciated.


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 1 of 16
15 REPLIES 15
bettercreditguy1
Established Contributor

Re: Honda financing

Recently Honda pulled TU amd EQ for me. Don't know if the pulled EX or not. Part of the Homeland Security stuff, they have to even if you bring in your own financing, (we did).

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 2 of 16
SamsungHDTV
Established Contributor

Re: Honda financing


@kobe2012 wrote:

who do they pull??? I am a first time buyer and wanna buy a 2013 honda accord ex or ex-l in may or june of this year.... scores are 670-680 on all three... have 2 charge offs on each report that are 5-6 yrs old.... 20% utility and will try to make it less than 15% when I apply... a lot of inquiries from last year... maybe 10 or 11 on each... am trying to garden til then... I don't know my if honda is very hard to get approved but am also considering capital one since they have been sending me preapps  up to $30k and honda was one of the dealerships that was listed on my last preapp.... i also wanna just put down $2000 .. any thoughts would be appreciated.


 

Here's my advice:

Apply at 5+ places and include credit unions. I applied at like 10 places. It all counts as 1 inq for scoring purposes so long as they are in a short time frame.

Apply at honda finance last and tell them you got approved .25% lower than what you really got approved for out of the places you applied to.

 

I just bought a 2013 honda accord like less than two hours ago. They pulled EQ FICO and TU (auto enhanced). Both scores were at 650. I have financed a car before so I'm not sure how this will affect you. Remember that honda rates are negotiable, and they will try to match or beat your best rate offer. They offered me 3.8% and with 4 or so charge offs, some unpaid. A big part is your debt to income ratio as well. Hope this helps.

 

Message 3 of 16
kobe2012
Established Contributor

Re: Honda financing


@SamsungHDTV wrote:

@kobe2012 wrote:

who do they pull??? I am a first time buyer and wanna buy a 2013 honda accord ex or ex-l in may or june of this year.... scores are 670-680 on all three... have 2 charge offs on each report that are 5-6 yrs old.... 20% utility and will try to make it less than 15% when I apply... a lot of inquiries from last year... maybe 10 or 11 on each... am trying to garden til then... I don't know my if honda is very hard to get approved but am also considering capital one since they have been sending me preapps  up to $30k and honda was one of the dealerships that was listed on my last preapp.... i also wanna just put down $2000 .. any thoughts would be appreciated.


 

Here's my advice:

Apply at 5+ places and include credit unions. I applied at like 10 places. It all counts as 1 inq for scoring purposes so long as they are in a short time frame.

Apply at honda finance last and tell them you got approved .25% lower than what you really got approved for out of the places you applied to.

 

I just bought a 2013 honda accord like less than two hours ago. They pulled EQ FICO and TU (auto enhanced). Both scores were at 650. I have financed a car before so I'm not sure how this will affect you. Remember that honda rates are negotiable, and they will try to match or beat your best rate offer. They offered me 3.8% and with 4 or so charge offs, some unpaid. A big part is your debt to income ratio as well. Hope this helps.

 


how much was the total loan you got and your monthly payment? how much was your down payment? i really don't wanna get denied or get a super high rate since its my first car that i will be purchasing... i fell in love with their 2013 model.... if they can't finance, my second option would be an altima... and i don't even know if they're easy to get either.. what are your myfico scores??? 


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 4 of 16
Xtina0508
Contributor

Re: Honda financing

Honda pulled EQ and TU (auto enhanced) for me. Score was 720 at the time, I believe (in 2010). Approved for their "super premium" interest rate which was 3.49% at the time - for just over $26k. I believe I had 3 inquiries at the time (2 from another dealership that I was shopping at). So, at 3.49%, with $0 down, for 5 years, my payment is $470/month. Hope that helps.

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

Message 5 of 16
kobe2012
Established Contributor

Re: Honda financing


@Xtina0508 wrote:

Honda pulled EQ and TU (auto enhanced) for me. Score was 720 at the time, I believe (in 2010). Approved for their "super premium" interest rate which was 3.49% at the time - for just over $26k. I believe I had 3 inquiries at the time (2 from another dealership that I was shopping at). So, at 3.49%, with $0 down, for 5 years, my payment is $470/month. Hope that helps.


thx for the input.... your scores are high ... i would love to get approve for $0 down... and i would go as high as $450 a month.... am gettn anxious of buying cause I know my reports have a couple of baddies... it would suck if i get turned down..


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 6 of 16
Xtina0508
Contributor

Re: Honda financing

I've had multiple car loans through different lenders and I've never put down a down payment - and trust me, at one point, my scores were AWFUL. Anyone can get approved for an auto loan - but, your APR will take a hard hit.

 

$27,000 loan @ 5% for 5 years is going to run about $510/month. It might be easier - and cheaper - to get approved for a loan on a used Honda (I bought a Certified pre-owned). The car will be half the price, and even if you get stuck at a higher interest rate, the payments will me much more manageable.

 

 

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

Message 7 of 16
SamsungHDTV
Established Contributor

Re: Honda financing


@kobe2012 wrote:

@SamsungHDTV wrote:

@kobe2012 wrote:

who do they pull??? I am a first time buyer and wanna buy a 2013 honda accord ex or ex-l in may or june of this year.... scores are 670-680 on all three... have 2 charge offs on each report that are 5-6 yrs old.... 20% utility and will try to make it less than 15% when I apply... a lot of inquiries from last year... maybe 10 or 11 on each... am trying to garden til then... I don't know my if honda is very hard to get approved but am also considering capital one since they have been sending me preapps  up to $30k and honda was one of the dealerships that was listed on my last preapp.... i also wanna just put down $2000 .. any thoughts would be appreciated.


 

Here's my advice:

Apply at 5+ places and include credit unions. I applied at like 10 places. It all counts as 1 inq for scoring purposes so long as they are in a short time frame.

Apply at honda finance last and tell them you got approved .25% lower than what you really got approved for out of the places you applied to.

 

I just bought a 2013 honda accord like less than two hours ago. They pulled EQ FICO and TU (auto enhanced). Both scores were at 650. I have financed a car before so I'm not sure how this will affect you. Remember that honda rates are negotiable, and they will try to match or beat your best rate offer. They offered me 3.8% and with 4 or so charge offs, some unpaid. A big part is your debt to income ratio as well. Hope this helps.

 


how much was the total loan you got and your monthly payment? how much was your down payment? i really don't wanna get denied or get a super high rate since its my first car that i will be purchasing... i fell in love with their 2013 model.... if they can't finance, my second option would be an altima... and i don't even know if they're easy to get either.. what are your myfico scores??? 


@Anonymous down, total loan $25,700 @ 3.8% APR, payments came to be $400 and some change. They said there is no rate reduction for down payments, but I can if I want to. This is without any kind of GAP insurance or extended waranty that I do not plan to purchase. I didn't sign the finance contract though, and I got a credit union to take a second look at their offer of 4.89% and they brought it down to 3.75% (to beat honda) and offer .25% reduction for auto pay which comes to 3.5% APR. I'm going to give honda one more chance to beat 3.5%. Otherwise I'm happy with that rate at a 650 score. I don't my myfico scores because i dont buy them. But again, 650 fico not auto enhanced is what the pulled for EQ and 650 TU auto enhanced.

Message 8 of 16
SamsungHDTV
Established Contributor

Re: Honda financing

Forgot to mention, I'm picking up my new car tomorrow. 2013 Honda Accord Ex, with illuminated door sills. So very excited. I'm thinking of names for her.

Message 9 of 16
CribDuchess
Established Contributor

Re: Honda financing

I bought a new Acura in August and it was financed by American Honda Finance.  I log into Acura Financial Services to make my payment online, but on my credit report it shows up as American Honda Finance.  Anyway, they pulled EQ.  I got their top tier promo rate - 0.9% for 60 months.

FICOs: TU08 842 EQ08 850 EX08 850

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; Apple Card $20K; BofA Travel Rewards Visa Sig $67.6K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Chase Freedom Unlimited $21.4K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Visa $25K; NFCU Flagship Visa Sig $40K; NFCU More Rewards Amex $30K; PenFed Plat Rewards Visa Sig $50K; Sears MC $10.1K; US Bank Altitude Go Visa Sig $20K; US Bank Cash+ Visa Sig $26K; Wells Fargo Rewards Visa Sig $14K
Message 10 of 16
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