new vehicle

[Anonymous]

I'm in need for a new vehicle. I really want a new vehicle because I will have it for years. Planning to get (and want) a 2015 Honda Odyssey. But I don't know where to start.

My credit is in the 521, 547 and 549. Student loans and medical bills which I'm working on.

Planning to get a secured credit card in June. Have 20% down payment.

Possible?

[Anonymous]

Dealerships with captive lenders

Cap1

Santander

Acceptance corp

[cdtotten]

On a new Honda Odyssey, you are fighting an up-hill battle and one that I wouldn't encourage. It's great that you have 20% down, but the odyssey is roughly a $30k vehicle, so your financed balance would still be $24,000. With your poor credit, Honda Financial wont do the deal, so they will likely shotgun you out to many providers and see what sticks. With solid income, you will likely get financing eventually... but it may be at 10-12%, which is not good.

If it's me, I find a much more affordable vehicle (even a used Honda odyssey), with a significantly lower price point to see if you can pull something off. 

[Anonymous]

With that credit score range it is going to cost a lot to borrow money. You are better off starting with a smaller loan to rebuld until you qualify for a lower rate. At $24k financed you are getting killed on interest charges. But if you must, the dealer could put you through one of their indirect lending partners. You will likely get approved with that money down. But not on favorable terms 

[StartingOver10]

---

@Anonymous wrote:
I'm in need for a new vehicle. I really want a new vehicle because I will have it for years. Planning to get (and want) a 2015 Honda Odyssey. But I don't know where to start.

My credit is in the 521, 547 and 549. Student loans and medical bills which I'm working on.

Planning to get a secured credit card in June. Have 20% down payment.

Possible?

---

Have you visited the Rebuilding Your Credit forum here?   Some people have been able to increase their scores substantially in a short period of time (even in 30 to 60 days). If you can get your scores into the mid-600s you would be much better off - especially with 20% down to pursue your 2015 Honda Odyssey. It is worth it to check out this possibility first IMO.

Otherwise it would be a better choice to select a much less expensive vehicle until you can work out the credit blemishes.

[Anonymous]

I think this is a tough one.  I bought a car last year with similar scores, ended up going through lots of hassles but eventually got 12.57% which I refinanced to 4.29% after about 8 months of rebuilding.  Your income will be a significant factor as the Odessy is not a cheap vehicle.  Assuming you have the income to support the payments you will likely get financed with a crappy APR (even with 20% down).  I would rebuild over the coming months and refinance once you get scores over 620 or so.  If you can wait to buy until you have better scores you will be better off that way, basically my 7 or 8 payments I paid on my 12.57% pretty much went entirely to interest so it was like renting a car at a pricey rate.  I was shocked how quickly my scores improved and how quickly I was able to get respectable (not great though) financing, BTW i have a 72 month loan.  Might want to visit the rebuilding section, those folks are great and really helped me get some positive progress.

[ezdriver]

All good advice above. A CPO/low mileage vehicle is the way to go. Remember to add the huge upfront depreciation to the financing costs to get a send of the true cost of buying a brand new vehicle. I am never going to buy a barnd new vehicle ... not even if I win the lotto!

[Anonymous]

Thanks everyone! I ended up getting a 2012 Hyundai Elantra at 35,700 miles. I plan to refinance in a few months or so when my credit goes up. Interest sucks major time but I have a car in the meantime!