Hi there,

Hopefully I'll be joining you as a proud 04TL owners by this Memorial weekend.

My financing question to you all is...right now I've already got pre-approval from my bank for a 3.99% rate. And just a few minutes ago I called my dealer and ask him for update for the car's arrival and he said it's should here on 5/29 (Sat) or earlier. So he asked me to come in the day before on Fri to do the paper work. I re-iterated to him that I want to see the car first before I sign anything. I know I'm going to get the car even before seeing it. It's just for my peace of mind to see the product before I put my signature down. It's the SSM 6MT NAV HPT. And my sales person also told me that there is a special financing going on for the weekend which should give lower rates than any outside bank. After I talked to him I call the same dealership and talked to the finanacing person to find out if indeed this is true. I was told I should be able to get 2.99%, and this is a special Memorial weekend special. Am I being lucky or is this too good to be true? What do you think?

 

I wouldn't be surprised with 2.9% since it is memorial day weekend and the end of the month...It is basically there to push out as many cars out this weekend to pull in good numbers for the month or to exceed quotas for that dealership

 

If it's a fixed rate, I'd take it.

 

Honda/Acura does run special financing from time to time. Depending on the dealer's size/volume they can get good rates on their own. I got 2.9% from my dealer on wife's Odyssey and this wasn't a Honda deal, just my dealer. We actually went in and signed all the paperwork for the loan prior to pick up, but had to do it all over again, because the did up the paperwork with the wrong VIN.
You have the nod from your bank for the 3.99 rate, so it wouldn't necessarily hurt to fill out the app for the 2.99 rate. You won't actually sign for the note until you pick up the vehicle.

 

Yeah, I brought 2 Loan checks with me when I picked up the car on 5/8. One for 3.9% and the other for 3.74%. When I got to the dealership they said that I could get it honda financing for 3.59% for 5 years, no prepayment penalties. However I had to borrow $25k. I still have the other 2 checks but never used them. Heh. Just watch out about how much you "have" to borrow.

 

Memorial weekend sales aren't uncommon for any company.

 

Check the monthly payment and make sure it is a simple interest loan. My dealer easily beat my credit union, so I am not surprised at the offer.

 

My dealer offered me 2.9% (bought the car 2 weeks ago) however i went with a home equity at 3.5% - so i can write off the loan.

Also don't sign untill you check the car inside and out.

 

A dealer in St. Louis told me HFC has 2.79% through month's end.

 

Well it WAS a good idea UNTIL you stated it in this thread...
Better hope that nobody that works for the IRS reads this or else you might have some difficulty there. Just because it's a HE loan does NOT automatically qualify it as tax deductable. Did you realize this? Most people do not.

 

I picked up my car on 5/10 and got 4.49% through Honda Finance. Seems like interest rates on car loans are going up some. Even eloan has raised their rates in the last few weeks. If you can get 2.9% on some end of month deal then take it.

 

Thank you everyone for your input. I'll read the fine prints and also just hope the car will get here before the weekend is over.

 

You should make sure there aren't any hidden fees somewhere. The finance guys are good at forgetting to mention fees until the 11th hour. Generally this isn't a problem with Honda Finance, but it may be worth asking about.

I know this seems obvious, so I'm sorry to state it, but I would also make sure they have the HP shoes on your ride when you get it - not the stock EL42s.

 

Yes, Acura is offering 2.9% OAC for all new Acuras until Memorial Day. I'm helping my dad pick up an MDX.

 

Anybody knows what's the longest term for financing with Acura/Honda? Thanks.

 

Should be 5 years...most are that way. IMHO...if you need longer to pay it off, then it's too much car for you.