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Established Contributor
kobe2012
Posts: 690
Registered: ‎03-16-2012
0

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Established Contributor
bettercreditguy1
Posts: 757
Registered: ‎02-11-2012
0

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).

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Established Contributor
SamsungHDTV
Posts: 542
Registered: ‎10-25-2011
0

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.

 

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
kobe2012
Posts: 690
Registered: ‎03-16-2012
0

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Contributor
Xtina0508
Posts: 85
Registered: ‎04-04-2011
0

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+

Established Contributor
kobe2012
Posts: 690
Registered: ‎03-16-2012
0

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Contributor
Xtina0508
Posts: 85
Registered: ‎04-04-2011
0

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+

Established Contributor
SamsungHDTV
Posts: 542
Registered: ‎10-25-2011
0

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??? 


Zero 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.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
SamsungHDTV
Posts: 542
Registered: ‎10-25-2011
0

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.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
CribDuchess
Posts: 640
Registered: ‎09-12-2011
0

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 841 6/3/14 per Wally; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 810 6/10/14; EX 805 6/12/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $15K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Simplicity Visa $15.1K; Discover IT $24K; Fidelity Amex $15K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K

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