In late 2007, I financed a 2007 Accord through Honda. I applied online and was denied. I got financing through BOA for a new car. I went into the dealership and negotiated the price of the car. They asked about my financing and said Honda could beat the rate (if I would tell them the rate, which I wouldn't). I told them I was denied online for Honda financing. They looked up my info, said it was a mistake, and I was financed through Honda at 7.9%. It beat BOA who wanted 8.6%.
The next day, I appled online with Nissan and was approved for financing. I went to a Nissan dealership and was approved for a 2007 Altima at 2.9% through Nissan.
I felt insulted by BOA and overcharged by Honda, and, soon thereafter, refinanced the Accord though Penfed at 4.25%.
The points are, first, online denial (if it happens to you) doesn't mean Honda won't finance you; it's just an automated denial. Second, you might be able to get a better rate somewhere else. I recommend Penfed, of course.
Message Edited by emoticon on
08-11-2008 01:16 PM
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