Reply
New Contributor
Posts: 71
Registered: ‎07-23-2007
0

Approved through Honda Financial

I have been in the slumps lately over a car loan.  I kept getting turne down.  Credit scores 576-tu, 526-Exp, and 530-Equifax.  I needed a new car but jept getting turned down,  I was even turned down by Road Loans because some of my income comes from self employment.  Long story short.  I saw on here were somebody went to a dealership that sold large volumes of cars and was approved.  I tried this and it worked.  I went to an dealership in my state.  I had already been turned down 3 times today, but I was bored and had nothing better to do.  Low and behold, American Honda Financial APPROVED me with a 7.9% interest rate on a brand new 2007 car!!!!!!!!!! I am soooo happy.  I actually saw the approval letter so I know they will not come back and tell me something different later.  How I did it.  I had to lay on a sad story to the GM.  He called and asked for this deal to be approved and it was.  Just like that.  Because he deals in volumes he can get things approved. My suggestion to anyone, go to your largest volume dealership and ask to speak with the GM.  Tell him your story and have explanations for the derrogatory credit.  My credit is bad becaue of past due student loans.  I had four collection accounts on my credit report, two paid and two unpaid!
Contributor
Posts: 139
Registered: ‎08-04-2007
0

Re: Approved through Honda Financial

Way to go!
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
0

Re: Approved through Honda Financial

That is great. This is how I was blessed with a 2007 Jeep Compass with low scores at a decent rate and low down.
Valued Contributor
Posts: 1,437
Registered: ‎08-07-2007
0

Re: Approved through Honda Financial

congrats. Way to go!
 
New Contributor
Posts: 83
Registered: ‎08-18-2007
0

Re: Approved through Honda Financial

Good job. Good to know too, cause Honda is one of the cars I'm interested in and starting to shop around Smiley Wink
Established Member
Posts: 25
Registered: ‎08-19-2007
0

Re: Approved through Honda Financial

That is awesome that you are approved!  Just make sure you are paying a good price too on that vehicle!  It is often easier for people with lower credit to buy new than to buy used.  Another great place people with low credit shoud try is carmax.  No I don't work there, but their lenders finance higher risk because carmax will buy back the car from the lender if there is default.  so the lender then really has no risk borrowing to bad credit!
Emy
New Member
Posts: 5
Registered: ‎08-19-2007
0

Re: Approved through Honda Financial

I've been also approved with American Honda and got the car yesterday. They checked only Equifax for me. My score is 737 and I got the car with $0 down and 6.29 APR. The price paid for an Accord SE 2007: $18,500 (MRSP was $22,200). Way to go Honda.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Approved through Honda Financial

Excellent!
Highlighted
New Contributor
Posts: 83
Registered: ‎08-18-2007
0

Re: Approved through Honda Financial

Does Honda do their own financing? From their site, looks like Chrysler/Jeep does their own financing too. Are these companies that do handle their own financing any easier to get loans with? Just curious.  I'm gonna try the suggestion people here have given going to a bigger dealership also might try my luck with carmax, just found out from my uncle that my cousin got a car from them and got a good deal. Smiley Happy
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.