paxus

I haven't had Honda financing offer me an APR yet because a) I haven't let them check my credit yet, and b) I assumed their rates would be high. The salesman told me 6.5% was the best rate they offer.

Having said that, I've received APRs of 5.99% for $25k and 7.24% for $38.5k from PeopleFirst.com and E-Loan.com, respectively. My credit is pretty good, but I don't own anything of value (read: house). How do these APRs sound? Competitive? I'm really, really itching to buy this TL on the 26th. By that point in time I should have $2k cash, and about ~$2k for my trade-in. So I wouldn't be able to use the loan from PeopleFirst.com on that date because they will only loan me $25k (and adding my $4k I will still be short). No way I am walking out of the door with a TL-S at $29k flat.

I also have found out that my company participates with a credit union. Oddly, the credit union is Washington Telephone Federal Credit Union. With a $50 savings account, I can get an auto loan at 6.99% APR for 60 months. Or a 6.5% APR at 48 months. The rates drop a full point with a checking account and direct deposit. The hassle of making direct deposit go to this credit union is sizeable since they do not return cancelled checks.

So are there any other financing options available to me? Any sources I have not yet checked?

Thanks a lot guys! Just trying to save some money here.

kcroberge

My credit union is offering 6% for a 90% 60 month loan. I think anywhere in the low 6% range wouold be considered competitive.

drcookie

If my memory is still correct, when I bought my 2002-TLS back in Jan., I got preapproved from eloan for 5.99% for 60 months but the dealer offered me better deal ... somewhere between 5.3% and I took it.

Cheers !!!

Yaron2

I just got a 2003 TL-S last month and got a rate of 4.94% on a 60 month loan from Ohio Central Savings. Their website is WWW.OCSAVINGS.COM. They are really nice people and very helpful ..... just make sure that you ask them to overnight you the paperwork if you are in a rush and OFFER TO PAY THE OVERNIGHT SHIPPING!!!

Good Luck!!

thomas_rp

Info from my bank:

New & Used
Automobiles / Boats / Jet Ski's / Motorcycles / RVs / New Stock Trailers


Up to 48months 5.75% - 15.25%

49 to 72months 6.00% - 15.50%


-Tom

paxus

FYI, banks typically offer the least attractive APRs for new and used autos. I've decided to go with my credit union, which would allow me to buy my TL-S on the 26th of this month. I'll end up paying just under 7%, but hey, I want the darn car now. My headunit in my 94 accord keeps having the sound go in and out on radio or cd. Plus, it never hurts to get into a credit union -- this may help when it comes time to purchase a house. Once you're in a credit union, you are in. All it requires for me is a $50 deposit into a savings account.

One last thing: I grabbed a credit report of myself from Equifax, and found that my score was 705 out of 850. Anything above 680 is termed excellent or 'prime canidate' -- I think I might be screwing up the exact term, but you get the picture. So assuming I am one with pretty good credit, these loans I've been offered must be in line with today's average.

LiQiCE

I was told that Honda's lowest APR right now is 5.9% financing (from Pohanka Acura in Chantilly, VA). I filled out an application and ended up qualifying for 6.9% financing, but was told if I had somebody with a substantial credit history (read: my parents) co-sign, I would qualify for 5.9%. If your parents would be nice enough to co-sign the loan for you, you might be able to get a lower APR.

I'm hoping to purchase my TL-S this weekend, good luck with yours!!!

paxus

Sheesh!!! When did Pohanka tell you this? A week ago today, I was told 6.5% is the best they offer. I don't want anyone to co-sign with me, just want to do it on my own. Right now 6.9% is best I can get.

axleback

When I bought my 2002 TL-S, American Honda Finance Corp. offered me a rate of 6.25% for 60 months. I took it.

axleback

rogerscr

I cannot understand the hassle of joining your employers credit union. I have direct deposit in both a credit union as well as my bank, and I haven't been inside the door of the bank in over a year. So what if they don't return the cancelled checks? How often do you really need them? Go with two part checks. In the 11 years since my bank quit returning my cancelled checks, (they will still return them for 3.00 per month), I have only needed a cancelled check once, and it cost me 5.00. Direct deposit with automatic withdrawl of the car payment is the easiest way to go. A full point off is worth looking at. Money is just like any other commodity, it's exactly the same no matter where you buy it, so buy it where you get the best overall deal.

My credit union is offering 6%, 60 months on new cars, 100% financing. Spend an hour calling local credit unions, the rates around here vary about 2 points. The Acura Dealer was offering 5.93% for 60 months with 100% when I made my offer. When I came in to pick up the car, they were offering 4.9%, for 60 months. I didn't inquire as to the percent they would finance at that rate since I had already signed the deal with the credit union.

LiQiCE

paxus,

I was told the lowest they would give was 5.9%, but perhaps they thought with your age and credit history that you'd only be able to get 6.5% at best? I don't know. I know I qualified for 6.9% and I have an excellent credit history although my credit history is rather short (I'm only 22 years old, and all my credit history is credit cards, bills, and a mortgage, but the mortgage is only 1 month old).

BTW- My credit union's interest rate was 6.9% (that was only with approved credit) so not all credit unions automatically give great rates...

ckNJ

Got my TL Type S from Tischer Acura in Laurel, MD and their Honda financing group got me a 5.4% APR for 60 months with no money down. I rent my apartment here, so I guess it all depends on your overall credit rating.

ckNJ

Strannik

I got my loan from PeopleFirst.com, and have 5.85% for 60 month - for a used TL. Why dont you try to get $30K loan quote from them, and then have dealer match it - they usually do. You can also call Honda Motor Credit directly to find out about lowest offers, but dealer should be able to work with you on that regardless - they want you to buy a car from them!

tdoh

Many of you may already know this, but if at all possible, don't let/ask the dealer to find a lender to finance your purchase--that is just another way for them to make a little money. You're almost always better off going to a dealer with pre-approved financing in hand...

paxus

Thought I would try to sum up my scenario:

Well, what ended up happening was that I had confirmation that i was approved at PeopleFirst.com for 5.99%. I came to the dealer to buy that day, unless something atrocious came about. They told me they could give me a great rate. Hmmph. They come back to me after waiting for an hour, and say "8.99%". I laughed and told them we had no deal yet, and that I would return tomorrow with my Blank Check from PeopleFirst.com. The very next question: "can you prove you got 5.99%?" Got online, got confirmation, and Honda matched the rate. Fine with me. Didn't care who got the money, just cared about best rate I could get. In my specific case it was 5.99%.