Honda financing or CU?

[betterdays2011]

We are closing in on a decision to buy a minivan, probably this week.  We are working through Internet sales quotes but expect to settle on Odyssey later this week.  This will be a replacement for a 10 year old minivan which we will either trade in or sell.   We will put down about $7,0000- $8000.  the price of the car should be around $31K before taxes, transfers, etc. 

 Should we go to the dealership for financing or seek out financing through our CU (Navy Fed)?  Our credit is good - 750+ scores.  Our income is $169K.  Our biggest knock is our DTI is high- about 20/30% with mortgage/taxes, etc.  Anyone with any experience with dealing with Honda? I have seen some people bumping into dealer financing trouble and that worries me but I also see some competitive rates.  I am leaning toward chancing it and if they deny us or offer us a staggering rate, go to NFCU. 

Thanks in advance for your help.

[Schoolbuskid]

You normally get a better rate going through a credit union, but it depends on what type of rates honda is offering right now. I say go with credit union. 

[gpeach]

Check out edmunds.com forums and other car forums for Honda Odyssey prices paid. And finance through Navy Federal. Usually the best Honda rates are only available if you don't take the rebates. Navy Federal has 1.99-2.99 on new cars. We bought our Odyessey EX-L in 08 and got it for over 8000 off MSRP thanks to those forums. You can see what dealers are willing to go down to and use it for negotiating. We started at the lowest I saw someone get one and we ended up getting it for that price. Seems they are not discounting as much on the new 2011 body style as in 08 but according to some people they were able to get quite a nice discount. And if you want extended warrenty we got that online at a huge discount seperately. 

[betterdays2011]

Thanks to you both.  This is really excellent information.  I will check out the Edmunds forums and go the NFCU route.  This is a great board!

[betterdays2011]

20 minutes on the phone and we are approved at 2.75%.  So easy.  We asked for $25K but they gave us $30K if we need it.    Now we just need the car...

[marty56]

OBE but I would get a pre-approval at a CU and then see if the dealer can match it plus some extras.  DW did that with a CU and then Toyota gave her the same rate and some extras.  Enjoy your new ride, what it it may be.

[betterdays2011]

We did actually wind up getting a slightly lower rate through a loan the dealership found for us with SunTrust  (2.3% versus 2.7%)  so we went with that one. We also got the car down below dealer invoice.  We all love the new car!  This was a surprisingly easy experience.  Thanks again to everyone here for all the good advice!