[spear85]

This will be my first new car purchase and im not sure in which way i should go about it. I will have about $8,000 down on the SI with NAVI. Ive been told by numerous people that financing through honda is bad idea lot of the times, i hear they jack up the interest rate or something...kinda sneaky. Should I simply go to my bank after I know how much i need and get the loan through them? Heres the funny part...The honda dealers around here are partners with my bank...which is BB&T..Last week I talked to a guy at the dealer and asked him the same question. heres his response....."Well, ya see, we are partners with your bank, so why dont you let us be the middle man on that alright?" It came out harsh and it even sounded evil, almost like he was basically pleaing with me not to go to the bank myself. Any opinions? thanks

 

[webby]

I'd go to the bank. I'd go to any bank or lender in your town. Any bank can run a credit check and provide you with an interest rate quote right there for free. All dealerships will raise the rate to make money. That's the sole job of any finance manager at a dealership. They might bump you a quarter of a % to a full %.

 

[spear85]

I'd go to the bank. I'd go to any bank or lender in your town. Any bank can run a credit check and provide you with an interest rate quote right there for free. All dealerships will raise the rate to make money. That's the sole job of any finance manager at a dealership. They might bump you a quarter of a % to a full %.

thats kinda what i figured...darn dealers :banghead: ill prob just go ahead and go to my bank sometime this week. thanks

 

[BlackSIguy]

I would do what webby suggests..

I joined a federal credit union, one that my mom was part of and I applied for a loan a few months later.... got an apr that is low...

It was funny, I was talking to my sales guy and I told him what it was, and he was like wow.... do you mean it is like number.1 or number .5... I said no, its right on the dot... he paused... then he spoke again only to say "oh I think our financial dept can get you something lower than that" I told him I was happy with what I have now... he reminded me that I would have that extra equity to do whatever I would want... little does he know is that the credit union wants proof Im buying the car, then will cut me the check.... ahahaha..... oh well.... Im just going to go in, and give em the money and leave..... no need to stick around and waste my time

BTW, I got a apr that was lower than their advertised rate for the term of the loan. So its all gravy baby... check out the local banks and credit unions

 

[spear85]

doesnt it actually hurt your credit score to get credit chesks from more than one bank? ive heard that its not a good idea to apply for credit at more than one place. i wanna check BB&T, and another bank i nthe area and obviously go with the best finance rate

 

[BlackSIguy]

Well be informed about your credit history....

http://en.wikipedia.org/wiki/Credit_score

Read through the article.... learn about what affects your credit and fico score...

http://www.annualcreditreport.com/

Go there to look at your credit report for free.... it does not include you FICO score... but it will give you what the credit agents see when looking at your score along with the FICO.....

Just be informed so you are not surprised

 

[BlackSIguy]

BTW.... when they check your report there are only a certain few that will and a certain few that will not affect your score..

Looking at your score at the big three will not affect your credit score over all....which is your FICO......

go and check!

 

[webby]

I always thought the same thing, but was told that if you are applying for the same thing - IE home loan, car loan etc it's ok. Like 20 home loans in a month I guess is not a problem as long as it's for the same thing. Going to 20 different credit card companies, cell phone, car, home, etc will hurt you more.

 

[spear85]

BTW.... when they check your report there are only a certain few that will and a certain few that will not affect your score..

Looking at your score at the big three will not affect your credit score over all....which is your FICO......

go and check!

yeah actually i have a MBNA credit card, and they offer a online credit monitoring service for $9.99/month. I actually like it so far, you can check your credit 24-7 and see when your score changes, it has all types of extra goodies. Point being, I do know my credit score as of right now, its a 687 and thats with an error on my report. I have the same name as my father so one of his credit card judgements went on my record instead of his... :banghead: But its ok I wrote to equifax to clear the problem up since they are the only credit bureau that has it showing. I should have like a 700 i would think when i get rid of the error. But as far as i know as long as you have 680 or better you will get close to the best finance rate. Thanks for the input guys, it will def be of help to me when i go make the purchase.

 

[Kroze]

No matter where you get your money (bank, honda, credit unions, etc), they're there to do one job and that is to take the most out of you as possible.

You just gotta know where you stand with your credit score. then you can tell whether they're trying to rip you off or not.
When i purchase my civic, the national rates for auto loan for 60 months was 6.25%. The dealer offer me at that rate but i said that's not going to do it for me. I jumped on the computer and showed them Navyfcu.org rates (which seems to update like once a year and it's still showing 4.5% LOL) and i said...gimme 5.5%.

lol. and that's what i got, 5.5% through honda

 

[John2009]

This will be my first new car purchase and im not sure in which way i should go about it. I will have about $8,000 down on the SI with NAVI. Ive been told by numerous people that financing through honda is bad idea lot of the times, i hear they jack up the interest rate or something...kinda sneaky. Should I simply go to my bank after I know how much i need and get the loan through them? Heres the funny part...The honda dealers around here are partners with my bank...which is BB&T..Last week I talked to a guy at the dealer and asked him the same question. heres his response....."Well, ya see, we are partners with your bank, so why dont you let us be the middle man on that alright?" It came out harsh and it even sounded evil, almost like he was basically pleaing with me not to go to the bank myself. Any opinions? thanks

I doubt the dealership is really a true partner with the bank. In my area the dealerships can take the information for your loan and submit it to the bank. It doesn't appear the dealerhip marks up the rate vs the rates published on the bank's site, but the dealer may get a kickback from the bank for sending them the business.

Best advise is to shop for a loan, get pre-approved for the amount you're looking for then go to the dealer and don't even talk financing, it just gives them another chance to screw you.

Good Luck