Honda Element Owners Club banner
1 - 9 of 9 Posts

·
Registered
Joined
·
19 Posts
Discussion Starter · #1 ·
I'm getting ready to buy, but generally HATE the buying process. (I'm still waiting for the Amazon.com of car buying. Pick car, color, options, get a price, have it delivered to your door with free shipping!)

Wondering if I should arrange my own financing through my credit union or eLOAN, or go through the dealer.

Any suggestions?

Bob
 

·
Registered
Joined
·
13 Posts
I came to the dealership with a pre-approval from my credit union for financing at a rate of 4.75% Honda came back to me with an offer for financing that beat the rate my credit union offered, so I went with Honda financing. They must be eager for the financing business, so why not see if they make you a better offer than your credit union rate? Good luck and enjoy your E!
 

·
Registered
Joined
·
12 Posts
Dealer will should match or beat anyone. My best rate was also 4.75 and the dealer gave me 4. Just make sure they don't try to slip any crap into your payments that you don't want. My finance guy was pretty straight up and it took 10 mins. I was pre-approved with my credit union just in case...
 

·
Registered
Joined
·
461 Posts
I agree also. Went into the dealers with eLoan approval at 4.04 and got 3.64 through the dealer (in April). No hassles.
 

·
Registered
Joined
·
31 Posts
Same here - Honda credit beat out my bank on the % rate -- by a couple percent actually.

The process isn't too bad (at least at my Honda dealership), but of course you get the hard sell. The trick is to know what you want walking in, what you want to pay for it, and don't let yourself get talked into anything else (be it cost, add-ons, etc.). Salesmen recognize an informed buyer pretty quick, and work to push the sale through to get to the next one (no point wasting anyone's time).

My salesman was very good (first Honda for me and I'm very impressed overall), and I had my car in 24 hours with what I wanted.
 

·
Registered
Joined
·
1,613 Posts
Our dealer beat our best interest rate, but not via Honda. They actually found a local bank with the lowest rate....beat ELoan, Honda, and our local Bank.

Part of the reason they went the extra mile is that our dealership wouldn't accept ELoan, so we were going to go to another dealership that would accept it, they said let us try to find you a better rate, so they did and we bought from them.

Beware of trying to use Eloan or any other Internet based Car Loan or one through your Credit Card Company...out of the 5 dealerships that we shopped at, only one would take that form of credit.
 

·
Registered
Joined
·
461 Posts
I didn't end by using e-Loan, but the whole process seemed very user-friendly. (Actually, I went through Lending Tree and e-Loan was the best rate.) And on the e-loan webpage they had a dealer-locator and my dealer was on there, so I wasn't expecting any problems.
 

·
Registered
Joined
·
19 Posts
Discussion Starter · #9 ·
Thanks. I have no reason to doubt my dealer yet. But the last new car I bought was 12 years ago at a Saturn dealer, so I got hooked on the "No BS" version of car purchasing.

Reading some peoples experiences about "paint sealer's," marking up the car if you don't use their financing, payments being different from what they agreed to, etc. Made me forget how much I hate buying cars.

I just want this transaction to go as smoothly as possible, so I thought it might be smoother if I was already financed and treating it like a cash transaction.

I think I'll go with the dealer until they give me reason not to.

Thanks,
Bob
 
1 - 9 of 9 Posts
Top