New Auto Loan - Will I be approved?

[Anonymous]

My current FICO score is 667.  I have been at my job 2 1/2 years.  My salary is $65,000.  I want to buy a new Honda for $27,000.  I have $1500 - $2000 to put down.

AAOA is 3 years with no late or missed payments.  I do have one account in collections from 5 1/2 years ago.

MY DTI is under 15%.

I have not had a car loan.

Will I get approved??

[Luscher]

I do not think you will have a problem. OK score, good income. Decent down payment.

[Anonymous]

I'd say yes. You might even want to play around wth Cap 1's preapproval ap to get an idea of what interest rates you can get. Worst come to worst it makes the dealer try to beat that. For a new car you may be able to qualify for 0% financing.

[Anonymous]

You won't have a problem with approval. Go apply on capital so you can see what rate you can get and most likely you will be able to be approved for full amount. After approval from CO go into a Honda dealership talk price of vehicle after agreement let Honda run your credit and see what they can offer. Honda have lots of 0% offer on their vehicle. Check out all rebates for cash buyer saving just so u can compare paying with another loan at 1.9 or Honda 0

[Anonymous]

I just bought a new Accord a few weeks ago and was approved for 1.9% for 60 months through Honda. They are offering 0.9% for 24-36 months and 1.9% for 37-60 months. They pulled EQ (I'm in GA) and luckily it was not auto enhanced because mine is more lower on that than Fico 08. I knew what my CU was offering because my husband's truck if financed through them and I checked with CO and Honda was the best for me. I think you will be fine. 

[Anonymous]

Do you make bad me asking what your FICO score was??

[Anonymous]

I meant do you mind me asking?

[Anonymous]

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@Anonymous wrote:

I just bought a new Accord a few weeks ago and was approved for 1.9% for 60 months through Honda. They are offering 0.9% for 24-36 months and 1.9% for 37-60 months. They pulled EQ (I'm in GA) and luckily it was not auto enhanced because mine is more lower on that than Fico 08. I knew what my CU was offering because my husband's truck if financed through them and I checked with CO and Honda was the best for me. I think you will be fine. 

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Should also look at cash incentive. If dealership is offering 2000 cash back and u getting loan through credit union or bank at 2.49 or 3% the higher interest might be better since u getting cash rebate

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I just bought a new Accord a few weeks ago and was approved for 1.9% for 60 months through Honda. They are offering 0.9% for 24-36 months and 1.9% for 37-60 months. They pulled EQ (I'm in GA) and luckily it was not auto enhanced because mine is more lower on that than Fico 08. I knew what my CU was offering because my husband's truck if financed through them and I checked with CO and Honda was the best for me. I think you will be fine. 

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Should also look at cash incentive. If dealership is offering 2000 cash back and u getting loan through credit union or bank at 2.49 or 3% the higher interest might be better since u getting cash rebate

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 Absolutely!  I checked all of my options before making my decision and the OP should as well.