meeno

So this will be my first car in my name. Credit history is around 3 years old, no late payments, etc. Credit score ranges from 660 to 710, depending on the agency I check. I have had a car in my name before, which I heard is bad.

Do you think I will be approved? If so, will it be a decent lease rate?

If I don't get approved I will be crushed, since I found the perfect color/option combo

Thanks

JPL530i

you'll get approved....guaranteed!

Type X

let me rub my crystal ball lol

just go to the dealer and have them run it

DJDZ

Meeno,

I don't think you have to worry about getting approved. You have adequate credit history and your FICO scores (while not in the top tier) are within the normal rage of scores for approval but you may not get the absolute best rate from Honda finance. Besides, your credit score is not the only factor. Other factors would be your down payment amount and if someone is also co-signing on your behalf. But in any case, I think you will be approved and one more member will be added to the Azine TSX family.

Good Luck!!!!

meeno

Thanks for the support guys. I know my scores in and of themselves are probably ok, im just worried because ive never had anything this big on credit before, so i was worried they would deny me.

Hopefully, when the car arrives, I will be part of the family here with the best TSX ever made (black/black, stick with NAV) . I am so excited but yet so worried. I went 2 days ago to the dealer and he said he'd call me back about my credit but he never did, and he's off today.

Edit:Also, I mis-typed the initial post. I have NEVER had a car under my name.

meeno

Ok I just got a call back and the manager said he is sending it over to honda, but he said most likely it wont be approved becasue im "light on credit" whatever that means.

I might have to get a cosigner

DJDZ

I think he means that

1) You have only 3 years worth of credit history and most likely in the form of short-term revolving credit.

2) You have never had a long-term installment term loan on record so you don't have a history of making consistent payments.

The way to get around this dilemma is to get a co-signer. The loan will still be in your name and once you have that demonstrated history and maintian a good credit score, then it will be much easier to get your next car on your own.

On the other hand, if Honda Finance is really aggresive in trying to make deals, then you just may get approved on your own. Be sure to update us on the results.

slo007

My bank offered me a $15,000 loan to finance a car back in my second year of college, when I barely made $500 per month. I imagine getting a loan from your bank would not be difficult, as long as you have a good job and some savings in place.

Now-a-days, the bank keeps sending me $30,000 pre-approved loan notices every 3 months. As if there was a better car than my TSX...

PsychoInDenial

I got approved for my loan solo when I got my TSX and this was the first time I ever took out a loan in my name, I did however need some friend's names as references. I think if the dealership really wants to sell you the car they'll work something out. I was lucky however since I don't have any student loans and my credit is decent, no outstanding bills, etc. As long as you pay your monthly on time, this will be a good time to help build your credit for the future.

observer

My credit was so "bad" (just due to a short credit history) that almost all online lenders turned down my application and only Capital One approved me for 13.95%. 13.95%!

Then AHFC gave me 6.5%, which I *gladly* accepted. (I can't emphsize enough how happy I was when I heard the news) The finance manager at the dealer was even worried I might not like the rate, but I had to refrain myself from saying "I love you!"

meeno

I got the standard tier rate (8.5) which is trash considering my credit. 6.5 is decent...right now the best prime rate is 5.9 according to the finance guy.

Ill shop around different banks just to be sure.

bheywow

https://www.penfed.org/productsAndRa.../autoLoans.asp

4.9% and anyone can become a member by spending $20 to become a member of the National Military Family Association (NMFA) which would then qualify a non military person to join the Pentigon Federal credit union

eve

I don't think you have anything to worry about. Honda might not be able to give you the best rate out there but you should get approved.

I bought my first new car when I was 19, without a co-signer and basically no credit history. Like others already mentioned, there are other factors involved - downpayment, your earnings, etc.

When worst comes to worst, you can get a loan through your bank.