Honda CR-V - Financing/Approval Odds

[Anonymous]

I'm looking at either an EX-L or Touring Honda CR-V. I found a dealer willing to match the price any other dealer gives, so I'm anticipating paying about 29.5k at this point, not including taxes/fees. 

Honda currently has a 1.9-2.9% APR special going. With a credit score of about 720, is being approved for that rate even realistic? If not, I am considering going and opening up an account at a credit union to see what kind of a rate they can give me, and then taking that to Honda to see if they'll beat it. 

If it makes a difference, I'm prepared to put down about 10k, plus have a 2009 CR-V to trade in (guessing about $4k). I will also qualify for the $500 rebate for upcoming/recent college graduates. So I'm looking at maybe $18k for the loan. 

[pinkandgrey]

I kind of doubt you’ll get the promotional rate, but you should be able to get a very good rate considering your huge down payment/trade situation. It will depend on more than just your score. Your credit history length will factor in considerably. DTI will also play in. 

Like I said, you’ll have no problem getting a good loan, but it may not be at THAT good of a rate. Those rates tend to be reserved for people with looooong, clean, and thick credit files. 

Good luck and enjoy the car!! 

[sccredit]

I disagree on the rate.  720 should get you the promo rate.  

[Anonymous]

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@sccredit wrote:

I disagree on the rate.  720 should get you the promo rate.  

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^ I agree

[pinkandgrey]

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@Anonymous wrote:

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@sccredit wrote:

I disagree on the rate.  720 should get you the promo rate.  

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^ I agree

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Anything is possible, I suppose. I speak only from personal experience. When I bought my last car, the dealer was offering a promo like this. I had a higher score than that and a VERY low DTI and I didn’t get the promo rate. 

[Anonymous]

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@Anonymous wrote:

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@sccredit wrote:

I disagree on the rate.  720 should get you the promo rate.  

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^ I agree

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My Fico score was 693 when I was approved for honda's promo rate of 2.9 for 60 months.  If you have prior auto loan paid off/on time,  that would help you to get approved for better rate.

[JGGM]

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@Anonymous wrote:

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@Anonymous wrote:

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@sccredit wrote:

I disagree on the rate.  720 should get you the promo rate.  

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^ I agree

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My Fico score was 693 when I was approved for honda's promo rate of 2.9 for 60 months.  If you have prior auto loan paid off/on time,  that would help you to get approved for better rate.

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It all depends what's in the credit report, not simply the score. In the auto industry, there is such thing as a 'bad' 720 - could be someone who has two credit cards 6 months old with a combined credit limit of $1,000 - unless they have other compensating factors they might not get approved.

But - the kind of money down OP is talking about plus a trade, I'd be surprised if OP didn't get the promo rate.

[IPIF]

I recommend getting an auto loan at a credit union.

Honda Financial will probably get you the CFA penalty.

2.9% for 60 months is an OK rate. But my CU is offering 2.99% for 60 months, so why take CFA?