alright guys its coming really close i almost have enough saved to be able to pay our insurance (we pay yearly) for the fit, and to put a little down on it. so now im wondering is it possibel to order a fit, i see a lot of people that say they know the build date of their fit and they're still waiting on it to arrive. does this me we can order it? im just wondering because i would love to do that. another question i have for you guys is. i went to my local honda dealer to see if they could help me out with numbers and they just made me mad. i told them that my dad would co-sign with me and he has atleast a 785(thats from the lowest credit report company) and i have a 610 i told them that i was expecting around a $280 payment(thats a 6 year at 6.9% interest), with maybe 1000 down. they laughed and said it would be around $380-$400, because my dad is co-signing his score doesn't matter its more about mine? does any of this make since to you guys? if anyone could help me out i would greatly appreciate it. thanks in advance

p.s. hopefully this makes sense

 

well, my dad had to cosign for me as well, even though i intended to get the car on my own (the insurance would have been outrageous for me on my own policy).

i think that dealer was playing games. both of our credit scores are way similar, and i put $1500 down, ending up with $300/month for a 6 year term.

my suggestion? find a different dealer.

 

is go see chris (jdmchris) save up about 2k more and do it for 5 years at like 275 a month do your math find an auto calculator....

Auto Loan and Car Finance Calculator

do it and figure your stuff out on your own then figure in your tax and licence and go with your own figures its simple.

 

I have a 940 credit score (No idea how, but thats what equifax says) and they still wanted a cosigner through hondas finance office, but its mostly because i dont have any equity. But theyre right, with a cosigner, their credit score doesnt really matter, it just basically gets you auto-accepted because they figure between 2 people, if they both default, one of them will have enough equity (House, cars, property, etc) to recoup their money through leins or a lawsuit.

Yeah you will not be paying 250 though unless you put a LOT of money down, lowest i saw offered over 6 years was 320CND with 950 down, my payment though over 5 years (lease) is 390, and i had to haggle like crazy to get it, they wanted 550 to start (mostly because i wanted more KMs per year, and they wanted me to pay 5000 outstanding on my current car through honda finance)... Of course, my buyout at the end is only 500 dollars... I asked them to raise it but they said they couldnt.

But yeah, you can definately GET a fit, its not a problem and theyre not super rare, but you will not get a great deal on one. When i bought my civic, i ended up haggling down to 5000 dollars under what they were asking, and i got them to take my rust bucket 92 sentra as payment for tax/freight/pdi, all in all about 8000 dollars saved. With the fit, i had to haggle even harder to get it for like 500 under MSRP and ive waited about a month for delivery.

 

s.gasper- For a Fit Sport M/T at MSRP including dest charge you should pay 15565 plus tax and reg fees, NOTHING ELSE. For your 1k down payment and co-signer you are correct it should be 267 depending on what your tax is it could be a little higher or lower. For the dealer to say 380-400 means they are charging you and/or tacking on 4k worth of fees and profit. Run the other way!! Yes co-signing on a car can make a huge difference don't let them fool you.

pip_rocks- Depending on whether you got a M/T or A/T Sport you could've probably gotten about 50 less per month especially with 1500 down.

I'm very fortunate to have a Honda dealer that does everything over the phone and there is NO BS. I do all my calculations before hand email Mike and Michelle at Majestic Honda then I show up knowing what my payments should be and thats what they are. No added BS, no run around, no hard sell, no lies, in and out in less than 45 minutes...how it should be. Got my AWD EX Element from them for far below what other dealers were willing to go. In fact it left other dealers scratching thier heads and when another dealer said they could go that low (Cardinal Honda) all sorts of mysterious fees and add ons showed up to make up the difference...I got up and walked out. So now its back to Majestic for my Fit! They also work with people from all over the country because more and more people are realizing that they are no BS.

 

frogpond1-

i got the AT. and as it turns out i also got the extended warranty without even knowing it. i thought what they meant was either get the GAP coverage and have a higher interest rate or have higher interest anyways. my dad just said "it's ok, go ahead and sign". and apparently i ended up with an extended warranty too. haha. it's almost like he was working for them

 

6.9 is not that bad, Hondas prefered rate yesterday was 6.29. My bank is at 6.19 for top credit rating. the dealer might beat that when I get my car next week, because they do big volume with a number of banks.
So go to your bank, that may help. Putting 25-30% down helps also, as you wont be as likely to be UPSIDE DOWN on your loan, 1-3 years from now........and you will probably need $3-4K to crack an under $300 payment. The Honda pmt calculator is good at honda.com

 

looking at the honda calculator it doesn't do the tax and license, so i use the edmunds auto loan calculator, if i got a 6.9% for 72 months loan and put $1000 down, it would be $277 a month. i can live with that so im gonna probably save $1200 more to put a lil over $1000 down and to pay off the insurance as well. now what im wondering still is could i order a car or do i just get what they have and wait to see if one will pop up? i would really like to just order a silver mt sport. especially because of my experience of test driving well im mean raping an si. i wouldn't like to have a car thats had that done to it. but thanks a lot for all of you guys help

 

Simple intrest car loans are easy to figure, at 8% interest a 60 month loan is always about 20$ a month per 1000$ borrowed.
15k x 20$ per month =300$ payment
20k x 20$ per month =400$
So the next time you are eyeing that 50k suburban it will be about 1000$ a month.
72 month car loans are really not a good idea, better to suck it up and pay a little more a month and get a 60 month loan. Extending the loan to 6 years instead of 5 only lowers your payment 25-30 a month an can add another 1000$ or more in total interest paid on the loan.
If you qualify for a lower interest rate like 6% it is closer to 18$ and change per thousand borrowed.

 

stop. liar, liar, fake ass poser on fire.

credit score only goes as high as 899. equifax will never say 940. it's not possible.

from what you've said so far, you score wont be higher then 699. if that.

in another word, stop sharing bullshit stories. you dont know shit, you dont have shit to share, so stop.

go learn something, for real, then come back, and share it with the rest of us.

 

Actually, if I paid attention in finance and learned this correctly - it's better to get a longer term loan. Yes, you end up paying more in the long run, but the value of the money you spend over the long run is worth less than if you were to have a short-term loan. If you think about it - a dollar today is worth a LOT more than a dollar will be worth 5 years from now.

 

wow ^ actually thats a great way to look at it thats very true

 

$1 today may not be worth as much in 6 years, but you can say the same thing about the item you are purchasing. When discussing long loan terms, one also needs to consider what you will do when you still owe on your car and the loan may be more costly than the worth of your car.

 

So the future value of a $275/month car payment assuming something like 3% inflation would be about $230 in six years relative to todays value of money - I think. (using a present value table) Or worth $328 if you look at it the other way.

Well, that's one way to make you feel a little better about a 72mo. loan term. Although being upside down in the car could still be a problem no matter how you look at the future value...

-Doug