2010 Fit 0.9% Financing for 60 months starts today (7/1/2010)

Full details here:Honda Cars Offers & Leases Detail - Official Website

 

Good! Maybe we'll get an influx of new members.

 

im going to try and get mine the end of august or beginning of september because of this

 

woowoo! Just in time... I'll be looking for a Fit soon!

 

That's great! Want to see more Fit owners!
--when I bought mine they had the .9 for 36 months and the 1.9 for 60 months.
Guess dealers want to make room for the 2011 models

 

Thanks for the heads up, this may work out well for me if I time everything just right.

Does anyone know what credit score/credit tier you need to have in order to actually get that rate?

 

^^DITTO when I purchased^^
I would also like to think the economy is getting a bit better.... not sure on that, however.

 

I wish the dealer would have mentioned this when we bought our fit on Monday night (6/28). We even asked if there were any finance specials, maybe they didn't know? Oh well I'm not even going to tell the wife.

 

credit score has to be 660+ (i work at a dealership) and this goes until 9/7/10. but i wouldn't expect any big discounts on the prices while this is going on, especially on the MT ones, they're hard to come by as it is.

 

I have a credit score of 706, I probably wouldn't have qualified, because my credit history is "young" and I only have 1 credit line. Honda America might not have given me a loan, except for the fact I put more than 2/3 of the car as downpayment. They practically had no choice.

When they say "well qualified"... they mean more than just the credit score.

 

Yeah, this is probably only available to tier 1 & 2 credit classes, which are above a 700 FICO score and have more than one line of credit.

When I bought my current car I was declined approval for the 0% 60 month financing they had. I was 20, had a FICO score of 760, and had a good income. I even put 30% down in cash. Still, my credit history was only 2 years old, so my mom had to cosign.

 

Things have definitely changed, the credit offers are there but they're tightening the qualifications. It's still going to be a while till our economy stabilizes but one thing for sure is it will never be as it was two years or so ago. We all need to come to our economic senses.

I'm not sure Honda will not be making offers on their sales, however. Financing offers are one way to sell cars, but with qualifying tight sales might not respond. The only other way to do it really is to reduce the bottom line cost. Still might keep it a buyer's market.

As always shop around and let the dealer's know you're doing it and look for dealer internet contacts. I got lucky with one back in April.

 

Preaching to the choir! Just purchased my car on Sunday (6/27). I financed through a local credit union for 3.5% with excellent credit. Definitely would have qualified for the 0.9% @ 60.

Oh well, it's only $1,000, right?

 

allow me to clear up some of the confusion. if you're a first time buyer, you can only finance 80% of the "out the door" cost of a car unless you have a co-signer that has a previous car loan. "buy here, pay here" car loan aren't reported to the credit bureau, so those don't count as a previous car loan. Believe it or not, honda's not out to screw you.

so, to put it simply, here are the qualifications:
1. credit score of 660+ (most dealerships use equifax)
2. a previous car loan
3. car payment must be 20% of gross monthly income or less (there is a little leeway here)

i hope this helps. and for those of you that bought at the end of last month, i'm sorry to hear about that, but the dealerships don't know about next months rates until the last or next to last day of the prior month (the 29 or 30) and even then it's not set in stone until honda releases their rates on the first. some dealerships have a 3-day money back guarantee, no questions asked. We do, so you could bring the car back and have them re-work the deal.

and fishstix, sorry to say this, but whatever dealership you went to was kinda poor, we could've gotten you financed by yourself.

 

Can you give a rough idea of how flexible they are on these terms? Specifically the 80% without a previous loan. In specific, my wife and I have pretty good credit (mid 700s last we checked), only student loans in long term debt (ie, we have CC but pay them off in full every month), 100k+ income which will only go higher soon. Credit history is pretty old for our age, ~10 years. Nothing negative in the credit history either.

However, there's no car loan history and we'd like to finance ~85% of the total vehicle cost. With the loan rate that low, we'd prefer to finance as much as possible, about 85% of the total cost. Would you expect that to be a problem?

 

Dang I hope my dealer uses experian...I qualify with that score but not with equifax. I plan on talking to them tomorrow.

Edit. I did not qualify for the special. I'll find out what I get on Monday.

 

I'm actually in the process of negotiating with several dealerships on a new Fit. So far the best offer has been $15,988 before tax and licensing for a Fit Sport MT in any color now (edit).

 

I just signed on a 2010 Fit Sport w/ Navi for $19,179. Financing most of the price @ 0.9% b/c my bank is currently paying 3.5%. I make money by financing.

 

it's still going to be tough without a previous car loan. Like I said before (it might be in the other thread), it's really going to depend on your individual dealership's relationship with honda financial, our dealership sends them soooo much business that occasionally we can call in a favor. if you can show that you've been paying your student loans (it's an installment loan) perfect for a couple years, they may be able to squeeze it through, but I can't promise you anything. anyhow, i just wanted to offer what i know, sorry i can't really help out with each individual scenario, you're gonna have to put a little trust in your dealership.

 

Thanks for the reply. However, they had no problems with financing at least 17500 of the deal (we wanted monthly payments of 300). And since they ran our credit without knowing how much we wanted to finance, I assume that we could have financed the whole thing. But again, we have really good credit and a pretty good income.