Descent credit -- new car???

[joshpoints 10+ year member]

20000 / 60 = 333/month .. where did i go wrong?

Use this.

http://www.bankrate.com/brm/popcalc2.asp

 

[hzsogood 5,000+ posts]

I just dont want to go to a bunch of different place and have them all run my credit and drop it even more... So i think im going to check with the dealer to see what he can do then , i might look at the capitol one auto loans from bankrate.com.. Maybe they'll give me a good rate since i have a capitol one card with perfect payments

 

[hzsogood 5,000+ posts]

Well i got back from the dealer today and since i want an 07 si, i guess he felt the need to try and sell me the black 06 si with navi coming in..On dealer allocation or whatever that is.. He wasnt my salesman, cuz hes on vacation.. I just used him for all his time, to get all the paperwork out of the way , so when my salesman came back he wouldnt have to bs w/ me about the paperwork, After about 30-40 minutes of checking and filling out paperwork, i said thanks for your time, please give this to tom spehar when he comes in.. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif Sounds like an *** thing to do, but theres nothing i have more than a pushy salesman

 

[turn it up 10+ year member]

anything different from 07 si than 06?

 

[hzsogood 5,000+ posts]

maybe some interior exterior color s .. That s all i know

 

[vetkilr 10+ year member]

Credit numbers are a way to get more money off your deal.

Your are a tier 2 which means they should offer you thier second best rate.They are addin a point or two to your deal which makes the people in the back money and bonuses.in reality they are offering you a tier 3 or 4 interest rate,thus the 11.2% which is a ripoff.

 

[hzsogood 5,000+ posts]

Credit numbers are a way to get more money off your deal.Your are a tier 2 which means they should offer you thier second best rate.They are addin a point or two to your deal which makes the people in the back money and bonuses.in reality they are offering you a tier 3 or 4 interest rate,thus the 11.2% which is a ripoff.

The dealer was thinking, That i should just wait on running credit for me until at least the end of september/ begining of october due to the fact that i cant even order a 07 si until oct. 1st i believe... That way i can keep paying off good on my car/ cr. cards etc, build a lil more credit and make a few grand more to put down... If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

 

[blackgeltabs 5,000+ posts]

If Im reading this right:

Why buy a car before it is released, you will pay sticker for it, nothing less. Depending on how hot the si's are right now there maybe no dealer incentive for a lower interest rate. Cars that you see advertised with low interest rates are manufactuer based and that would be financing through them.

Ex.// 3.9% APR for Tier 1 Credit on a Toyota 4-Runner. Would only be applicable through Toyota Motor Corp Financing. Your credit union would be going by the market average because it is a private auto loan.

If Honda has no incentive on the Si then you will be paying the market average based upon your credit score. In the auto would your score is a Tier 2-3 but most likly a Tier 2

 

[squeak9798 5,000+ posts]

I just dont want to go to a bunch of different place and have them all run my credit and drop it even more...

It won't really hurt your score. When doing something such as purchasing a car, it isn't unusual to have 5+ companies pull your credit report (when you go through the dealer for financing, they typically send the application to a multitude of companies), and the companies who created the credit scoring formula's realize this. When you have a quantity of inquiries within a 7 day period, they will only count as one single inquiry total against your credit score.

 

[squeak9798 5,000+ posts]

Typically, CU offer lower interest rates than that of competiting institutions because they do not pay income tax, among other reasons.

You're right.

It was late and my mind confused the difference between loan rates and savings rates (CU's have higher savings rates than banks, which for some stupid reason is what I was thinking of).

 

[noob with an RS 10+ year member]

anything different from 07 si than 06?

the 07 SI's will have VSA, Vehicle Stability Control. the 06's dont. the 07 si also has a sexy customer called NOOB WITH AN RS waiting for one. therefore, the 07 is recommended.

 

[squeak9798 5,000+ posts]

If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

In my opinion....if your debt to income is satisfactory and your credit history isn't extremely bad (not score, but the actual history such as payment history, balances, amount and type of open/previous debt, length of credit history, etc)...go to a bank and see what they can work out with you on financing, and tag on a co-signer if necessary (this doesn't cost you, the consumer, anything. Just additional security for the bank). Their fees will typically be lower, and when compared to anything but the best (and/or incentive based) dealer rates, the bank will typically have rates that are lower.

 

[iceteebone 5,000+ posts]

if i were you i'd buy a used car for half the price like jntar mentioned. i don't see myself buying a new car ever. might i ask where you work? $400+ a month plus full coverage insurance on a young driver (assuming your young) has got to be nearly $600 a month

 

[6spdcoupe 5,000+ posts]

HFC Honda Finacial will be easier to get approved, its in their interests to both sell you the car and make the interest on it. Although anything above a 640 should get you approved either way for a car of that value. CU is typically lower rates.

Where did you pull your score from? Is it combined or from one institution? Experian? Equifax? Transunion? How current is it?

 

[iceteebone 5,000+ posts]

i always found the credit union has higher rates then the dealership.