Honda Credit Criteria

[chela62678]

Hi All.

Ok so we got approved by Toyota for a 2010 31,000 Loan for 14.99 APR. I think it is to high so we are going to try Honda.

I pulled MYFICO yesterday these were our scores

TU 624 EQ 548

DH TU 550 EQ 600

but they told me that our scores mine were 540 all across the board his highest 608

Do you think Honda will finance us Trade in 3000 down 500 

Combined income 105,000 

House one vehicle 3 cc not sure the UTI on the cards 1000 limit 600 available conn 2500 med debt collections 

Well just thinking or hoping for a better rate can always refi when we get credit up/

What do you all think? TIA

[MarineVietVet]

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@chela62678 wrote:

Hi All.

Ok so we got approved by Toyota for a 2010 31,000 Loan for 14.99 APR. I think it is to high so we are going to try Honda.

I pulled MYFICO yesterday these were our scores

TU 624 EQ 548

DH TU 550 EQ 600

but they told me that our scores mine were 540 all across the board his highest 608

Do you think Honda will finance us Trade in 3000 down 500 

Combined income 105,000 

House one vehicle 3 cc not sure the UTI on the cards 1000 limit 600 available conn 2500 med debt collections 

Well just thinking or hoping for a better rate can always refi when we get credit up/

What do you all think? TIA

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Since you asked.

I think you need to wait awhile to buy any car. Or buy an older, much cheaper car. You don't need a $31,000 car with your credit scores. Repair and rebuild your credit before looking at such an expensive loan.

Just MO.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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[chela62678]

Thanks we have waited my 05' Dodge is on it's last legs put to much money into it so just need to get rid of it

I have 3 kids so need a bigger vehicle all of the SUV's are in this range and if gonna buy I am gonna buy new. I know we have waited a long time so just gonna invest and then refi later. I don't really have much bad on mine I am sure by doing the PIF's and getting these items removed will jump my score higher

Thanks for the advice though it's sound but not for my situation

[suzen121]

Just dont' finance thru Drivefinancial, roadloans, santander, or triad!   That's the big thing that I have learned by reading these forums and doing my research!   It might be tolerable when the car is new and you love it, but all cars get old and that love for them fades...And then you're stuck with a nightmare of a loan for a car you don't particularly like!

[stagefoursurvivor]

chela,

Did you apply with Honda yet? Online or at a dealer? What interest rate?

[chela62678]

Ok so the dealer I was working with never called me back it's been 4 days. They gave me the Toyota and since i said no, they were gonna try Honda. No word. Went to Nissan Dealership before I went gave them my situation.

lady said they can see about working something out

So we signed for 2010 Nissan Pathfinder Base Model 33,000 sticker price - 2500 rebate - 5000 trade (other dealer only giving me 2500 for 05' Magnum 12900 miles) and 1000 down (to cover TT&L. for 15.9 percent with Citifinanical. I know Toyota was lower interest but they were trying to put me in a 31000 car with a 4 cylinder engine which we all know is full of crap. At Nissan I picked my color my interior and the only thing will be high in mileage like 500 or so cause it's coming from out of town. But they offered me my first 2 oil changes/car detail for free for the inconvenience and a loaner till It get's in.

Will refinance later as soon as I get my PIF's and GW out.

Thanks

Oh my TU was 570 DH 543

[maynie]

I know you probably won't do it, but you should back out of that deal immediately. My husband sells cars and I read your post to him. He works with a guy who worked at Nissan for many years. The guy told him that the "rebate" they give you is not what it seems. The way they apply it to the price of the car nets them an extra $3000 - $4000 off of you. And with that interest rate it won't be long before you are upside down in this loan. Just a word of caution from someone who sees people in your position often and wouldn't have let you go through with that deal because there is a high chance you will end up much worse off. I know this post might tick you off, but please take this in the spirit in which it was offered. Just want to help.

[chela62678]

Not sure what he means but that came off the price of the car. I am sure all dealerships have their way of making their money one way or the other. Thanks for the advice but we will pay extra each month to start chipping in on the interest.

[stagefoursurvivor]

Chela,

I'm confused, you applied at a combined Toyota/Honda dealer and Honda never responded but, Toyota approved you? Did the Nissan dealer try Nissan credit corp, before Citi, or did Nissan decline you?

The Pathfinder deal seems decent except the % rate.

S4S

[chela62678]

Nissan Say NO

That is why everyone is saying Toyota will finance almost anyone just not at a great rate for all. Honda well dealer is calling now, I am sure they see that other dealers pulled CR, but completely walked  away from them. Yes Got my Pathfinder yesterday she's a beauty. I am happy can so afford the payment, will refi in a year