Auto Loans and cosigner

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You may get qualified for something even if it is not the Honda. With $10,000 down that is instant equity. Any dealer would be a fool to turn you down. Especially with a qualified cosigner. I have never heard of a dealer upping the price on a vehicle because of your credit score, and I work for a dealership. If you or your mother belong to a credit union you may want to try there first, as they are usually more forgiving. In my experience alot of banks will sometimes just take the person with the higher credit score and make them the buyer, you may end up being the co-buyer, still shows on your credit either way.

I was financed for a vehicle last year with a score of 540 12 derogs, 1 judgement, i used a cosigner and got a 7% interest rate. So trust me it can be done

 

Re: Re: Re: Re: Re: Auto Loans and cosigner

You may never have "heard" of the dealer upping the price of the vehicle, but it happens all the time. Look at the fine print on the bottom of 90% of the newspaper ads, & it will stipulate the requirements to receive the stated price. Usually, you must have a 700 FICO or over, and put down no more than 10% cash down. Anything else, & you will pay full MSRP + whatever options you want that aren't included + fees.

Don't confuse 'equity' in a car like you would for real estate. Dealerships make most of their money on the financing, hense, they want the least amount down with the best credit, certainly not the other way around.


All car markets are local. Markets such as the northeast NY / NJ are very strong, with demand exceeding supply for many models. Hense, you are looking at 15% or greater for any FICO lower than 630.

 

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you will pay full MSRP + whatever options you want that aren't included + fees.
NICKE L
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Only a sucker pays this.



THE END ** *** ** LB 59
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If you don't qualify as a Tier I customer thru the dealer, you will not get any discount on a new Honda off th MSRP sticker. Hondas are some of the best selling cars & trucks in America. Why would the dealer take anything off of MSRP unless they can make up for it on the finance side. You will be lucky if you aren't charged a ADM of 10 - 15% on the base price of a new Honda Pilot.

Honda dealers are some of the most arrogant around, & don't want to deal with people with bad or imperfect credit. They will set you a new car, you just will pay whatever is on the bottom of the sticker (which by law must be attached to the vehicle), PLUS other dealer installed options + fees & taxes.

Realtically thinking, you should be looking at a used Civic from 1999 or 2000 that shouldn't cost more than $10,000, than a Honda Pilot at this time.

 

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just to put my 2 cents in. I have been working on my credit for a couple months now after finding this site. Applied for car loans last week online and was approved by drivehome(they pulled transuinion which was 594) and approved me for 25000 at 10.5 interest with no money down. I was looking for a honda element in the most popular color(orange) so I emailed the area dealers and told them I was looking to pay invoice or better. The best deal I received was invoice. I walked in last friday with my drivehome check, paid invoice, didn't get any extras, and have a brand new element in my driveway as we speak. Don't be swayed by people who like to generalize, you can't. I too am hoping to make more progress with my credit this year with this boards help, and hopefully refinance next year. Thanks for you time,
Bill

 

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Sorry Nickl but you are not completely right, most of the fine print generally says in order to get advertised payment you must be over a 700 fico , simply because if they advertised a payment , then they are basing it on you being able to obtain a certain interest rate which is usually already figured in, yes I agree with you honda generally doesn't budge off of their sticker price, but just because you walk into a Honda Dealer doesn't mean that they only have one bank that they can get you financed with most dealerships generally deal with atleast 10-12 banks who they can potentially get you a loan with, not just Honda Finance Company, and yes If she has $10,000 and a qualified cosigner she is not ruled out on getting a car loan.

 

So trust me it can be done
queen eye am
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Nick says it can't.
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THE END ** *** ** LB 59
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BREAKFAST

A guy comes into a coffee shop and places his order, he says "I want 3 flat
tires and a pair of headlights."

The waitress, not wanting to appear stupid, goes to the kitchen and asks
the cook, "This guy out there just ordered 3 flat tires and a pair of
headlights. What does he think, this is an auto parts store?"

"No," the cook says, "3 flat tires means 3 pancakes and a pair of
headlights is 2 eggs sunny side up."

"Oh," says the waitress. The waitress thinks about this and then she spoons
up a bowl of beans and gives it to the customer.

The guy says "What are the beans for?"

The waitress replies "I thought while you were waiting for the flat tires
and headlights, that you might want to gas up."

 

Having worked as a car salesman for Honda for a while, I am surprised by the amount of crap I'm reading here.

First of all, you can negotiate the price of the car before you even give them authorization to run your credit by filling out a loan app. So, the only difference your score could make is on the rate you get. NOT on the price you pay for the car. (I actually went back to the Honda dealer I worked for over the weekend and I was given a price of $17,500 on the Civic Si (MSRP $19k +)). I probably won't get approved, lol, but at least I got a good price.

Second, the amount of money you put down makes a HUGE difference. $10k might even get you approved without a cosigner.

I'm not sure how popular the Pilot is right now, but I doubt it's so popular that you won't get a discout off MSRP. The only cars that we wouldn't discount when I worked at Honda were the S2000 and the Odyssey (both cars had a LONG waiting list).

Let me know if I can answer any more questions for you concerning Honda and Financing.

Gino

 

I agree that money talks when it comes to financing a new car. I walked into a dealership last year with basically NO established credit (one credit card that was less than a year old)....put down $10k and got 7% from Ford Credit on a 2002 Nissan (new car, not used). It's a Sentra...nothing special. So, in other words, it can be done.

However, I have to agree with some of the other posters in regards to maybe looking for something used. Sure, Pilots are all the rage right now and everything, but lowering your standards a bit would probably be a good idea.

Buying an expensive car at a high interest rate does not make good financial sense. I don't mean to offend anyone, but there are plenty of other cars/suv's out there that would be suitable for a family of your size that are much less expensive. For example, someone mentioned a Ford Explorer. Or a minivan would also fit the bill.

When I bought my car, I called the dealership and spoke with the finance manger before I even paid them a visit. We had a long talk about my credit and she agreed to only run it with Ford and nobody else (I didn't want the inquiries). She faxed me the app, I faxed it back and she called me a couple hours later with an offer. My original down payment was $3K and she quoted 11.9%...when I upped it to $10K, she dropped the rate to 7%. See what they offer you for financing. If the rates are high, I would stop looking at the Pilots.

My only question is....if you have $10K for a down payment, why are you late on your mortgage payments?

 

I say with that high of a down, you have a good chance. They more money you put down, the more the dealership makes.

I would look for a 2002 or 2001, certified. Let someone else pay the depreciation.

I know that HONDA may have tough financing qualifications, but odds are that the Honda dealership will have a number of banks that they do business with, and hopefully have a bank that is right for you.

Good Luck!

: )

 

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The explorer comes w/ the option of a 3rd row of seats....and w/ this 3rd row it seats 7

 

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Also the 2003 explorer is being offered w/ a 3k rebate right now too...

Good luck, hope you find what you are looking for!