sjpvt

Hello all,
About a month ago, I think I received a letter from Honda Finance indicating that I was pre-approved for a new car loan (based on the fact that I was nearing the end of a lease on my 2001 TL). I have a 04 TL due to arrive in about two weeks. I haven't given much thougth to a loan, but I was curious if anyone knows what the best new car interest rate is currently from Honda Finance.
Thanks.

mook

If I were you, I'd give them a call. Depending on how the financing works rates can change often, sometimes even daily.

I've never dealt with Honda Finance, but I'm sure they are no different than others. There hopefully is an 800 number on the letter you received. Lots of times they have voice response systems that will tell you the current rate over the phone without having to talk to a person.

Good luck.

Shoofin

Depends on your credit..But to guess, I would say around 4%.
Ed

Jinen

the best rate that you can get is 3.7% (that's if you have great credit)...then everything follows that, but the minimum is 3.7%...i am not sure whether you can work around that number, but that would be interesting to find out...tell them that hey i am willing to put down 10k, lower the rate for me a little...if anyone knows whether this is allowed, please post a reply...thanks..

timnguyen9

they offered 4.99%....told me my credit score is around 725.

gave me a quarter percentage better going with charter financing.

kinggeorge

Just six months ago i bought a 2003 CL-S and got 2.9%.....i know it was an incentive but 4.9% doesn't sound like a baragin to me. Especially when interest rates are going way down for other car makers. God willing in december i wanna purchase a TL and I'm not expecting 2.9% again but 4.9% is a bit much. What do u guys think....

Jinen

ya i too agree that 4.99% is too much...are you putting anything down? becuase if they see some money INITIALLY, they might give you a lower interest rate...in my car, i got 3.7%...and by december, i don't think they will decrease the rate that much becasue this car is SELLING...i mean if people are willing to buy it at 4.99% then they arne't going to go down much....supply and demand all the way!!!

kinggeorge

i'm willing to put anywhere between 8-10k down....but how does that effect the cost of interest rate?

BigBluu

In my past experiences, what you put down doesn't really affect the interest rate. And Honda is notorious for having higher rates than their American competitors, even Japanese counterparts. Reason is simply because their products sell much better so demand is always there. GM's on the other hand need to lure in customers with cash rebates and 0% financing. I've never seen Honda offer cash back, but they do occassionally offer 0 or low rates for outgoing models or during holiday promotions. I doubt you'll see anything for the new TL anytime soon though. And how much lower can it be when the '03's are being offered at 2.9%.

Just for the record, I got mine at 4.19% with 20% down.

rhaas

Check out http://www.homeboundauto.com

They offer loans in most states. I was approved on Wed., Oct. 29 for a rate of 3.79% on 60 mo. loan with rate locked for 30 days (car is to be delivered on 11/20/03). Rates vary by state but you may want to check it out.

Also, the salesman said that they are doing a lot with Capital One as their rates are more competitive than Honda America Credit. Capital One has a 4.09% rate based on 60 mos., lower with shorter term.

Hope this helps.

99WDP

I got 3.69% for through my credit union.

Nicki

im paying cash when my 6MT arrives

rhaas

I am paying cash too, it's just someone else's cash.

I can make a much better return on my investment than the interest I'll be paying for the car so tying up $30+k of my own money makes no sense to me but more power to you Nicki.

Jinen

well the reason why i said that it all depends on how much you put down is becuase if they see that you have like 1/3 or 1/4 of the money with you, then you are less likely to go default...so they won't be that hesistant in offering you a lower interest rate...in the end though, it all depends on your credit score...in the US, all these companies rely EXTREMELY HEAVILY on the credit bureau (TransUnion & Experian)...

Saintor

Well, rates are really gooood in the US. In Canada 48 mo, it is 6.8% for buying and 7.7% for leasing.