topic Re: Chance of approval with Honda Financial in Auto Loans

Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 05:33:18 GMT

Credit Score: 710 to 720
AAoA: 3 years 8 month eq, 7 years 3 month tu
# of positive trade lines:4 open, 17 closed good standing
# of negative trade lines: 1 collection from att uverse disputed. I returned the boxes but they charged me. 4 closed charge offs paid
Income: 2000 mo
Lenght of Employment: 4 years
Previous Loan Experience: 3 paid auto loans, only 2 still show, multiple student loans closed good standing, 1 consolidated student loan, mortgage loan good standing.
Debt-to-Income (DTI): 33% before auto loan
Year of Car:2016
Miles: it's new so very low
Purchase/Refinanceurchase
Requested loan term (XX Months):72
Down payment amount:3000 to 4000
Co-borrower/Co-Signer: possible but would prefer on my own
Other: fiance lives with me and makes 1600 a month but we can't use her income because she has bad credit and a paid auto loan charge off a year ago. Her score is a 585 with medical collections.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 05:36:54 GMT

Which Honda are you planning to get? With you score you should be able to do something with payment under 500/month. You should also be able to qualify for special promotion for vehicle your planning to get too. Meaning if they have 0-1.9 you should get it.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 05:39:23 GMT

Looking at a 2016 honda civic ex.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 05:41:14 GMT

My fear is being denied because my dti is 33% before the auto loan.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 05:57:40 GMT

@Anonymous wrote:
Looking at a 2016 honda civic ex.

Why ex? Have you shop around to see price of vehicle. I got a 2015 civic LX last year in March and paid 19400 OTD. I didn't have a problem getting a loan with a 450 score but my income is high.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 06:06:22 GMT

Not opposed to the is but ex added some features like remote start, back up camera, ECT that I feel will give it better resale value in the future.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 06:07:56 GMT

Lx not is. Sorry autocorrect changed it.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 06:12:55 GMT

Only difference from LX and EX is pretty much the alloy wheels and moon roof and power driver seats I think at least for 2015. The LX have backup camera have Bluetooth. Unless it's something you want I wouldn't think about resale value of vehicle when you buy a car cause no matter what you will lose money when buying a brand new car

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 06:13:04 GMT

Also... I got a quote from a dealer on the EX for 19999.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 06:22:50 GMT

@Anonymous wrote:
Also... I got a quote from a dealer on the EX for 19999.

Is that OTD? If it's not out the door (OTD) your looking at 22000 after tax lic and doc fee. Actually looking at vehicle EX and LX only difference is alloy wheels and moon roof. EX you have option to add in Honda sensing which is a 1000 option that have all the lane departure warning and stuff. Something you can't get on LX. If you dealership can give you a 2016 for 19999 OTD I'll go for it but if it's 22000 I'll skip

Re: Chance of approval with Honda Financial

Anonymous — Thu, 07 Jan 2016 15:39:24 GMT

It would be with the addition of the doc fees. I'm buying in another state so Arkansas sales tax won't be paid at the dealership, we are selling her car to cover these expenses and will pay when we tag the car. The ex also adds the 7 inch infotainment screen, Android auto/Apple car play, lane assist, push to start, and a few other features.

Re: Chance of approval with Honda Financial

Anonymous — Mon, 11 Jan 2016 22:40:17 GMT

Anyone else have any input?

Re: Chance of approval with Honda Financial

lmoore1989 — Fri, 10 Jun 2016 16:16:13 GMT

I'd say your chances are very good. I was approved for a Burgundy Night Pearl EX with a 595 score, 24% dti. My income is a bit higher though, around 4,000 a month. Out the door price was 21,435 and got a 3.9% interest rate. Surprised the heck out of me with a low rate like that, but hey I certainly didn't fuss about it. Apparenly after speaking with the F&I guy anything over 680 or so gets their best rates. Another tip, DO NOT buy the honda care warranty from them. Buy online from sacucchi honda, it's only 1000 for 8 years and 120,000 miles (cheapest price anywhere).

Re: Chance of approval with Honda Financial

lmoore1989 — Fri, 10 Jun 2016 16:19:26 GMT

There are A LOT more differences. Remote and keyless start, 8inch touchscreen, apple car play, digital climate controls, brake hold assist, lane watch camera, multi-view rear angle camera, and LED strip for daytime running lights. The LX is a great value, but I think going for the EX would be a better decision, especially if financing for 6 years. The EX will make sure you never feel like you want more features than you have.

Re: Chance of approval with Honda Financial

Anonymous — Thu, 16 Jun 2016 21:55:17 GMT

I was approved for a new 2015 Honda Civic LX Coupe with less than 30 days after BK. I have a high interest rate due to that but I was able to get about $3,000 taken off MSRP since the car had been sitting on the lot for more than 45 days. It was a manager's special and the Finance guy had a good relationship with Honda Financial. According to the Finance guy after a year of on time payments with Honda, I will be in good standing with Honda and eligible for those special deals.

So if I can get approved, I figure just about anyone can get approved, it depends upon the dealer and how willing they are to work with you to get financing.

Re: Chance of approval with Honda Financial

GalaxyStars — Fri, 17 Jun 2016 17:04:41 GMT

Tyler our credit profile is very similar and we are both in Arkansas. Even down to the income.

Eitherways keep us updated as I'm also in the market for a new vehicle and with our profiles being similar it would help.

Have you tried pre approval via Cap One or other banks prior to Honda?
I was pre approved via Capital One for a 20k auto loan with apr of 3.59.

I'm pretty sure you can get financing one way or another.