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Discussion Starter · #1 ·
Help!
I have an EX 4WD 5Spd (Silver) under agreement with a dealer outside Boston (Clair Honda). ($19542 +TTL)

Between trade and down payment the loan will be $11,500, +TTL.

I am preapproved for a loan with AAA (3.79%) and Honda Financial Services (unknown percentage rate)

The business manager told me today that he would match the 3.79% --and that it would be "easier" for me to use his services -- fewer trips to pick up forms, return with checks, and so on.

I am pretty sure he is getting a lower rate from Honda and pocketing the difference.

How do I find out the rate? What should my strategy be?
 

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Not sure how you would find out the rate, but 3.79 is a good rate, it's what I got and was better than any local credit union or online bank could do, the best I got when I was looking myself was 3.99. You could ask him to beat your preaproved rates or you will just use them. There should be no difference in the sale price of the vehicle either way, and it is not complicated, I've done it before and it usually takes one extra trip in to the dealer to sign papers.
 

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My rate from Honda Financing was 4.09 so your 3.79 looks great to me. (I also had excellent credit ratings which partially determines the rates you can get.)
 

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My wife and I was approved for 3.5% thru Honda but we had to use direct deposit. We opted for their 3.75% instead since we have had nothing but bad luck with direct deposit. I did the math and the difference in cost between the two rates was only $132. The extra control was definitely worth the money for us. Good luck!
 

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I was approved with E-Loan for 3.99% When I told the Honda dealer they told me I could go with Honda Financial at 3.64% ..Which I did... Good luck :)
 

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Same here. Approved with E-loan at 4.04% and got Honda financing at 3.64% (at the end of April, if that's relevant). No direct deposit required.
 

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I went for a loan through honda at 5% but then they found one for me at chase for 4.75%. Now that is a great dealer that looks out for the customer.
 

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I bought my E on 8/2/03. I am paying 8% through Honda with a credit score of 630. Is there any way I can get this lowered through Honda? Unless everyone who posted here has far superior credit than myself, I must have really gotten ripped off.
 

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We found our lowest rate through E-Loan, Honda Credit wouldn't match it and our dealer wouldn't accept E-Loan.....so we were about to walk (there is only one Honda dealership in town that would accept E-Loan, and they were about to get our business)...but our salesman and the finance guy at our dealership said "Give us a day, I bet we can match it".....well 4 hours later they called us back, not only had they matched it, but they had found a lower rate!

The kicker is that it was at a local bank, and not the one that we have our accounts with!

We were so happy, they really went the extra mile to keep our business. We hung up the phone and drove to the dealership, two hours later I drove off the lot in my E!

There is a huge post about financing and such on the boards, and someone posted that the credit rules had changed a bit....so you have a 30 day window while searching for the best rate on a car or home loan....I had been a bit concerned about applying for 5 different car loans as we will be buying our first home in the next two years and diddn't want a ton of hits on our credit report, but my worries were put to rest.
 

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[quote:342837c40b="NewEman"]I bought my E on 8/2/03. I am paying 8% through Honda with a credit score of 630. Is there any way I can get this lowered through Honda? Unless everyone who posted here has far superior credit than myself, I must have really gotten ripped off.[/quote:342837c40b]

I think you need to have a credit score over 700 to get the best rates. I checked my score a couple of months ago and was at 630 myself. The reasons listed were a credit line balance and a credit card balance that were both at 75% of the limit. My credit card balance is paid and my credit line will be paid off in November. So I'm hoping my score will improve by Jan '04 so I can get a better rate.
 

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I just applied for a re-finance on my E through Eloan. It was approved at rate that is 2% higher than my current Honda rate. Oh well, it was worth a shot.
 

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NewEman said:
I bought my E on 8/2/03. I am paying 8% through Honda with a credit score of 630. Is there any way I can get this lowered through Honda? Unless everyone who posted here has far superior credit than myself, I must have really gotten ripped off.
I was in the same boat as you, I got my E originally w/ 8.6% and recently refinanced it through my local bank at 5% a yr later.
 

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CapitalOne offered me 6.25% interest... Honda gave me 6.24%... State Farm told me to bring in my first coupon and they'll give me 5.75% and it won't cost me anything extra to refinance. :grin:
 
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