Denied by Honda Financial.

[Anonymous]

Decided to bite the bullet and apply with Capital One. Got approved right away!  Rates ranged from 6.9% to 14% depending on term and loan amount. I knew the car I wanted so I shopped around for the best deal and took my Capital One approval with me. The rate Capital One offered me was 11%. The dealer was able to get me 9.9% through Americredit. A little high but I'm just happy to have gotten a loan. I'll refinance when my scores are better. When the dealer ran my scores my highest was 611. Drove home a 2015 Honda Pilot today!

[jacksont1981]

Congratulations on the new car. Glad everything worked out for you.

[Ford725]

Congrats..........nothing beats that new car smell!!!! 

[Anonymous]

Congrats... Im also PLanning on buying a pilot...

Can u provide what is ur invome or an estimate?and DTI.. If u dont mind..

[Anonymous]

Income is $60k annually. DTI before the car loan was about 14%.  Got a good deal on the Pilot. They want to get rid of the 2015s before the 2016s come out because the 2016 has been totally redesigned.

[taxi818]

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@Anonymous wrote:

thats weird, when i got my 14 honda accord with honda financial i had 1 credit card maxd out 1 collection reporting and got approved without a co signer and 1k down. my scores at the time were in the mid 600s. hope it helps, good luck ! 

yes but op scores are in the low 600s. You can't compare that. 

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[Anonymous]

My experience was buying a car and not leasing. Because the deal at American Honda Financial was for buying not leasing that I received . I have been reading alot on auto financing /Capital One/American Honda Finance on here. This is my first post. In mid June I recently was approved and boughta 2015 Honda Civic from my local Honda Dealership. My last car purchased in 2005 was paid off.  I have had some credit challenges, Rebuilding my credit.I actually have to new of credit hey said .  Last year I was going to buy a car and was approved for Captial one at 19 %. I held off and this year I went to the dealership near me because my friend had bought 9 hondas with them. I  was put in touch with the salesman that he worked with. I told the guy my concerns about being approved and interest rates an so on. I told him my story. He ran my credit. Although Credit Karma has way different scores then true trans union and equifax . I am in the 608 Trans Union and 590 Equifax. On credit Karma they are 40-50 points less. I had $4000 to put down on the car if needed. Because of some financing special and my credit tier for American Honda Finance I was advised I could get 5.9% which way suprised me because of what I was qualified for by Capital one last year and my previous car loan. By the time it was all said and done my rate for American Honda Finance is 4.9 %. I definately was skeptical leaving he dealership with the car. The finace guy called me by Tuesday, I went into Dealership on Saturday, he told me he talked to American Honda FInancial there was a little bit back and forth, I was approved at the 4.9%, Which they had my loan fully approved in 2 days. I'm not sure how it was possible and if their still having the special but It doesnt hurt to ask them

[BarryNTexas]

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@Anonymous wrote:

My experience was buying a car and not leasing. Because the deal at American Honda Financial was for buying not leasing that I received . I have been reading alot on auto financing /Capital One/American Honda Finance on here. This is my first post. In mid June I recently was approved and boughta 2015 Honda Civic from my local Honda Dealership. My last car purchased in 2005 was paid off.  I have had some credit challenges, Rebuilding my credit.I actually have to new of credit hey said .  Last year I was going to buy a car and was approved for Captial one at 19 %. I held off and this year I went to the dealership near me because my friend had bought 9 hondas with them. I  was put in touch with the salesman that he worked with. I told the guy my concerns about being approved and interest rates an so on. I told him my story. He ran my credit. Although Credit Karma has way different scores then true trans union and equifax . I am in the 608 Trans Union and 590 Equifax. On credit Karma they are 40-50 points less. I had $4000 to put down on the car if needed. Because of some financing special and my credit tier for American Honda Finance I was advised I could get 5.9% which way suprised me because of what I was qualified for by Capital one last year and my previous car loan. By the time it was all said and done my rate for American Honda Finance is 4.9 %. I definately was skeptical leaving he dealership with the car. The finace guy called me by Tuesday, I went into Dealership on Saturday, he told me he talked to American Honda FInancial there was a little bit back and forth, I was approved at the 4.9%, Which they had my loan fully approved in 2 days. I'm not sure how it was possible and if their still having the special but It doesnt hurt to ask them

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Kimmie,  can you share the details of the deal?  Did you put anything down?  Monthly payment etc.  Thanks, BNT.

[Anonymous]

Sure . The price for the car was $19504.00.  I did get GAP insurance and a bumper/bumper warrenty until 75000 miles. . Plus th car alarm. Apparently you have to pay for this for it to be enabled. With all that,tags and taxes the price was for $26,270. I put $4000.00 down, amount financed was $22,270. the loan is for 72 months. My car payment is $356. 4.9%. I could have got away a little cheaper with out the warranty add on , however you can never be to careful