Current Honda Finance Tiers

[Anonymous]

So a little over a month ago I went along with my friend who was car shopping. I already knew in my head that I'd need to get something later in the year as my car is becoming more and more unreliable and the unexpected maintenance every month or so is hitting my pocket more than a new car payment would.  

I fell in LOVE with the new accord ex-l. I'm definitely not a car person, but I know I want that car. Does anyone know Honda's current financing tiers? I probably won't buy for another month or 2, but curious

[Remember0]

Gorgeous car, yes? Just helped a friend buy an Accord Sedan (LX though).

So I am not a hundred percent sure, but I think it's somewhere between 680 and 720 for top tier rates. You score will definitely get you approved, but you may pay a slightly higher APR. They use auto enhanced though so if you have no auto/installment baddies, it'll greatly help with the score.

Worst case, go with Honda because they do give you more money towards the car if you do. (Before negotiating, ask the dealer if they have flex cash of $500 anonymously. Then negotiate and subtract $500 off your best price.) More money is available if you're a recent grad/in the military too.

Once your EQ FICO is above 675, you can always refi with a credit union like DCU for 1.99% for 65 months in case you didn't qualify for Honda's top tier. Regardless, even with a 670, I don't think you'd pay more than 3-4% APR.

Read my thread ("The Definitive Guide to Financing or Leasing a Car") that's stickied so you know what dealer participation is.

[Anonymous]

Thanks so much for the info!

I just logged into here because I got a score watch alert. I've used all of my tax refund and bonus from work to pay down debts since december. Starting with roughly 10k in card debt I'm down to under 3k

My EQ alert was that my score went to 699. (It'd be nice once my other cards update and hopefully I'll be in the 7's.) Also in the process of removing some baddies--it's taking 3+ years to get things corrected from my bk.

Sidenote: I just opened an account at DCU this morning.

[Remember0]

Nice! Lowering util definitely helps. Your cards should update shortly after their next statement(s) come out noting the lower balance.

Esp. with a 700+ EQ, I'd pull the trigger on DCU like a week before you want to buy. Though I doubt you'll be using their financing at the end. I'm guessing you'll be fine for Honda's 0.9% for 5 yrs. incentive on Accords.