How to get Honda Finance loan

[GTT]

I heard if I finance through Honda, I can get 500 flex cash back.

I have fico score of 740+ but the history is 2 years and I just moved to a new address.

I know credit card companies sometime take your address change seriously but I don't know how would that impact the possibility of getting a car loan?

[bhenken08]

Banks care more about your debt to income ratio and your time on job more than you address change.

If you have a credit union you use I would recommend talking to them first.

[GTT]

The dealer asked for my paystubs, drivers license photocopy, ssn car copy, two references, passport, visa ....

I think I have some problems here. I have been on employment for two years and finance wise I'm good.

But the thing is I'm on H1B visa which expires this Oct. and my employer is extending it though for another three years. The dealer said Honda Finance cound't finance me if the visa has less than 1 year on it but actually I just want to take a loan for 6 months ( I just want to get the 500 flex cash if I can finance through Honda), otherwise I could just pay in cash. Will I get other kind of rebates if I finance through other institutions?

I think the dealer submitted the application today and still waiting for the result. I tried go straight to Honda Finance website and tried to check the status of my application but found nothing. It looks like if I didn't file the application on its website, I cound't check the status there.

I planned to picked up the tomorrow morning but it looks like I have to wait.

[GTT]

Financing through credit unions might not get me 500 flex cash back, right?

[CARDEALWIZARD]

Honda Finance's minimum loan term is 24 months.  Also, Honda Finance's rule regarding you h1b visa is that , the loan must mature before the expiration date on your visa.  So in order to finance at honda your visa must have at least 2 years left before the expiration date.  The only time Honda will make an exception is if you have previous Honda Finance history.  Hope this helps, check out my site for my car buying info-Modcut

Edited to remove link/advertisement

Shogun, myFICO moderator

[CARDEALWIZARD]

Also, you must finance with Honda finance in order to get the flex cash.  Going to your credit union want help in that respect.- Modcut

Edited to remove link/advertisement

Shogun, myFICO moderator

[enharu]

+1 to what car deal said.

To get the promo discount, it has to be financed by honda financial services.

Your best bet is to wait till October after your h1b is renewed. It's going to be very hard for you to get any auto loan with a visa that's about to expire.

[GTT]

There are several things I don't understand.

One of my friends got a 3year loan while his i94(his visa expired already) had only 1 year valid. He lives in California, does Honda Finance have different policy in different states?

Any work visa has a maximum validity of 1 year if you check on immigration website, and after 1year, it's still legal to stay in the US as long as your H1 status is valid. But this is not  listed on the visa itself.

Even my employer renews the visa for me, I won't get a new visa if I don't get out of the country and re-enter.

Kind of a dilemma for me.

I'm assuming if I get denied by HF at this dealership, any other dealers won't get me approved again, right? 

[CARDEALWIZARD]

In respect to your question about other dealers getting you approved, you are right.  If you are turned down at one Honda dealership, then Honda Finance will not approve you for another dealer.  This is in the dealer agreement Honda Finance has with its dealers, it would show favoritism if they turned down the loan for one dealer and approved it for another.  Honda does not have different policies for different states, was your friends loan through Honda Finance?  Most other banks don't have this requirement.  I have been a Honda sales and finance manager for 10 years, and the only time I have seen the visa issue slide throught the sytem is when a customer has tons of established credit, or previous Honda finance history.  If your loan is Red Flagged due to an I94 issue, Honda Finance will not even listen to any explanation about your visa getting renewed after the expiration date.  The reason is because Honda Finance feels that there is no guarantee that your vis will be approved and you will be allowed to legally stay in the US.  What rate are you trying to get through Honda Finance?  There may be a way to get you the same deal through another lender depending on the rate you re trying to accomplish. Modcut

Edited to remove link/advertisement

Shogun, myFICO moderator

[GTT]

---

@CARDEALWIZARD wrote:

In respect to your question about other dealers getting you approved, you are right.  If you are turned down at one Honda dealership, then Honda Finance will not approve you for another dealer.  This is in the dealer agreement Honda Finance has with its dealers, it would show favoritism if they turned down the loan for one dealer and approved it for another.  Honda does not have different policies for different states, was your friends loan through Honda Finance?  Most other banks don't have this requirement.  I have been a Honda sales and finance manager for 10 years, and the only time I have seen the visa issue slide throught the sytem is when a customer has tons of established credit, or previous Honda finance history.  If your loan is Red Flagged due to an I94 issue, Honda Finance will not even listen to any explanation about your visa getting renewed after the expiration date.  The reason is because Honda Finance feels that there is no guarantee that your vis will be approved and you will be allowed to legally stay in the US.  What rate are you trying to get through Honda Finance?  There may be a way to get you the same deal through another lender depending on the rate you re trying to accomplish.  Modcut

Thanks for the reply. Yes my friend took the loan from Honda Finance.  I don't care too much about the rate, but just the flex cash back.

But my question is, before the loan mature, I don't actually own the car as the title is not in my hand, right? So even I can't pay the money anymore, the bank/HF still has the car, so it doens't lose any money (or not that much).

---