Hs2000 Posted November 17, 2005 Report Share Posted November 17, 2005 I am 24 year old who has an 04 Civic that my dad co-signed for me through Honda Financial about a year and a half ago because my credit scores were really low and my income was only around 32k. My question is, I want to trade my civic in for a used 04 Honda s2000 but want to get it under my own name. I have paid all my debts on my credit report but my scores are like 600 across the board. The difference now is that I make 70k a year now and have no debt with 600's scores. Do you guys think I could get financed through Honda Financial and if I could, how much do u think my interest rate would be. Also I would be putting around 5-6k downpayment. Oh and I forgot I've never been late on any of my car payments. Do they look at that as well in determining ur loan Thanks Link to comment Share on other sites More sharing options...
anonymouse Posted November 17, 2005 Report Share Posted November 17, 2005 Unless you're applying for credit for "well qualified buyers", you're pretty likely to get approved. I know for me, I got a 4.9% interest loan through Honda Financial this summer (the advertised rate was 3.9% for well-qualified for the length of loan I wanted, so I felt this was fair), and I have a 90 day late on my record and a very short credit history. My previous car loan was quite small, which was apparently one of the big considerations -- I was taking out a 17k loan. (My income is also under half yours).The salesman is under a lot of pressure to get you approved -- car loans are among the easiest credit to get. They actually let me take the car home before they ran my credit at all -- this was a brand new car that they had special ordered for me from out of state before running my credit. Believe me, the salesman is highly motivated by commission to get you into that car. I think you'll be fine. Link to comment Share on other sites More sharing options...
Hs2000 Posted November 17, 2005 Author Report Share Posted November 17, 2005 anonymouse, do you mind me asking what ur credit score was at the time? I know this is whats keeping me from going to the dealer and finding out for myself. I'm scared to get denied. lol Link to comment Share on other sites More sharing options...
anonymouse Posted November 18, 2005 Report Share Posted November 18, 2005 Sorry, I haven't paid for scoring since I've gotten rid of all of the derogs I can. Link to comment Share on other sites More sharing options...
JethroBo Posted November 20, 2005 Report Share Posted November 20, 2005 With you putting down 5 grand, Anyone will finance you...Trust me. Also you should get a pretty good rate with that much down....I would not accept anything over 10%apr, And even thats quite high.If you already have 5 grand then your probably almost 25% there...Why not pay yourslef that car payment and save up and pay cash for one! Link to comment Share on other sites More sharing options...
DocDon Posted November 20, 2005 Report Share Posted November 20, 2005 Something sounds like it's missing.There's no debt, meaning the utilization on the other cards is low. There are no lates on the auto loan, yet the scores are still in the 600's? What else could be on your reports, Hs2000? Link to comment Share on other sites More sharing options...
Anonymous Posted November 20, 2005 Report Share Posted November 20, 2005 Could be the OP has no or little history. But I agree DocDon something isn't adding up.I was at 600 with derogs. Link to comment Share on other sites More sharing options...
Hs2000 Posted November 20, 2005 Author Report Share Posted November 20, 2005 Sorry if i did not come across with all the info. I messed up my credit while in college. Had 5 credit cards that went into collections and were reported as derog's. Within the past 4 months i've paid all my collections off for all my credit cards. So as of now, I do not have any credit cards. My positive TL on my report are a AMEX card which is my fathers that I am an AU on since I was in college which has never had a late payment. My car loan with American Honda. Have had this loan for 1 1/2 years with no lates, and my fiance just added me as an AU on her Citi card. I am trying to clean up my credit report by disputing. Now my question was, will American Honda finance me since I have a good record with them on my own with 5k down Link to comment Share on other sites More sharing options...
DocDon Posted November 20, 2005 Report Share Posted November 20, 2005 Paying off those collections in the last 4 months is what's killing your score. First, it's showing you were recently in collections - a red flag for any lender. Second, FICO doesn't care if it's paid or not, a collection is still a collection.Work on getting those paid items removed, then go shopping - what you save in headache and interest will be well worth it. Link to comment Share on other sites More sharing options...
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