So im in the process of buying my car at which they gave me a really good price. When it came down to the financing they wanted to give me 9.9 % !!! Are they for real? I just refinanced my house at 5% and purchased a new car last year with financing at 4.3, (with credit card balances) now that I have cards that are paid off and no balances they want to give me 9.9 ? Is Honda insane, or are they just taking advantage of a female buyer. Im really pissed off and left them a message on their voice mail this AM telling them that if they cant bring it down to at least 5.5% they can take the FIT and see if they can FIT it up their A$$.
Seriously. Im in no need for a new car, my old one will just run into the ground before I bend to that rate.
Sorry I gave them a good rating on the site here -
Route 23 Honda in Pompton NJ. IM pizzed off. Lets see what happens after they get my voice mail. Is it true that HONDA dont give good percentage rate? Or is that a rumor.

Signed ** Angry in NJ.

 

Did you really say that on the voicemail!? haha

That rate is directly from Honda finance? What's wrong with getting a loan from your bank or credit union?

 

According to FICO, you should have a loan under 6% interest if your credit score is reasonably good (over 720). It looks like you'd have to be down in the ~650 range to be offered 10%; or, a dealer is trying to add his own interest padding to your contract!

Make sure nothing is amiss in your credit!

 

My credit is at least 720 or better.. they said it was from a bank. What bank I dont know, just placed a call back to them, another finance person is going to work on it with my hubby as a co signer if they cant get the rate down in my name alone
And yes, I did say that on their VM, the original finanace guy is off today -
If nothing gets better I may have to go to my own bank.

 

Oh yeah, go to your bank or credit union for sure. They just sent you out to the shark pool on that one.

 

Dealers usually try and up the interest because they get residuals if they rape you on financing. Its best you get a auto loan elsewhere. Don't ever trust the dealer on anything especially on loan interest rates and what they claim is the "best" rate they can get you on your current credit history and score.

When I was buying my fit the sales manager quoted me 9.5% an I told him to go back and crunch some more numbers because I have a clean credit history with a good score and he came back with 4.9%. All dealers will do it to you to see if you will take their crap bs offer.

 

They've never tried it with me, honestly. I think they assume after the royal pain in the ass I've been for the process of negotiation that trying to gyp me on the credit won't work out.

Also, was it Honda Motor Finance? They're usually pretty good.... can't say the same for The Bank of Larry or whoever they may try to float your loan.

 

My credit score is about 740 and I got my car 2 months ago and it was a promotion going on and I got my 2.9% apr

 

I was able to get the Honda's special promo rate of 1.9% during April. Check with your bank or a local credit union, you should get better than 9.9%

 

Price around. With bank interest rates of return at .01%, you're being screwed at anything above 3%.

 

right now the credit union in which i work at is running a 4.75% rate through the end of the summer. 9.9% is ridiculous. Im at 5% through Chase.

 

From MyFico.com, for 48 mo auto loan :

720-850 5.343%
690-719 6.886%
660-689 8.841%
620-659 12.464%
590-619 18.182%
500-589 19.130%

 

Twice a year(I think) Honda Finance has credit specials. Last December I missed the 1.9% by a few FICO points and had to settle for 2.9%. Timing is everything. Along with the Feds tax credit last year, this made my deal super SWEEEET!

 

i'm 22 and I got the 1.9% financing from Honda Financial. Try going down to DCH Academy Honda at Old Bridge. It's a bit of a drive from Pompton but they take care of you there. They wont give the sticker markup and the finance guy is great. If your credit is as good as you say it is then you should have no problem. There is the graduate sale thing going on now. Give them a call.