Purchased a New Car @ 0.90%

[cv91915]

 

Vehicles today last much longer than that. Mine is 10 years old ~90k miles and still has a long way to go

 

Mine is 26 years old, 139k miles, and also still has a long way to go.

 

 

My primary car is 5 years old and has 56,000 miles. The company that issued the service agreement when I bought the car new just paid for nearly $6,000 in repairs.

 

Even though I'm only putting on about 300-400 miles a month, that thing is history in September 2018 when the service agreement expires.

 

It generally takes me about 18 months to decide on my next car, so I need to get started.

[frenchy69]

Sorry it is 0.9% which is a Free $$ .

The whole purpose of my post 2 years ago I was at 490 score.

last year after reading this credit board Ive learned so much

Ive opened one Cap1 credit card thats back in July 2015.I have built my credit.

In FEV 16 I applied for another CAP1 silver was approved.

To me it is a big improvement in the past 2 years,never thought I would get 0.9% interest.

But Ive had great history with Honda this is my 7th car with them

I was surprised to see my credit score at 719

[iLoveCali]

well i guess you got this awesome deal because you are an old honda customer. it helped more than the credit score and income.

 

most dealers replied me:" its your first car! that's a good deal 15% apr !!! its less than 500$ a month!! " ))

[cv91915]

Sorry it is 0.9% which is a Free $$ .

The whole purpose of my post 2 years ago I was at 490 score.

last year after reading this credit board Ive learned so much

Ive opened one Cap1 credit card thats back in July 2015.I have built my credit.

In FEV 16 I applied for another CAP1 silver was approved.

To me it is a big improvement in the past 2 years,never thought I would get 0.9% interest.

But Ive had great history with Honda this is my 7th car with them

I was surprised to see my credit score at 719

 

Phenomenal progress.

[frenchy69]

with Honda even though you are s loyal customer if u are below 700 you will get a standard rate no matter what

 

I hate car payments but I am going to pay it off in 3yrs

Not bad

But thank you all for your help

This board is awesome

 

 

Sent from my iPhone6$

[RodmanG]

Does mortgages have the same enhanced FICO too

I am about to get a house in 6 months

 

 

 

Sent from my iPhone6$

You should of got the house first, Now this car loan will be part of your debt to ratio when the mortgage company looks at your debt. This will count against you.

[frenchy69]

I don't have a lot of debt I have my house and a lease at $250 a month this CRV I put $9000 down only financing 20k which I am planning to pay in 2 yrs .

I am also planning to put 20% down on my house

My income is good 17k a month

 

 

Sent from my iPhone6$

[cv91915]

 

Does mortgages have the same enhanced FICO too

I am about to get a house in 6 months

 

 

 

Sent from my iPhone6$

You should of got the house first, Now this car loan will be part of your debt to ratio when the mortgage company looks at your debt. This will count against you.

 

 

Any other tips on how to become overextended?

[hegemony]

 

 

Does mortgages have the same enhanced FICO too

I am about to get a house in 6 months

 

 

 

Sent from my iPhone6$

You should of got the house first, Now this car loan will be part of your debt to ratio when the mortgage company looks at your debt. This will count against you.

 

 

Any other tips on how to become overextended?

 

[Whotheguy]

I don't have a lot of debt I have my house and a lease at $250 a month this CRV I put $9000 down only financing 20k which I am planning to pay in 2 yrs .

I am also planning to put 20% down on my house

My income is good 17k a month

Sent from my iPhone6$

I'm guessing you're not an English teacher, or even a professor, as they don't have that type of income....sarcasm off.

 

If you don't mind me asking, what profession are you in that pays that kind of cabbage monthly?

 

And congrats on the loan.....just want to stay on topic.

[RodmanG]

 

 

Does mortgages have the same enhanced FICO too

I am about to get a house in 6 months

 

 

 

Sent from my iPhone6$

You should of got the house first, Now this car loan will be part of your debt to ratio when the mortgage company looks at your debt. This will count against you.

 

 

Any other tips on how to become overextended?

 

[frenchy69]

I work for Procter & Gamble senior director engineering been there for 15 years

 

 

Sent from my iPhone6$

[The Livid One]

Congrats..!!

You mentioned in the OP that usually you have to trade your car in to the dealer.

That should never be the case and you're never required to do it.

Normally, if they're requiring that to get a low interest rate on the finance side then you're not getting a good price on the trade in.

[shadekitty]

congratulation frenchy69.

 

this time last year, i had the finance from a CU with 1.98% apr. i went to many dealers to get a 0 apr financing. the best i could get from was from mazda with 8.99% apr. honda / toyota / nissan and ford offered me 12-19% apr with 730-770 credit score. i said pass. they put some dents on my Credit score, but i was lucky to get the car i wanted with finance from a CU. i will never ever apply for finance at any dealer.

 

what state are you living in?

Wow. I traded in a 2012 Dodge Grand Caravan (Capital One 15% interest rate - our credit was much worse) for a 2016 Dodge Grand Caravan at 7.99% APR with Wells Fargo and my credit score was under 600. I know it's not the best deal around, but until I work on our credit a bit more - it was much better than the 15% APR that we had on our previous vehicle.