Honda Civic Financing

jultheebolo

What are the conditions ( if any ) one has to meet to take advantage of the 4.9% for 60 month financing Honda is offering this month?

I almost bought a car today the price seemed reasonable at $18,259.50 final out the door price for a 2007 Civic 4 dr Sedan LX making it $16,645 before taxes & all the paper work..

but then they stuck me with a monthly payment of $269 at an 18.95 % interest rate!? They said this was out of their hands because I'm a first time buyer and this rate is determined by the bank. I'd think given I'm willing to put $8259.50 down so I only have to borrow $10,000 would help in some way?

Is this legit? I went to a another dealer prior to them and they were willing to give me the 4.9% rate for 60 months after checking my credit but they priced the car outrageously high!

I've only had a credit card since Dec 2006..honestly I never saw any use for them I always pay cash for everything and only got it to build a credit history. But I have been successfully paying student loans for several years and any other expenses always on time so I know everything is in good standing.

I'm gonna try and see what kind of interest rates my bank offers.. does anyone have any other suggestions? Where to get the best loans/with low interest rates? And also how I can build up my credit faster?

Also if what the dealer's saying is true... how does refinancing a loan work..he was saying I could do that after 6 months? What does it involve?

Thanks

vviley

Short on time atm, but I'll throw my 2 cents in real quick.

To see if the rate their giving you has any basis, check your credit reports and/or credit scores. Google 'free credit report' and get your 3 report - check these for late payments and other nasty little things. If you're looking for more detail, go to myfico.com and get your credit score ($). If your scores are lower than the high 600's, you're gonna be in for some hurt. Not having a credit card hasn't helped, and it won't be much better if your student loans weren't reported to all the credit bureaus. Unfortunately, the dealer's are operating strictly by the numbers.

But chances are, if you've been banking somewhere for a while, you can get a much better rate out of the bank than you can from the dealer. Most banks are willing to work with you to figure something out, especially if you've been a customer of theirs for a while.

Hope this helps with _some_ of your questions.

jultheebolo

Hmm just checked it. I have an excellent score! it said higher then 98% of US consumers!

Which means they were trying to screw me big time!

kenlw

Shop around for a refinance, we've done it several times.

We did however get the 4.9/60 but we have about 30+ years of credit history, an almost paid off mortgage and about a dozen paid off cars in our history. It takes time, have patience, but definitely shop around for a refinance. consider joining a credit union, they often have the best rates.

jultheebolo

Oh I ended up getting the car for 4.9/60 months at another dealer 2 days later, no probem!

The whole first time buyer thing is completely BS! Even with just having a credit card for what? 4 months & barely ever using it.. I have excellent credit! After all I've been paying bills and such for years. So for everyone else out there don't let them try to trick you like this! The dealerships can charge whatever interest rates they want...its not out of their hands like they claim.

I checked the Better Business Bureau and turns out that dealer that tried to scam me has an F rating! I'm not surprised!

glideslopes

You need a 720 score to finance with Honda.

hwatson1

I have a buyer for my RV but I've never sold a vehicle myself. Can anyone offer advice on the selling process and the legal forms required when selling a vehicle.

pat

We have a discussion that may be helpful and also Edmunds has an article you might find useful. Try Questions about Private Sale Transactions and have a look at Edmunds.com's Quick Guide to Selling Your Car.