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has anyone here done the preapproval for Honda Finance? i was wondering if i get preapproved, can i save my self some finance department scams/schemes.

Or how does this work? is it based on the whole purchase price of the car? i want to trade in my car and pay for all fees and taxes with cash. (so there is some unset variables)

When i called the Honda finance didn't have any info but you can leave the dealer blank so you can buy at any Honda

any feed back would be greatly appreciated. :DD
 

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has anyone here done the preapproval for Honda Finance? i was wondering if i get preapproved, can i save my self some finance department scams/schemes.

Or how does this work? is it based on the whole purchase price of the car? i want to trade in my car and pay for all fees and taxes with cash. (so there is some unset variables)

When i called the Honda finance didn't have any info but you can leave the dealer blank so you can buy at any Honda

any feed back would be greatly appreciated. :DD

virgin (ohmmmm), hehehe.

I always check my credit score before I go in the stealer-ship that way I know where I stand. secondly, is NY offering a tax credit on trade-ins? (i.e, I traded in 2 vehicle and the price gap between the one I sold and the one I'm buying is the only tax I'll pay,
trade=$25,000
new van buy= $ 26,000
difference of $1000 is the tax I need to pay

also, when you check your credit be sure to buy the one with the credit score NOT just the credit history.
Ask dealer before they run your credit again if how high (score) do they approve the special financing. I think if you're above 750 or very good to excellent you'll be getting the APR special financing.

for me I would just go to the dealer rather than pre-approved

good luck
 

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Discussion Starter #3
Banswee thanks for getting back to me. I believe in ny my trade in has a tax credit of the amount.

I was specifically asking for the Honda 1.9% 60 months. On their website says I can get pre approved from Honda so just one less surprise since finance dept can be more of a headache than the sales team.

I really only want to finance through Honda, otherwise I rather get my own loan like PenFed is offering 2.59% for 60 months. I don't want to go with the finance guys banks.

Trying hard to break mY van virginity :)
 

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I had a pre-approved loan from Honda financial and sent request quotes to different Honda dealerships within a 100 mile radius from my place. Then I picked the most favorable offer and didn't show up at the dealership until pick-up date. Everything was e-mail transaction except the actual signing of final paperworks. It also pays to have a credit score of 797, 805 & 789.
 

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I had pre-approved credit from my credit union. I told them I will need $xx,xxx.00 to
buy the Odyssey. The balance I will write a check on my own. Took me 12 months to pay off the loan. It helped a lot in price negotiation. No hassles and no BS.
Dealer's finance manager wanted me to finance it with their financing company but I said no.
 

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thanks cebu, i prefer it that way. those finance guys really try to confuse things, so i am trying to do my thing to minimize hassle.
BTW did you leave the dealership blank when filling out the application? i was told if i put a specific dealership then i am stuck buying there with that loan

Bobby, i think like you but since this is from Honda itself it is trustworthy but if that doesnt pan out i will try to secure my own finance.
 

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vanvirgin, there is a credit application link to honda financial thru american honda website and apply from there. That's what I did. Honda Financial is very straight forward with their loan applications. I had my civic & accord financed and paid off thru them and this time my Ody which is almost paid off.
 

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When I bought mine ;I had checked on fiancing outside of Honda;including my crdit unions. I couldn't come close and had no problem getting quick approval for thier .9% financing. I guess it depends on your credit rating as all dealers are including the "well qualified buyer" in their ads now days.
 
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