can someone answer me this

Ortiz83 · 05-01-2006, 07:19 PM

if your already approved, can you know your Interest rate beefore your car gets here and therefor before going in the financial dept...

Blue_Civic · 05-01-2006, 07:33 PM

What exactly is the question?

Ortiz83 · 05-01-2006, 07:39 PM

well i got approved right like 2 weeks ago. so i ordered my car and will be here on june. i got the otd price so that wont be changing. (msrp so good price) but when we were negotiating the price, i told him what my intrest rate (APR) will be. but my salesman said they will tell me that when my car gets in and i do all the paperwork and all. but can i know before that time. before the car gets here.

***Janizary*** · 05-01-2006, 07:43 PM

It sounds like you have been approved for a loan, however, since you are not getting your car right now they cannot lock in your interest rate. Typical when financing, rates are only good for a short period.

Ortiz83 · 05-01-2006, 07:44 PM

he told me to expect my APR to be just a tad over on what i think. that thats how it ussually goes. but i think thats how they want to get me. they were selling me the car for $24,000 but i got it down to msrp. but see now i think they might get me on financing. feel me...

Ortiz83 · 05-01-2006, 07:46 PM

Quote:

Originally Posted by Janizary

It sounds like you have been approved for a loan, however, since you are not getting your car right now they cannot lock in your interest rate. Typical when financing, rates are only good for a short period.

ok i see. one more question for you man. since i did get approved for the loan, they will not do another credit check when the car comes in right. i mean i already got approved. am i right

***Janizary*** · 05-01-2006, 07:55 PM

If they have run a full credit check they will typically not run a 2nd check. If you were approved on a FICO poll, however, they may not have run a full check and approval. I assume this is through AHFC? If it is through a 3rd party financial agency, then it is almost a guarantee that a full check is forthcoming.

Ortiz83 · 05-01-2006, 08:03 PM

yeah AHFC. i really appreciate your help man. thank you...

06civicex · 05-01-2006, 08:15 PM

What intrest rate did Honda quote you?they will tell you its AHFC but actually just get you a bank loan at a higher intrest rate. I recommened getting financing from a credit union in advance.

Terrain.org · 05-02-2006, 01:20 AM

Yup, you can get locked in (for a specific limited time, of course) if going with a credit union ahead of buying the vehicle. And then you'll likely have two options: 1) Once you know the OTD price, minus your down payment (if any) the credit union will cut you a check with the VIN # and car details to take to the dealer; or 2) If the dealership already has a relationship with the credit union, they'll take care of it all for you when you sign the paperwork to get the car. But even if the latter is the case, it makes sense to get pre-approved by the credit union---and if you have certain accounts, automatic deductions, direct deposit, etc., you'll usually get a better rate (up to, say, a .5% difference).

TiggrTuff · 05-02-2006, 06:00 PM

You can go to capitolone.com and apply for a blank-check car loan. You are approved within 15 minutes and are locked in at the rate/amount for 45 days.

My husband and I got a rate of 6.55% on our loan. It's a heck of a lot better than depending on the dealership. The loan is only good when you sign the check over to the dealership. You may even be able to get the dealership to get you a lower interest rate ~ that's what my husband and I did!

Good luck!!

Elmacho · 05-02-2006, 07:39 PM

I agree with everyones advice about not financing through honda. I shopped around and ended up getting a rate of 4.75% on my loan, which was much better than what the dealership offered me.

Matto0o0 · 05-02-2006, 09:58 PM

Quote:

Originally Posted by Ortiz83

if your already approved, can you know your Interest rate beefore your car gets here and therefor before going in the financial dept...

The business manager is going to try to bump the rate. They can bump the rate 2% above the minimum rate in the tier you qualify for. I would say you would be in a worse position having put a deposit down before securing your rate.

Ortiz83 · 05-02-2006, 10:50 PM

Quote:

Originally Posted by TiggrTuff

You can go to capitolone.com and apply for a blank-check car loan. You are approved within 15 minutes and are locked in at the rate/amount for 45 days.

My husband and I got a rate of 6.55% on our loan. It's a heck of a lot better than depending on the dealership. The loan is only good when you sign the check over to the dealership. You may even be able to get the dealership to get you a lower interest rate ~ that's what my husband and I did!

Good luck!!

that sounds good, but one other question, if i get a better apr at capital one and the dealer doesn't want to match, i wont be getting my deposit on my si back which is $500. thats the only bad thing. you think they will match it...

05-01-2006, 07:19 PM	#1 (permalink)
Ortiz83 Senior Member Join Date: Apr 2006 Posts: 234 iTrader: 0 / 0%	can someone answer me this if your already approved, can you know your Interest rate beefore your car gets here and therefor before going in the financial dept...

05-01-2006, 07:43 PM	#4 (permalink)
*Janizary* Minister of Discord Join Date: Nov 2005 Location: Sith Ferret dojo Posts: 6,603 Gas thread Nazi iTrader: 0 / 0%	It sounds like you have been approved for a loan, however, since you are not getting your car right now they cannot lock in your interest rate. Typical when financing, rates are only good for a short period. __________________ • Official BMW 1-Series Thread • DX/LX/EX Gas Mileage Thread • Civic Si Gas Mileage Thread • Civic Hybrid Gas Mileage Thread

05-01-2006, 07:55 PM	#7 (permalink)
*Janizary* Minister of Discord Join Date: Nov 2005 Location: Sith Ferret dojo Posts: 6,603 Gas thread Nazi iTrader: 0 / 0%	If they have run a full credit check they will typically not run a 2nd check. If you were approved on a FICO poll, however, they may not have run a full check and approval. I assume this is through AHFC? If it is through a 3rd party financial agency, then it is almost a guarantee that a full check is forthcoming. __________________ • Official BMW 1-Series Thread • DX/LX/EX Gas Mileage Thread • Civic Si Gas Mileage Thread • Civic Hybrid Gas Mileage Thread

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Buying a Si without test driving first. Can someone answer some questions for me???	Bmaga123	Civic SI	41	08-06-2007 03:30 AM
Alright...everyone answer please...	FutureSiOwner	Garage	5	09-08-2005 10:35 PM

05-01-2006, 07:33 PM	#2 (permalink)
Blue_Civic Senior Member Join Date: Dec 2005 Posts: 443 iTrader: 0 / 0%	What exactly is the question?

05-01-2006, 07:39 PM	#3 (permalink)
Ortiz83 Senior Member Join Date: Apr 2006 Posts: 234 iTrader: 0 / 0%	well i got approved right like 2 weeks ago. so i ordered my car and will be here on june. i got the otd price so that wont be changing. (msrp so good price) but when we were negotiating the price, i told him what my intrest rate (APR) will be. but my salesman said they will tell me that when my car gets in and i do all the paperwork and all. but can i know before that time. before the car gets here.

05-01-2006, 07:44 PM	#5 (permalink)
Ortiz83 Senior Member Join Date: Apr 2006 Posts: 234 iTrader: 0 / 0%	he told me to expect my APR to be just a tad over on what i think. that thats how it ussually goes. but i think thats how they want to get me. they were selling me the car for $24,000 but i got it down to msrp. but see now i think they might get me on financing. feel me...

05-01-2006, 08:03 PM	#8 (permalink)
Ortiz83 Senior Member Join Date: Apr 2006 Posts: 234 iTrader: 0 / 0%	yeah AHFC. i really appreciate your help man. thank you...

05-01-2006, 08:15 PM	#9 (permalink)
06civicex Senior Member Join Date: Oct 2005 Posts: 141 iTrader: 0 / 0%	What intrest rate did Honda quote you?they will tell you its AHFC but actually just get you a bank loan at a higher intrest rate. I recommened getting financing from a credit union in advance.

05-02-2006, 01:20 AM	#10 (permalink)
Terrain.org Senior Member Join Date: Apr 2006 Location: Tucson, AZ Age: 39 Posts: 132 iTrader: 0 / 0%	Yup, you can get locked in (for a specific limited time, of course) if going with a credit union ahead of buying the vehicle. And then you'll likely have two options: 1) Once you know the OTD price, minus your down payment (if any) the credit union will cut you a check with the VIN # and car details to take to the dealer; or 2) If the dealership already has a relationship with the credit union, they'll take care of it all for you when you sign the paperwork to get the car. But even if the latter is the case, it makes sense to get pre-approved by the credit union---and if you have certain accounts, automatic deductions, direct deposit, etc., you'll usually get a better rate (up to, say, a .5% difference).

05-02-2006, 06:00 PM	#11 (permalink)
TiggrTuff Junior Member Join Date: Apr 2006 Posts: 5 iTrader: 0 / 0%	You can go to capitolone.com and apply for a blank-check car loan. You are approved within 15 minutes and are locked in at the rate/amount for 45 days. My husband and I got a rate of 6.55% on our loan. It's a heck of a lot better than depending on the dealership. The loan is only good when you sign the check over to the dealership. You may even be able to get the dealership to get you a lower interest rate ~ that's what my husband and I did! Good luck!!

05-02-2006, 07:39 PM	#12 (permalink)
Elmacho Senior Member Join Date: Apr 2006 Location: Guam Age: 23 Posts: 260 iTrader: 0 / 0%	I agree with everyones advice about not financing through honda. I shopped around and ended up getting a rate of 4.75% on my loan, which was much better than what the dealership offered me.