overkast

OK guys...I'm going to really share some personal information with you, becuz that's the only way I can have some peace of mind as to how much my monthly payments will be. Please be gentle with your comments .

Any financial loan officers in here???

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My current status are as followed:

1. Looking to purchase a 05' TSX automatic with or without a NAV next year (I'm willing to wait).

2. I will have about $4K - $5K for a down payment by next August.

3. I would like to go with a 5yr. term but 6yr. will work too if it complies with my agreed monthly payment.

4. My credit isn't all that great (I have a 6yr. old bankruptcy), but I've been re-establishing my credit for the past 4yrs. My current credit score (depending which bureau you go through) ranges between 625 - 660 .

5. I would prefer an interest rate of about 6% - 8% (becuz of my poor credit situation, but the score could go up within the next 11 months), a lower rate would be even better.

6. I will be looking for financing...NOT LEASING (sorry this is not for me...I love to drive too much to worry about excess miles).

7. Any financial institutions you would recommend? I would like to go through American Honda Financial Services, but I think they only offer a 5yr. plan (which is ideal, but in the case that it isn't I need a 6yr. option to fall back on).

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Can anyone in this forum relate to my situation at all? If you wouldn't mind giving me a breakdown of your monthly payments. Please specify your down payment, which model you purchased, the length of financing (please...no leases), if you're comfortable...your credit score rating, and most importantly...your monthly payments.

Thanks in advance for any info or experiences that you can provide, and thanks for listening to my SOB story.

-Spencer

ySL

depending on what u pay for tax, i would say around 400-450 a month for 6 yrs.

overkast

ySL: would you mind sharing your purchasing and finance experience? The numbers you gave were relevant to what I came up with you those online calculators, but I've been told before that they were not that accurate and that the dealers are usually higher when they calculate the payments.

Are they just padding the pricing a little higher?

-Spencer

Count Blah

Given your "sob story", I might be looking for a used 2004 TSX in a year or so. (If I were you.)

LeMasseHammer

If you haven't already, I'd start with a car loan calculator:

http://www.calculatorzone.com/calcul...teresting.html


I was fortunate enough to buy my car outright, so I can't help recommend a financial institution. But the fact that you're willing to wait and you're rebuilding your credit should help. Good luck, and nice choice in the TSX.

ucsdtriton

Check out the above site, they have a very useful calculator for estimating payments, just put in the parameters and it spits out your monthly payments.

Luckily, I've got pretty good credit (but no money :P ).

I financed through Costco/Peoplefirst.com:

$27,000 x 3.74%: $494 x 60 months

Good Luck!

PS - $27,000 x 8.00% came out to $547.46 x 60 months.

ucsdtriton

oops...

Crazytree

$5,000 DOWN
3.9% APR
66 months
-----------------
$397/mo

[I'm paying $600/mo though.]

overkast

LeMasseHammer and ucsdtriton: I'll definitely check out the sites

Are those loan calculators pretty accurate? Like I state earlier I've been told by the financial officers at the dealers that they are not that accurate.

If they are pretty accurate then it looks like I will be in a TSX by this time next year. I can afford $460/monthly but I don't want to go higher than 6yrs. I'll just have to give it a try and see what the dealers and banks say about my approval and monthly payments.

Crazytree: May I ask who you went through for financing? Does anyone know if American Honda Finance will go above 60 months (they are usually lower than most banks with regards to APR)?

Thanks again guys!

idx

As all the sites say: check out credit unions if possible. Mine gave me 2.99% apr for any lenth of time I wanted. (Up to 72mo) Ended up putting 5k down so that left 25,xxx (can't remember the exact figure right now) for 60mo. Honda financing seemed to want perfect credit to get 2.9% .. I think the best I could get was 4 or 5% with them.

Crazytree

Dealer financing (Chase): 66mos
eLoan: 66mos

it's a new trend in the auto finance industry to drag out loans as long as possible.

idx

Yep, gotta watch that interest. With my 2.99%, it was only another ~450 or so to go 60mo instead of 48. Although it was another 1000 on top of the 450 to go 72mo.


-r

Crazytree

like I said... it doesn't really matter what term I take... I tend to pay off my cars in about 2 years anyways... just some months I want to go on vacation or make a big purchase so I only pay the minimum.

also Chase has this thing I noticed... if you get ahead in payments... your due date will shift up to the following month. so I have been making minimum payments every week since I bought the car and according to Chase my next payment is not due until Feb 2004! I'm going to try and get away with having no payments until sometime in 2005. hehe

Bass Mechanic

i lease all my cars, i put 1000 down and i pay 456 a month for 48 mos with american honda finance.
i dont buy cars, to me it is a waste to buy somthing that looses value then try to negotiate the value of it when you trade it in. i never expect to keep a car long enough to actually buy the whole car.
as a matter of fact hondas/ acuras hold their value so well that i have found as long as you go through American Honda Finance i can trade the car in early, ill probly keep the TSX for 2-3 years and trade it in. usually in that time the dealer will give you the same amount as the payoff so you dont have to pay anything out of pocket. just begin a new lease on another car.

wiz

I'm with ucsdtriton, I have good credit, but no money. I got mine for 3.79% apr for 60 months and I had about 2k down from my trade-in. I am paying $494 a month.

UTmtnbiker

I did the following:

5k down
3.69% financing through Honda (my CU is at 4.25%). A little surprised I couldn't get lower...my FICO score is 818.
60 months
Payment = 433

Crazytree

all my credit agency scores were above 800. under 4% for a japanese car is actually really unusual. the 0% or 1.9% rates for the domestics are actually money losers for the car companies and they only do them to help spur demand. not like Honda needs much help moving cars.

mcourt83

9k down
Finance $19,698 for 60 mos. @ 3.95%
$362/month

I hope to pay it off in 3 years. Longer term = lower payments for months when vacation or Christmas demands more of my disposable income.

Mike

overkast

I wish I had your credit scores Crazytree and UTmtnbiker. WOW...above 800 is great! My credit will definitely hinder my ability to purchase this vehicle with a good interest rate. I'll probably be in the high's of 10%...yuck I might ask my best friend to help co-sign as a last resort if the banks don't finance me. His score is in the high 700's (I think 790).

But I want to do this on my own ...such as life. I've accepted the fact that my interest rate will be in the 10% range, but now I'm concern if the banks will finance me $25K for the TSX. My credit should go up in 11 months from now to the high 600's...hopefully, plus I'll down $5K. I've also re-established my credit for the past 4yrs. and the history looks good. I also have a house in my name as a joint ownership.

Given that situation, do you think the banks will finance me the $25K by myself?

Thanks for all your input...I'm really stressing and I have about 11 months to go...I think I'm being anal, but this is a big purchase and it's a chance to build more credibility.

vwong

Have you had loans from American Honda Finance? If so, you're likely to get the loan from them even with your situation. My score is about the same as you, and I also put $5k down. My rate is 7% APR. When they ran my credit report, the manager pointed out that the 2 previous loans that I had with AHF would help me get this loan approved.

overkast

Hi vwong,

I've never had financing through American Honda Finance, and I think they only offer a 60month plan...and I'm looking for a 72month to lower my monthly payments. I don't want to spend more than $465/monthly. I've never actually had a car in my name (solely), it's usually been as a joint account with my cousin...this way it would help me establish credit. But I don't know how much credibility is given for joint rather than individual.

Any other ideas or suggestions? Or do you think my credibility will allow for this $25K loan?

-Spencer

Crazytree

two words: CREDIT UNION

get a loan from a CU and then the slimy salesmen greaseballs will do their best to meet or beat your loan so they get the kickback.

NoOneYouKnow1217

I went through my Credit union. I had to add $4000.00 to the finance principle because I had to terminate my previous cars lease early.

I pay $537.00 / month.

LuvMyTSX

holy thread revival!!

joerockt

Crazytree

Ruserious

iTrader: (2)

lol

TSXEd05

Man, my daughter wasn't even born yet when this thread started!!

alucardx

$2500 down
4.9% apr 60/mo
$399/mo (includes $2/mo tire/rim coverage)

Napkin

Too fuckin much.

khmy2nr

$337 for 48 months with a big chunck of down payment-2007/nav. I ordered it around summer and didn't get here until December. Tried to find a used one durning that time period before settling for new. Virtually impossible to find color combo/trans I wanted.