CTR Down Payment? w/690-710 credit score...

Annunaki

Member
First Name
JAMES
Joined
Mar 22, 2019
Threads
1
Messages
18
Reaction score
3
Location
NYC
Vehicle(s)
pending CTR
Country flag
Hey Guys,

I am a 1st time new buyer, but this will be my 7th Honda. I am just curious what you guys put down on the CTR specifically?

Any feed back appreciated!
Sponsored

 

remc86007

Senior Member
First Name
Ryan
Joined
Mar 18, 2018
Threads
2
Messages
550
Reaction score
409
Location
Jacksonville, FL
Vehicle(s)
2018 Civic Type R
Country flag
Not exactly the same situation, but I had a 750 credit score and anything over $2k down did not decrease the interest rate. I put $2k down on my credit card and then paid it off immediately which gave me 1% cash back. Depending on what your interest rate will be, it might be wise to put a lot more money down.
 

uhhhson

Senior Member
First Name
jordan
Joined
Feb 19, 2018
Threads
6
Messages
71
Reaction score
30
Location
SL,UT
Vehicle(s)
2015 TACOMA, 2015 EVO X, 2018 CIVIC TYPE R
Country flag
I financed the value of the car and paid cash for tax and title. I have cash to pay it off but choose not to since my interest rate is so low. I’ll use the cash to re invest in property since that tends to go up in value.
 

23Red

Senior Member
Joined
May 2, 2018
Threads
6
Messages
430
Reaction score
372
Location
Maryland
Vehicle(s)
'18 FK8, '06 AP2
Country flag
I put the $5k I made from selling my EM1 on the down payment for my FK8. Well, technically I bought the FK8 first and sold the EM1 a few days later but it eventually evened itself out.
 


87elco

Senior Member
First Name
Tj
Joined
Oct 24, 2018
Threads
26
Messages
1,233
Reaction score
486
Location
Jersey/Virginia
Vehicle(s)
1987 el camino ls swap, 18 civic 6speed, 86 Porsche 911 (euro spec)
Vehicle Showcase
1
Country flag
Get a quote from your own bank then honda finance. Be assertive at the dealer you only want Honda financing...some lenders offer the dealer higher incentives to use them instead
 

23Red

Senior Member
Joined
May 2, 2018
Threads
6
Messages
430
Reaction score
372
Location
Maryland
Vehicle(s)
'18 FK8, '06 AP2
Country flag
Get a quote from your own bank then honda finance. Be assertive at the dealer you only want Honda financing...some lenders offer the dealer higher incentives to use them instead
This works. I got a quote from my CU first then called the dealership. When the salesman asked how I would be paying I told him I already secured financing. He said they would match the rate without me even having to ask. Dealerships make most of their money on servicing and financing so they will try their hardest to have you finance through them.
 

boosted180sx

Senior Member
Joined
Mar 27, 2017
Threads
25
Messages
5,038
Reaction score
5,087
Location
torrance, ca
Vehicle(s)
2017 CTR, 2016 ILX
Country flag
I put 10k cash + 5k i made from selling my supercharger that was on my trade in + plus the equity of my trade in which was about 6k iirc so a total of 21k? It was something around there but i did pay mark up. Ended up just paying it off a few months later either way.

I second the idea to go find your own financing through credit unions and stuff first cause honda financial rate is pretty ass on cars not under the financing special. They gave me like a 5% rate and i had 800 credit score lol.
 

Mick the Quick

Senior Member
First Name
Mick
Joined
Feb 25, 2016
Threads
24
Messages
890
Reaction score
686
Location
Southeast MA
Vehicle(s)
2018 PMM Civic Type R (R-08508)
Country flag
Try getting an online quote and approval from Bank of America. They were offering nearly 1% better APR than anyone else when I was looking at CTR’s. Then you can use the writtten approal from BOA to make the dealer/lender match it (unless you actually borrow from BOA).
 


ChampwhiteFK8

Senior Member
First Name
Daniel
Joined
Nov 22, 2017
Threads
2
Messages
286
Reaction score
173
Location
Oceanside, CA
Vehicle(s)
'19 CW Type R
Country flag
I have $10k that I'm planning to put down and my score is 746 according to Credit Karma. Hoping that's enough to secure an R!
 

boosted180sx

Senior Member
Joined
Mar 27, 2017
Threads
25
Messages
5,038
Reaction score
5,087
Location
torrance, ca
Vehicle(s)
2017 CTR, 2016 ILX
Country flag
I have $10k that I'm planning to put down and my score is 746 according to Credit Karma. Hoping that's enough to secure an R!
that's more than enough downpayment to buy one with that credit score.
Being a first time buyer, it might be higher than others but of course aim as low as possible lol. credit unions probably will give you a lower rate than honda financial so try them for sure first.
 

ChampwhiteFK8

Senior Member
First Name
Daniel
Joined
Nov 22, 2017
Threads
2
Messages
286
Reaction score
173
Location
Oceanside, CA
Vehicle(s)
'19 CW Type R
Country flag
that's more than enough downpayment to buy one with that credit score.
Being a first time buyer, it might be higher than others but of course aim as low as possible lol. credit unions probably will give you a lower rate than honda financial so try them for sure first.
Great! Thank you for the encouraging info, I was concerned it might not have been enough. I'm tired of saving lol. What would be a good ball park rate to shoot for?
Sponsored

 


 


Top