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Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

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Ashley1980
New Contributor

Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Does anyone have any advice on purchasing a car?  I know that i want the 2008 Coupe Honda Accord.  It retails at about $31,000 for the options that I would like.   My situation:  I just paid off all (2) of my credit cards down to a $0 balance and have 1 collection totaling $414 on my credit that I will pay this week.  I checked my credit and I don't have such a good score.  Per TrueCredit.com my scores are;  Experian 546, TransUnion 614, and Equifax 613.  These scores do not reflect my $0 balance Visa credit card, as I just paid it off yesterday, $895 worth.  I have 4 different student loans on my credit that are all current. I checked my credit a couple months ago and my score was 665 but I see these loans have severly hurt my score ( credit report states too many new accounts).  Otherwise I have no debt other than my house payment of $730 and current vehicle payment of $397. I have a $6000 balance on my current vehicle (2000 jeep cherokee) and plan on paying that off before I purchasing this new vehicle (around December 08) and possibly trading it in for about $1500 in addition to $1500 cash.
 
My Questions:
 
1. How strenuous are dealerships when i have student loans (4, that are all current and opened up jan. of 2008) and my current score being what it is?  Are student loans frowned upon by dealerships if they are new?
 
2. Does anyone know if its possible for me to get an APR of 7% or less?  If needing to know, I gross $46k.
 
3.  Is there anything that I haven't covered that I need to know? 
Message 1 of 33
32 REPLIES 32
BRH3
Regular Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Ashley-
The student loans by themselves are not a problem. They only brought your score down because they are new credit accounts. As they age your scores will go back up especially by the end of the year. On that collection account make suure you do a PFD. How new is it? If you get it removed you should see a bump in score depending on it's age. I am not sure about Honda's score requirements but I would call them to find out. You will at least know where you need to get your score. With your down payment and low DTI ratio (it appears) you should be able to get a good rate once your scores come up. I hope this helped answer your question. Best of luck to you.
Message 2 of 33
Anonymous
Not applicable

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

WOW, you're amazing.  I totally appreciate the guidance.  Currently my DTI ratio is 38%. The existing collection is way back from 1/2004 but I see that they have re-reported it and its showing a "date reported" of 3/8/2008.  So I assume its best for me to just go ahead and pay it? It's $400.
 
Once again, thank you for taking time out of your day to help me out.
Message 3 of 33
Ashley1980
New Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

I dont mean to confuse you but i have 2 usernames.. Ashman80 is the other.
Message 4 of 33
BRH3
Regular Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

No problem. I figured it out. On the collection make sure you do a PFD. Do you know what I am talking about? Simply paying the collection will not help your score. You want the company to agree to delete the account on the CRA if you pay. Get it in writing.
Message 5 of 33
Ashley1980
New Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Yes, I did a search and i see its a Proposed Deletion.   How do I go about that?  Writing the creditor or the collection company?  And I tell them i will pay it only if they remove it from my credit? And I see definitely get it in writing.
Message 6 of 33
BRH3
Regular Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Write it to the one that is reporting to the CRA. There are sample letters on this forum. Best of luck.
Message 7 of 33
Ashley1980
New Contributor

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Thanks so much for your help.
Message 8 of 33
Anonymous
Not applicable

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

2008 honda accord coupes are nice cars. I just got pre-approved for a $35,ooo.00 loan from my CU for a new auto. @ 8.5% with a 666 score from EQ. Im thinking about getting one but since i got approved way over more of the Honda car, i might go with something else  or just wait till I clean my CR and go over 720 for a better interest rate.
 
 I would try to remove as much negative info as possible. PFD collections, GW lates, etc...Takes time but you get there.
 
Thanks
Greg
Message 9 of 33
Anonymous
Not applicable

Re: Wanting To Purchas A 2008 Honda Accord Coupe At the End of the Year...Help!!!

Can't offer advice on dealership requirements but the scores from TC are meaningless, your real scores could differ +/- 100 points. You need to know your real FICO scores.
GL


Ashley1980 wrote:
 I checked my credit and I don't have such a good score.  Per TrueCredit.com my scores are;  Experian 546, TransUnion 614, and Equifax 613
Message 10 of 33
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