I'm looking into picking up at 05 TL and had a couple financing questions. I went to my credit union and they would finance me at 3.99, but they gave me the conditions that I pay off my current car loan and come up with 10% deposit. I've got CCs to pay off so coming up with a 10% deposit will take longer than I want to wait. Anyone have any experience with Honda's Recent Graduate Financing? If I do a pre-approval from AHFC, will they give me a APR right away or is there more to it. Also, any idea how long that approval is valid?

 

try to get the dealer to match the financing, some will do it

 

The Problem You Will Have With Submitting Your Credit App Online To Ahfc Is That They Will Automatically Send Your Inquiry To The Nearest Dealership. Then You Have To Put Up With All Of The Phone Calls. Your Credit Union Is Probably Telling You That You Need The Money Down For A Good Reason. They Are Probably Trying To Get To A Certain Debt To Income Ratio. In Regards To The College Grad Program... If You Have Already Financed A Car, You Need Not Apply For The College Grad Program. It Is Only Helpful For First Time Buyers That Are Trying To Establish Themselves. If You Credit Is Decent You Should Be Able To Beat The Graduate Programs Rate Hands Down. Honda At This Time Is Not Offering Anything Lower Than A 4.39 Percent Interest Rate.. Hope This Helps.

Hardtimes..
Finance Manager
Honda/acura

 

I told the finance rep. that I had a finance rate of 4.25% w/ an outside lender & I would finance w/ them if he can beat it. So he beat it at 4.1%. I actually had a rate of 4.5%, so I figured I give it a try & lie to him to get a better rate. If he couldn't beat it, he wouldn't know because I would pay cash for the car.

 

I have had a car loan that I paid off recently (that was their condition #2 for me, haha). Was only for like 6k though, so I'm not sure how much it helps. My credit is pretty good, but I guess the problem is there isn't much of a history. Eh well, I'll try and see if I can get the dealer to match, if not I'll just wait it out.

Thanks for the details, Hardtimes. If 4.39 is the absolute best they can do, someone like me who is fresh out of school without an extensive credit history will probably get something signifigantly higher. Oh well, patience