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Honda CR-V - Financing/Approval Odds

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Honda CR-V - Financing/Approval Odds

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. 

7 REPLIES 7
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Valued Contributor

Re: Honda CR-V - Financing/Approval Odds

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!! 

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Message 2 of 8
Valued Contributor

Re: Honda CR-V - Financing/Approval Odds

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

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Message 3 of 8
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Re: Honda CR-V - Financing/Approval Odds


@sccredit wrote:

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


^ I agree

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Message 4 of 8
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Re: Honda CR-V - Financing/Approval Odds


@SteelerNYC wrote:

@sccredit wrote:

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


^ I agree


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. 

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Message 5 of 8
Valued Member

Re: Honda CR-V - Financing/Approval Odds


@SteelerNYC wrote:

@sccredit wrote:

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


^ I agree


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.

Message 6 of 8
Frequent Contributor

Re: Honda CR-V - Financing/Approval Odds


@yankees992012 wrote:

@SteelerNYC wrote:

@sccredit wrote:

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


^ I agree


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.


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.

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Message 7 of 8
Established Member

Re: Honda CR-V - Financing/Approval Odds

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?

Message 8 of 8
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