you guys are so much smarter than me and I read for a living
Not only did they let me refinance right away, they had a $200 refinance bonus going on. Makes me feel like I got the car for under MSRP now lol.They let you refinance right away? I thought you had to wait a couple of months. That's pretty cool.
You won't find a better rate for >36 months financing, as that's the lowest Prime+ rate as of this month due to the Fed's interest rate increases.I got 3.69% from BoA with an 810 score, may look at refinancing at some point, but it's not the worst rate in the world.
Generally, a bank or credit union will give a better rate than Honda Financial.Honda financial gave me somewhere between 5.5 and 5.99 percent with a 750+ credit score. I think they bumped it though because they sold me the car at MSRP and they wanted to make more money on the back end. I went the next week to Navy Federal Credit Union and refinanced for 3 % for 60 months. This was in September
No way to know, as it depends on your credit score, credit history, and variance of credit types. That high of an interest rate indicates at or below a 750, and/or negative items on your credit report (in the past 7 years, late payments, collections, tax liens, etc.), a debt to available credit ratio >5%, and/or numerous hard inquiries in the past 12 months.I'm at 8.6% for 72 months from honda financial services. I kinda got fucked I guess.
Shopping around should be done prior to buying the vehicle, else one risks paying additional finance feesI got 5.75 from Honda two months ago and refinanced immediately through Lightstream for 3.34.
Highly unlikely, unless you're getting point discounts for other products you have with the financial institution, and/or you're financing <36 months.I can still get 2%, same as last year.
Prior to financing any purchase, it's wise to pull your report and scores through MyFico.com and utilize a bank or credit union over Honda Financing, as you're almost always going to get a higher rate through Honda Financing.800+ credit score and he gives me 4.95% for 36months through Honda Financing. He said he would knock it down to 4.25% if I bought the extended warranty and wheel protection. He made at least 2% off of me but little did he know, I would pay this note off in 5 months.
You're not going to get a better rate, as rate increases by the Fed were implemented this month....My question is now is it better to refinance to get a better rate or this is the best rate i can get?
Not going to happen if wanting >36 month financing... with excellent credit, anything over 36 months will always be >3%, and with the Fed's rate increase, likely around ~3.7% for 48 - 60, ~4% for >60.shop around until you get 1.99% or better unless your credit score is horrible
Why would I lie about what interest rate I got at my local FCU? All I had to do was open a savings account and have my loans credited from that account. Financed 60 months.Highly unlikely, unless you're getting point discounts for other products you have with the financial institution, and/or you're financing <36 months.
2% on a >36 month loan is below prime... Please provide a screenshot of your loan details showing the interest rate and loan term, redacting all personal info.Why would I lie about what interest rate I got at my local FCU? All I had to do was open a savings account and have my loans credited from that account. Financed 60 months.
Ummm, you replied with a picture of the website showing the 2% number. Yes, pictures can be doctored, so I went to the website myself, and there it is...2% including a .24% discount with autopay. When I purchased my Type R, I went in knowing that I could get a rate in the low %2's (this was a year ago), and the dealership was more than happy to match it. I would suggest to everyone buying a car to go in armed with this information. It is easily verified by the dealership.2% on a >36 month loan is below prime... Please provide a screenshot of your loan details showing the interest rate and loan term, redacting all personal info.
I'm questioning it not because I'm accusing you of being dishonest, but because the finance industry operates on the same norms as their peers, which is why, prior to December, the lowest rates were ~3.34% on long term loans. Rates are based on Prime+, where the Prime rate is set by the Fed and the plus being the extra interest the financial institution charges to make a profit, and financial institutions cannot charge an interest rate less than Prime.
This is the most critical piece of information, as rates are correlated to the length of financing, as well as the amount financed. ~1.99% is common for <36 month loans, but not anything over, so I'd be seriously surprised if they offer 2% on a 48+ month loan since that would be well below the Prime rate set by the Fed.Yes, it did not mention how many months...
Why would I lie about what interest rate I got at my local FCU? All I had to do was open a savings account and have my loans credited from that account. Financed 60 months.
He posted that it's financed for 60 months.This is the most critical piece of information, as rates are correlated to the length of financing, as well as the amount financed. ~1.99% is common for <36 month loans, but not anything over, so I'd be seriously surprised if they offer 2% on a 48+ month loan since that would be well below the Prime rate set by the Fed.
- Finance institutions cannot, and will not, charge an interest rate less than Prime for a variety of reasons, most important of which is it would massively eat into their profit margins.
- Credit card introductory offers are the exception, only because it's an introductory offer, with a Prime+ rate being applied within 6 -18 months.
I don't know how many times it needs to be said before it becomes apparent that an interest rate means nothing without the loan term, as the two are inextricably linked.It clearly says 2.0% APR on their website.
https://www.alohapacific.com/loans-rates/personal-loans/personal-loan-rates-fees#auto
Is there some regulation that requires credit unions to charge above the prime rate? If there is, then they’ll be written up. If not, they can charge whatever they want.