Honda finance approval?

[jayy_sc]

Hi everyone! I currently am driving a 2015 Honda Accord. I want to trade it in for the 2016, but have negative equity. ~ $3500. I am interested in either an accord EX-L which would be $30,087 out the door or an EX which is $28,237 OTD. I was quoted $17,350 for my trade in (15' accord). I would be putting down $6000 for the downpayment and have my current loan rolled over into the new one. You guys think I would be approved for the loan? My current FICO auto enhanced 8 score is 709 (Experian). I make about $2,100/month. Thanks for your input!

[lhcole77]

What are your current payments? What will new payments be? How did you finance 2015 car? What is your DTI?

[jayy_sc]

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@lhcole77 wrote:

What are your current payments? What will new payments be? How did you finance 2015 car? What is your DTI?

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My current payments are $510.69. New payments would be about $480 for an EX trim and $512 for an EX-L. My current DTI is 33%. I am financing my current car and have made perfect payment history with always paying long before due date and sending  a little more than the monthly payment.

[lhcole77]

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@jayy_sc wrote:

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@lhcole77 wrote:

What are your current payments? What will new payments be? How did you finance 2015 car? What is your DTI?

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My current payments are $510.69. New payments would be about $480 for an EX trim and $512 for an EX-L. My current DTI is 33%. I am financing my current car and have made perfect payment history with always paying long before due date and sending  a little more than the monthly payment.

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Sounds like you're in good shape   The DTI looks in the acceptable range (from what I've experienced) and the fact that monthly payment is going down, well that's always a good thing.

Will you be financing with same company?

[jayy_sc]

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@lhcole77 wrote:

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@jayy_sc wrote:

---

@lhcole77 wrote:

What are your current payments? What will new payments be? How did you finance 2015 car? What is your DTI?

---

My current payments are $510.69. New payments would be about $480 for an EX trim and $512 for an EX-L. My current DTI is 33%. I am financing my current car and have made perfect payment history with always paying long before due date and sending  a little more than the monthly payment.

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Sounds like you're in good shape   The DTI looks in the acceptable range (from what I've experienced) and the fact that monthly payment is going down, well that's always a good thing.

Will you be financing with same company?

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yes, i'll be financing again with the same lender.

[lhcole77]

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@jayy_sc wrote:

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yes, i'll be financing again with the same lender.

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I would imagine that you'll be approved.