I have bad scores (sig line)...but little debt. What is the general breakpoint to qualify for incentive finacing with Honda? I saw in a recent post that Honda Finance may be one of the more generous lenders. My income ratio will be ok, on the job for over 5 years, current 94 Civic is paid off. Just some poor choices (no bk) a while back and I find myself in the FICO doghouse. :x

Thanks!

You indicate via your signature line your scorea are bad.

But how is your overall credit?

Any Major derogs?

Any major installment credit paid off.

Length of time in bureau?

Gross Monthly income?

BuMp, I would like to know the answer for this as well

MarvBear- Sorry I didn't provide enough info:

But how is your overall credit? I have some collection accounts and some slow payment history. I am at the beginning stages of getting it cleaned up.

Any Major derogs? Worst derog is a three year old judgement (paid). A couple years ago I settled two collections for less than the balance. No BK.

Any major installment credit paid off? Yes...I have three car loans paid off. Also a personal loan paid off. Some previous credit cards are paid off with the account closed.

Length of time in bureau? 11 years.

Gross Monthly income? $4600--verifiable

gonna venture a guess here. With 3 paid out auto loans and Equifax at 580 you will definately be able to qualify for an auto loan. Not sure about Honda up in your "neck of the woods" about how tight they are or not.

Probably borderline. At least it will be positive that the judgement is paid off.

Is there a CASH downpayment?

MarvBear-

Thanks for your information! I was planning on using the trade value of my 94 Civic (paid off- perhaps 1000-1500 value). Also, I have heard of some dealers using the spread between msrp and the deal price to enhance the perceived down payment (?). At this point, I may just keep the Civic going while I try and improve my FICO.

Forget_the_Odds:

This would only happen by way of allowing you more money on your trade in than it was worth. Therefore concievable to use spread betweet cost and msrp to reflect large trade in allowance.

But, the bank actually has no way of knowing if that car was actually yours to trade as they do not get the title to it, Only our word for it.

In some cases they might think even that someone gave you the auto, thereby NO investment from the consumer. When you got scores as low as you do they look heavily at LTV which can be altered by the "spread", but they take a close look at the CASH investment from the consumer.

Chances would be much better if scores were higher.

Hope I did not confuse you.