The "finance questions" Thread:

[cbondhonda]

This be where de financing questions shall be posted!

[cbondhonda]

Just letting everyone know the Dealer Cash and Special APR has been extended by Honda until the 28th of FEB!!!! (For All truck models.....)

[darna]

hey chris, do u know what tier a 590-620 credit score is?

thanks.

[cbondhonda]

[quote=darna]hey chris, do u know what tier a 590-620 credit score is?

thanks.


Borderline 3-4 (On the special apr it would be either 5.9 or 6.9 for 37 - 60 months / 2.9 - 3.9 for 24 to 36)

[teeno]

is 8.95% with a 780 good or could I have gotten it cheaper??? I felt like there was something else..

[cbondhonda]

Originally Posted by teeno

is 8.95% with a 780 good or could I have gotten it cheaper??? I felt like there was something else..

Ouch....your tier one but you got a between tier 2-3 rate....

7.49 is average credit.

Chris

[cnewski]

Hi guys. I'm buying a new Si coupe in the next few days and am trying to decide on the best way to finance it. I was thinking of going one of these 2 routes:

2.9% honda finance, 36 months, 10000 down payment
4.9% honda finance, 60 months, 5000 down payment

A friend told me it's not a good idea to put that much down on a car and i've seen similar suggestions on the forums here. Also suggesting to invest that amount, but i'm not a finance guy so it kinda threw me for a loop.

So, is it worth going for the 2.9% rate or is 4.9% a safer/smarter bet? Or should I invest it somehow or stick it in an online savings account?

Thanks in advance.

[cbondhonda]

Originally Posted by cnewski

Hi guys. I'm buying a new Si coupe in the next few days and am trying to decide on the best way to finance it. I was thinking of going one of these 2 routes:

2.9% honda finance, 36 months, 10000 down payment
4.9% honda finance, 60 months, 5000 down payment

A friend told me it's not a good idea to put that much down on a car and i've seen similar suggestions on the forums here. Also suggesting to invest that amount, but i'm not a finance guy so it kinda threw me for a loop.

So, is it worth going for the 2.9% rate or is 4.9% a safer/smarter bet? Or should I invest it somehow or stick it in an online savings account?

Thanks in advance.

The best way to look at it is this.....

Say you have a car that is 20,000.00

You have up to 10,000.00 you can put down.

For 36 months, you can finace (with Tier 1 credit) at 2.9%
For the same 36 months, you can put that 10,000.00 into an account that gains....say 6%

That means your money can make you a little OVER 3 % more than what you will PAY in intrest. So your money makes you more than what the interest you pay is costing you

therefore instead of throwing 10k away to something that NO MATTER WHAT will be worth LESS than what you are paying for it, you let your money MAKE YOU that 2.9% you are paying back.....PLUS 3.1%

To make it simple....by putting that 10k in the bank, you will actually come out MAKING 3.1% more than what you pay towards the car....hence the turm "Letting your money work for you".....you get paid to by the car......

Low intrest like this allows you to get paid for financing stuff.......LOL

[06civictx]

ok i have no credit at all,and the car i want to buy is $37,957,i want to finance for 72 months,how much do you think i have to put for the down payment?

[Freq18hz]

Originally Posted by cnewski

Hi guys. I'm buying a new Si coupe in the next few days and am trying to decide on the best way to finance it. I was thinking of going one of these 2 routes:

2.9% honda finance, 36 months, 10000 down payment
4.9% honda finance, 60 months, 5000 down payment

A friend told me it's not a good idea to put that much down on a car and i've seen similar suggestions on the forums here. Also suggesting to invest that amount, but i'm not a finance guy so it kinda threw me for a loop.

So, is it worth going for the 2.9% rate or is 4.9% a safer/smarter bet? Or should I invest it somehow or stick it in an online savings account?

Thanks in advance.

LESS DEBT = BETTER. ALWAYS.

-Freq

[Stylinhonda]

My state does not have the special APR. Say I was to go to TN. My dealer said I could not get the 2.9% anyway because you can not get it in other states and bring it back to yours? Any truth to this?

[cbondhonda]

Originally Posted by Stylinhonda

My state does not have the special APR. Say I was to go to TN. My dealer said I could not get the 2.9% anyway because you can not get it in other states and bring it back to yours? Any truth to this?

No truth at all.....

You can title it in any state.....and no matter where that may be wherever you buy it is where the rate comes in....at least from what my Buis. Managers here are telling me.

[cbondhonda]

Originally Posted by 06civictx

ok i have no credit at all,and the car i want to buy is $37,957,i want to finance for 72 months,how much do you think i have to put for the down payment?

That depends on your credit....

No matter how much the car is, if credit is good enough no down is needed....but payments are what you need to focus on money down wise.

37k @ avg credit for 60 months is 740-750 / 72 months its more like 710-720 then for every 1k you put down, payment drops by 20 bucks give or take 2.00

From there it is up to you and how well you have paid das bills!

Chris

[Stylinhonda]

Originally Posted by cbondhonda

No truth at all.....

You can title it in any state.....and no matter where that may be wherever you buy it is where the rate comes in....at least from what my Buis. Managers here are telling me.

Thank you very much Sir, very much help. I sold my S2K yesterday and need a car soon.